First Movers Q3 2023 – 11 Notable Lease Transactions

Floorspace is proud to present our Q3 2023 update on notable office leasing activity in Vancouver, British Columbia.

We have highlighted First Movers over the past quarter – companies who have made a commitment to move, sublease, expand their footprint or renew their leases.

Notable Office Leases in Downtown Vancouver

1. Cedar Coast at 1133 Melville Street

• Approximately 14,000 square feet.
• Cedar Coast is a Vancouver-based real estate development and investment firm with a 21-year history of operations in the Pacific Northwest. They currently manage 40 active projects in both Canada and the United States, with $5.2 billion worth of build out value.
• 1133 Melville Street, also known as The Stack, is owned, and managed by Oxford Properties.

2. Global University Systems at 1090 West Pender Street

• Approximately 90,000 square feet.
• Global University Systems operates a network of educational institutions that offer a range of certificate, qualification, and degree programs, along with career-oriented resources and proprietary technologies. One of their subsidiaries in Vancouver is University Canada West.
• 1090 West Pender, also known as B6, is managed by Bentall Green Oak.

3. Charest Reporting at 885 West Georgia Street

• Approximately 15,000 square feet.
• Charest Reporting Inc. once known as Charest Legal Solutions Inc. offers a broad range of solutions to law firms, governments and corporations The core of their services is court reporting.
• 885 West Georgia St is managed by Cadillac Fairview.

4. DuMoulin Black at 1111 West Hastings Street

• Approximately 9,200 square feet.
• DuMoulin Black is a corporate finance, M&A, and business law firm. DuMoulin Black LLP has been named the recipient of 2022-2023 Canada’s Top Corporate Law Boutique.
• 1111 West Hastings is managed by Golden Properties.

5. Transoft Solutions at 601 West Hastings

• Approximately 5,000 square feet.
• Transoft Solutions develops software and services aimed at improving the planning, design, and operation of transportation systems. Their expertise spans aviation, traffic safety, civil infrastructure, and transportation.
• 601 West Hastings is owned by PCI Developments and is managed by Warrington PCI Management.

Notable Office Leases in Vancouver Suburban

6. IWG at 7300 Edmonds Street

• Approximately 15,180 square feet.
• International Workplace Group (IWG) specializes in providing fully serviced and flexible office space solutions suitable for various team sizes; the rentals encompass furniture, support services, and access to business lounges. IWG (formerly known as Regus), was founded in Brussels in 1989.
• 7300 Edmonds St, also known as Kings Crossing, is owned by Cressey Development.

7. Monos at 2055 Columbia Street

• Approximately 6,900 square feet.
• Monos is a Canadian company that designs and produces sustainable luggage and other travel gear. Monos became a global success through social media, with their first flagship store opened July 2023 in Vancouver.
• 2055 Columbia St is owned by Nicola Wealth Real Estate.

8. BC Cancer Agency at 9850 King George Blvd

• Approximately 11,760 square feet.
• BC Cancer Agency unites and inspires Canadians in the fight against cancer through research, policy advocacy, and support.
• 9850 King George Blvd is owned by PCI Developments and is managed by Warrington PCI Management.

9. CadMakers at 4664 Lougheed Hwy

• Approximately 10,000 square feet.
• CadMakers is a leading construction and manufacturing technology company based in Burnaby. CadMakers create easy to use software products and customizable services tailored to the customers need and industry.
• 4664 Lougheed Hwy is owned by Peterson Group.

Notable Office Leases in Vancouver Periphery

10. Twig Fertility at 525 West 8 Ave

• Approximately 12,500 square feet.
• Twig Fertility is a Toronto-based fertility clinic specializing in offering a more integrated and comfortable approach to care. The clinic recently completed an $8 million series financing round, with Rhino Investments leading the investment.
• 525 West 8 Ave is owned by Valnux Development.

11. Peters Kiewet Sons ULC at 4333 Still Creek Drive

• Approximately 18,415 square feet.
• Kiewit is an engineering and construction organization that provides a range of services from engineering to development. Kiewet was the recipient of Canada’s top 50 Best Workplaces from 2011 to 2023.
• 4333 Still Creek Dr is managed by Triovest Realty Advisors

12. Lorax Environmental Services at 1770 West 7th Ave

• Approximately 8,300 square feet.
• Lorax Environmental Services provides professional environmental solutions to various sectors, including mining, renewable energy, First Nations, government regulators, and the oil and gas industry. Lorax Environmental is a local Vancouver company that started in 1996, with an additional branch in Indonesia.
• 1770 West 7th Ave is owned by Low Tide Properties.

As reported by CBRE, Metro Vancouver’s overall office vacancy rate increased by 60 bps to 9.6% (Q2 2023 9.0%). Downtown Vancouver vacancy sits at approximately 11.8%, up from 11.5% in Q2 2023. Over the past quarter ~139,246 SF of space in downtown Vancouver was absorbed on a net basis. This quarter there has been no new supply added to the downtown market. There is still ~ 1,153,477 SF under construction, with Bentall 6 and the North Tower of The Post both set for delivery later this year.

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The information above was obtained from sources deemed reliable (including quarterly reports from CBRE, Colliers & NAI), however, its accuracy cannot be guaranteed. All figures, including square footage are approximate.