First Movers Vancouver – 10 Notable Office Leases in Q4 2021

Q4 2021 was a busy quarter in Metro Vancouver with leasing activity (absorption) of approximately 400,000 square feet downtown and 280,000 square feet in the suburbs – an increase since Q3 2021.

With this increase in activity, the office market saw its first decline in vacancy since the beginning of the pandemic.

Vancouver continues to hold its place as the office market with the lowest availability rate in Canada (around 7%), which is half of the Canadian national average, and considerably lower than many large US cities.

During the quarter, two new office towers were delivered – Burrard Place at 1280 Burrard Street (by Reliance and Pattison) and 601 West Hastings (by PCI Group). Additional space was brought to market, including a number of sublease spaces from other tenants – most notably Shopify’s ~70,000 square foot sublease at Bentall Centre.

Below is a summary of 10 notable leases that were completed in Metro Vancouver in the final quarter of 2021.

Notable Office Leases in Downtown Vancouver – Q4 2021

1.  Tipalti at 505 Burrard Street / One Bentall Centre

• 27,000 square feet of improved space across 2 floors
• Fintech giant Brex also subleased 8,400 square feet in the complex from Fujitsu
• Bentall Centre has a newly renovated fitness space and rooftop dog park
• Owned by Hudson Pacific and Blackstone Real Estate
• Read more about the new development at Bentall Centre HERE

2.  Owen Bird Law at 733 Seymour Street / Vancouver Centre II

• Committed to 21,000 square feet (sublease from B2 Gold)
• VCII is a new Class AAA building under construction 
• Tech Office full article HERE
• Owned by Great West Life Realty Advisors (GWLRA) and Healthcare of Ontario Pension Plan (HOOPP)

3. Harrison Healthcare at 1280 Burrard Street / Burrard Place

• 14,450 square feet on the entire 5^th floor
• Brand new Class AAA building under construction
• Top-tier amenities for office tenants and residents in the adjacent tower
• Owned by Reliance Properties and the Pattison Group

4.  Chard Development at 510 Burrard Street

• 7,600 square feet on the entire 14^th floor of the building
• Space will be fully renovated and includes a private outdoor space
• Access to tenant amenities in the building
• Owned and managed by Manulife

Notable Office Leases in Vancouver Periphery – Q4 2021

5.  Bell Canada at 2980 Virtual Way / Broadway Tech Centre

• 30,000 in a large floor plate, campus environment near Renfrew Station
• The property is owned and managed by Quadreal with numerous tenant amenities
• Broadway Tech Centre is 1 block east from LaSalle College’s Future Campus

6.  Animal Logic at 110 East 5th Avenue / Main Alley M4

• 110,000 square feet across multiple floors
• Brand new building, under construction in the Main Alley tech campus
• Developed by Westbank, across an entire city block
• Animal Logic leased an additional 28,000 square feet of temporary space adjacent to their 840 Cambie Street space in Q3 2021.  See Tech Office’s First Movers Q3 report – HERE

7.  Trulioo at 114 East 4^th Avenue / Main Alley M2

• 41,000 square feet over 2 floors
• Brand new building in the Main Alley tech campus with tenants including Zymeworks
• Developed by Westbank, across an entire city block
• Tech Office reported on the project – HERE

8.  Sanctuary AI at 425 West 6^th Avenue

• 25,000 square feet
• Anchor tenant Best Buy completed a large lease earlier in the year
• The Tech Office full story – HERE
• Owned and developed by Cressey

9.  Bardel Entertainment at 425 West 6^th Avenue

• 20,500 square feet
• With Bardel, Best Buy and Sanctuary AI, the project is nearly 100% leased
• Owned and developed by Cressey

10.  Canfor at 161 East 4^th Avenue / The Workshop

• 46,000 square feet across multiple floors
• Newly constructed building, with a unique architectural style
• Project is nearly 100% leased and nearing completion
• The Tech Office full story – HERE
• Developed by the Mondivan Group

Follow along with Tech Office as we highlight notable leases that are completed each quarter.

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Notable leases above were listed in no specific order, in their respective sub-markets. The information above was obtained from sources deemed reliable (including quarterly reports from Cushman & Wakefield, CBRE and NAI Commercial), however its accuracy cannot be guaranteed. Square footages are approximate.