Real Estate News 
Floorspace is proud to present our Q4 2022 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.
As reported by CBRE, Metro Vancouver’s overall office vacancy rate increased by 120 bps to 7.8% (Q3 6.6%) over the past quarter. Downtown Vancouver vacancy sits at approximately 9.8% (Q3 7.1%). Contrariwise, demand for space outside of the core continues with the suburbs vacancy rate decreasing from 6.1% to 5.8%. Over the past quarter 227,000 SF of space in Metro Vancouver was absorbed on a net basis.
Two large office projects were delivered last quarter bringing 914,000 SF of new supply to the market and another ~1.9 million SF under construction.
Follow along with Floorspace as we highlight notable leases that are completed in each quarter.
1. Fluor Engineering at 1133 Melville Street // The Stack
- Committed to 89,000 square feet, relocating from their primary locations at 1075 & 1185 W Georgia Street
- Brand new building that has recently completed – the tallest office tower in Vancouver
- Read more about the AAA quality office project with high-end amenity offering
- Property owned and developed by Oxford Properties
2. Skeena Resources at 1133 Melville Street // The Stack
- Approx. 14,000 SF with another ~12,000 SF leased at 1055 West Hastings Street
- Both of Skeena’s new properties are owned and operated by Oxford Properties
- Skeena is a Canadian mining exploration company focused on revitalizing the past producing Eskay Creek mine in Tahltan Territory in the Golden Triangle of northwest British Columbia
3. Teck Resources at 550 Burrard Street // B5
- Renewal of ~162,000 square feet in the high-rise portion of the building
- B5 is the most recent downtown office tower developed by BentallGreenOak, until the delivery of B6.
- The tower is nearly 100% occupied, and its most recent new lease was with tech-darling Slack.
- Teck recently donated $1.75 million to BCIT’s new copper innovation hub. The Teck Copper Innovation Hub, located inside the BCIT Centre for Applied Research and Innovation, will use additive manufacturing (3D printing) to produce healthcare devices composed of copper and composites.
4. MNP at 609 Granville Street
- Committed to approx. 100,000 square feet and relocating from MNP Tower (1021 West Hastings Street)
- The Calgary headquartered accounting firm will fill Canaccord’s office space as they move to 1133 Melville Street – The Stack
- Property owned and managed by Cadillac Fairview
5. Sandstorm (expansion) at 733 Seymour Street // VCII
- Committed to 15,000 SF of expansion space in addition to the 30,000 SF deal that completed in early 2022
- Vancouver Centre II held their official grand opening event last month, with the unveiling of a 30-foot-long salmon sculpture called Spawn, by renowned local artist Douglas Coupland.
- Read more about the AAA quality office project with high-end amenity offering
- Property owned and developed by Great West Life Realty Advisors in partnership with HOOPP
6. Klei Entertainment at 855 Homer Street // NLK Building
- Approx. 23,000 square feet of space in Yaletown, in the podium portion of a large condo tower
- Klei is a Vancouver based video game development company that became a subsidiary in early 2021 of the Chinese holding conglomerate Tencent
- Previous anchor tenants included Ausenco and Lululemon, with Klei filling a portion of their space
- Read more about about Lululemon at Burrard Place
- Property owned and managed by CRS Group, in partnership with a private family
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The information above was obtained from sources deemed reliable (including quarterly reports from CBRE, Colliers, Avison Young, Cushman and Wakefield & NAI), however, its accuracy cannot be guaranteed. All figures, including square footage are approximate.
