First Movers Q4 2023 – 8 Notable Office Lease Transactions

Floorspace is proud to present our Q4 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. Sage Software at 601 West Hastings Street

• New lease for approximately 17,000 square feet, in the newly delivered Waterfront Hub by PCI Developments
• Sage Software specializes in comprehensive business management solutions encompassing accounting, financial, and ERP software.
• With a commitment to better serve its clientele, Sage will be relocating to new office spaces in Vancouver and Toronto in the fall of 2024. These offices, situated at 40 King Street West in Toronto and Vancouver, boast LEED and Fitwell certifications, aligning with Sage’s commitment to sustainability and employee well-being.
• Sage has historically located their offices in Richmond, and this move represents a new direction for the enterprise software firm.

2. Teck Resources at 550 Burrard

• Lease expansion, and sublease from Slack, who was acquired by Salesforce in mid-2021
• Approximately 34,000 square feet over 2 floors with an interconnecting staircase
• Teck is a prominent mining company based in Canada, engaging in operations and projects across Canada, the United States, Chile, and Peru.
• 550 Burrard St, also known as Bentall 5, is owned and managed by BentallGreenOak.

3. Crowe Mackay at 1185 West Georgia

• New lease for approximately 22,000 square feet, with Crowe Mackay relocating from 1177 West Hastings Street
• Crowe MacKay LLP is a mid-sized accounting firm providing financial and accounting services, along with a focus on client care. Established in 1969, Crowe Mackay serves Northern and Western Canada, offering personalized financial solutions and accounting services to individuals and businesses of all sizes.
• 1185 West Georgia is owned and managed by Allied REIT Limited.

4. Workday at 601 West Hastings Street

• Lease expansion for approximately 17,000 square feet. Workday was one of the first tenants to prelease space when this building delivered.
• Workday is a cloud-based enterprise software company specializing in financial management and human capital management solutions. Established in 2005, it offers applications to help organizations streamline payroll, workforce planning, talent management, and financial accounting.
• 601 West Hastings, also known as Waterfront Hub, is owned and managed by PCI Group.

5. Hatch at 1066 West Georgia Street

• Lease expansion of approximately 14,700 square feet, and a restructure of Hatch’s broader footprint at Oceanic Plaza.
• Hatch is a global organization that addresses challenges in the metals, energy, and infrastructure sectors. With a presence in 150 countries and a team of 10,000 professionals,
• 1066 West Hastings, also known as Oceanic Plaza, is owned and managed by Oxford Properties.

6. Aquilini at 89 West Georgia

• Local video game company AirG subleased their office, which was then occupied by building owner Aquilini Properties.
• The premises is approximately 14,900 square feet on a full floor
• The Aquilini Investment Group, has diversified interests across numerous sectors in Canada. These sectors encompass Farming, Living, Business Spaces, Subsidiaries, Sports, and Food. In addition to their myriad business ventures, the Aquilini family also holds ownership of the Vancouver Canucks and Rogers Arena.
• 89 West Georgia St, also known as Rogers Arena West Tower, is owned by the Aquilini Investment Group.

Notable Office Leases in Vancouver Suburban

7. Huawei Technologies at 4333 & 4321 Still Creek

• Lease expansion of approximately 22,800 square feet at Willingdon Park, from T2 Systems who relocated just south of Canada Way
• Huawei is a Chinese technology company that engages in the design, development, manufacturing, and sale of various electronic devices. Established in 1987, the company has expanded its presence to over 170 countries.
• 4333 Still Creek Dr and 4321 Still Creek Dr is part of the Willingdon Park, and is managed by Triovest Realty Advisors.

8. Take Two Interactive Software at 2025 Willingdon Ave

• Leased approximately 10,300 square feet.
• Take-Two Interactive Software is a prominent video game company that owns two major publishing labels: Rockstar Games, widely recognized for the Grand Theft Auto series, and 2K, renowned for the NBA 2K series.
• 2025 Willingdon Ave, also known as the Solo District Office, is owned and managed by BentallGreenOak and directly across from Brentwood Mall.

As per CBRE’s report, Metro Vancouver’s overall office vacancy rate experienced a noteworthy decline of 240 basis points, settling at 9.4% (compared to 9.6% in Q3 2023). This marks the first decrease since Q2 of 2022. The reduction in overall vacancy is primarily attributed to a decline in Downtown Vancouver, where the vacancy rate currently stands at approximately 11.0%, down from 11.8% in Q3 2023. During the last quarter, around 212,495 square feet of space in downtown Vancouver was absorbed on a net basis, while no new supply was introduced to the downtown market. Notably, there is approximately 1,153,561 square feet currently under construction, with the imminent delivery of Bentall 6 expected later this year.

Feeling limited by your current office space? Whether you’re a startup or an established company, Floorspace is here to guide you to a workspace that enhances your growth trajectory.

Contact us for a fresh perspective in commercial real estate, and let’s discover a space that truly fits your business’s evolving needs.

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