First Movers Q3 2024 – 10 Notable Office Lease Transactions

Floorspace is proud to present our Q3 2024 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. Glencore Canada at 595 Burrard Street 

• New lease for approximately 31,112 square feet on the 27^th and 28^th floors. 
• Glencore Canada, headquartered in Toronto, is a leading global diversified natural resource company that produces and trades over 90 different commodities. 
• Glencore is expanding in Canada by acquiring a 77% stake in Teck Resources’ coal mines located in British Columbia, including the Elk Valley. 
• 595 Burrard Street, also known as Bentall 3, is owned and managed by Hudson Pacific Properties. 

2. Whitelaw Twinning at 200 Granville Street 

• Renewal for approximately 25,293 square feet on the 24^th and 25^th floors. 
• Whitelaw Twining is a Vancouver-based litigation law firm with over 150 professionals in Vancouver and Calgary, specializing in insurance, commercial litigation, construction, personal injury, and alternative dispute resolution. 
• Whitelaw Twining, part of DWF Group, was recognized in the 2025 Canadian edition of Best Law Firms™, highlighting its excellence in legal services.
• 200 Granville Street, also known as Granville Square, is owned and managed by Cadillac Fairview.

3. Waypoint Insurance at 733 Seymour Street 

• New sublease for approximately 16,509 square feet on the 27^th floor. 
• With over 150 years of experience, Waypoint is a top insurance and risk management brokerage in British Columbia, offering tailored solutions and expert advice for business, specialty, and individual insurance needs across Canada. 
• Waypoint recently merged with Allwest Insurance and Harbord Insurance to enhance its capabilities in personal lines and commercial lines sectors.
• 733 Seymour Street, also known as Vancouver Centre II, is owned by GWL Realty Advisors. 

4. Weir Motion Metrics at 1140 West Pender Street 

• New lease for approximately 10,648 square feet in Unit 1100. 
• Weir Motion Metrics is a Canadian technology company leveraging artificial intelligence and computer vision to enhance mine safety and energy efficiency. 
• The company is a significant player in the global mining market, with around 95% of its revenue coming from exports. Founded in 1999 and based in Vancouver, the company has expanded internationally, with offices in Australia, Brazil, Chile, South Africa, Kazakhstan, and Mexico. 
• 1140 West Pender Street, also known as Sun Life Financial Centre, is owned by BentallGreenOak and managed by Concert Properties. 

Notable Office Leases in Vancouver Suburban

1. Aspect Biosystems at 2131 Manitoba Street 

• New sublease for approximately 48,026 square feet. 
• Aspect Biosystems is a biotech company pioneering bioprinted tissue therapies to transform treatments for diseases like type 1 diabetes and liver disorders using advanced bioprinting and cell engineering.  
• Aspect Biosystems has secured a $200 million partnership with Governments of Canada and British Columbia to advance bioprinted tissue therapies, enhancing treatment for chronic diseases and strengthening healthcare innovation. 
• 2131 Manitoba Street is owned and managed by Third Space Properties. 

2. Vancouver Film School at 198 West Hastings Street 

• Renewal of around 47,500 square feet for the entire seven-storey building. 
• Vancouver Film School (VFS) is a premier institution offering intensive, hands-on training in film, animation, game design, and more, producing industry-ready graduates. For the eighth consecutive year, Hollywood trade publication Variety has recognized Vancouver Film School as one of North America’s top schools.
• 198 West Hastings Street, also known as The Province Building, is owned by a private Vancouver family.

3. Sanctuary AI at 285 West 5^th Avenue 

• New sublease for approximately 32,288 square feet. 
• Founded in 2018, Sanctuary AI is based in Vancouver and aims to develop human-like robots that enhance safety, efficiency, and sustainability in the workforce to tackle labor challenges. 
• The Sanctuary AI team includes experts from startups and major tech companies such as Amazon, Microsoft, and Softbank Robotics. 
• 285 West 5th Avenue, also known as The Nickel, is owned by Nicola Wealth Real Estate and managed by Warrington PCI Management.

4. Hydrogen Technology and Energy Corp. (HTEC) at 2985 Virtual Way 

• New sublease for approximately 29,000 square feet on the 4^th floor. 
• Hydrogen Technologies and Energy Corp. (HTEC), based in Vancouver, focuses on creating and managing hydrogen energy solutions to help the transportation sector transition to a low-carbon future. 
• The company is actively working on a $1 billion hydrogen transportation ecosystem in British Columbia, set to revolutionize the energy landscape and accelerate the shift toward sustainable solutions. 
• 2985 Virtual Way, also known as Broadway Tech Centre Building 3, is owned and managed by QuadReal Property Group. 

5. ICON Creative Studio at 21 Water Street 

• New lease for approximately 22,959 square feet. 
• ICON Creative Studio, Canada’s largest independent CG animation studio in Vancouver’s historic Gastown, specializes in various aspects of animation, including design, storyboarding, modeling, rigging, lighting, and visual effects. 
• ICON Creative Studio has created animated series for top clients like Disney, Nickelodeon, Mattel, Netflix, Warner Bros, and Electronic Arts, highlighting their expertise in high-quality animation. 
• 21 Water Street, also known as The Packing House, is owned and managed by Low Tide Properties.

6. Provincial Health Services Authority (PHSA) at 1333 West Broadway 

• New lease for approximately 17,000 square feet on the 5^th and 10^th floors. 
• PHSA collaborates with the BC Ministry of Health, five regional health authorities, and the First Nations Health Authority to provide B.C. residents with access to a coordinated network of high-quality specialized healthcare services. 
• 1333 West Broadway is managed by Warrington PCI Management.

According to CBRE’s latest report, Vancouver’s office market is shifting towards tenant rightsizing and a preference for higher-quality spaces, with the vacancy rate increasing significantly by 120 basis points to 10.9% (compared to 9.7% in Q2 2024). Downtown Vancouver recorded a negative absorption of about 269,541 square feet and no new supply, while suburban/periphery regions added 300,787 square feet, mainly at Discovery Buildings in Burnaby and Main Alley – M4 in Mount Pleasant. Increased leasing activity is expected to stabilize vacancy rates in the short term, with a potential contraction in 2025 before a new construction cycle begins. 

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

To learn more about the latest market trends from the perspectives of three key stakeholders: occupiers, landlords, and developers, check out our Market Momentum report.