Real Estate News 
Floorspace is proud to present the first instalment of our 2022 quarterly update on notable office leasing activity in Vancouver, we’ve highlighted First Movers over the past quarter – companies who have made a commitment to move, sublease, expand their footprint or renew their leases.
Q1 2022 showed slightly less activity than the final quarter of 2021, as companies continue to plan their return to work strategies. While some companies expect to utilize less space due to remote work accommodations, others are leasing more space in higher quality buildings.
Downtown Vancouver showed negative leasing activity as more supply was added to the market this quarter (with multiple new office towers under construction) while the suburban market saw positive leasing absorption. The overall vacancy rate currently sits at approximately 7.7% downtown and 6.2% in the suburbs with -107k being leased downtown and +135k being leased in the suburbs in the past quarter.
Vancouver continues to hold its place as the office market with the lowest availability rate in Canada – less than half of the Canadian national average (17%) and nearly one-third of most Canadian cities (other than Toronto’s which sits around 11%).
Notable Office Leases in Downtown Vancouver – Q1 2022
1. Microsoft at 939 Granville Street // Tom Lee Music Centre
- 67,000 square feet
- 1927-built, six-storey building
- Building was recently renovated by Spaces that was turned over to Deloitte
- Deloitte is now moving to their new headquarters at Westbank’s 400 West Georgia Street tower (Deloitte Summit)
- Property owned by Bonnis Properties
2. Plenty of Fish (Match.com) at 1133 Melville Street // The Stack
- 30,000 square feet across three floors
- Brand new building under construction – soon to be 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
3. Bank of Montreal at 595 Burrard Street // Bentall III
- 105,000 square feet across seven floors
- Current home to Bank of Montreal along with WeWork and Blakes
- Bentall Centre has a newly renovated fitness space and rooftop dog park
- Read more about the new development at Bentall Centre – here
- Property owned by Hudson Pacific and Blackstone Real Estate
4. SRK at 320 Granville Street // Bosa Waterfront
- Committed to 27,000 square feet
- Geotechnical company moving from 1066 West Hastings St.
- Brand new building under construction that is near completion
- Developed by Bosa Development
5. West Fraser at 885 West Georgia Street // HSBC Building
- 33,000 square feet
- West Fraser was previously a tenant of 858 Beatty St.
- Building has a recently renovated fitness centre
- Property owned and developed by Cadillac Fairview
6. Uniglobe at 1285 West Pender Street // Evergreen Building
- 9,500 square feet
- Iconic building designed by Arthur Erickson in 1980
- Premium space with views
- Property owned by Quadreal
7. Noram Engineers at 200 Granville Street // Granville Square
- Committed to 26,000 square feet across floors 19 & 20
- Workspace is currently occupied by Colliers
- Property owned by Cadillac Fairview
8. Nexii Building Solutions at 1455 West Georgia Street // Lea Building
- 21,000 square feet renewed
- Vancouver based “Unicorn” company, providing green construction technology solutions
- Property owned by Gilic Developments (formerly Brilliant Circle Group)
Notable Office Leases in Vancouver Periphery – Q1 2022
9. Trillium at 1195 West Broadway // King Day Building
- 8,000 square feet
- Multi-family development and construction company
- Property owned by King Day Holdings Ltd.
10. Sequel Naturals at 425 West 6th Avenue
- 11,000 square feet
- Brand new building under construction
- Tenants include Sanctuary AI, Bardel Entertainment and Best Buy
- Read more about the development here
- Property owned and developed by Cressey
Follow along with Floorspace as we highlight notable leases that are completed in each quarter.
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The information above was obtained from sources deemed reliable (including quarterly reports from CBRE, Colliers, Avison Young & NAI), however, its accuracy cannot be guaranteed. Square footages are approximate.
