Robust Start for 2017, Suburbs Heating Up
Leasing velocity in the first quarter of 2017 began strong with 575,525 sq.ft., which is a 24% increase from the first quarter of last year. Significant transactions this quarter included WSP leasing 53,000 sq.ft. in Robson Court (840 Howe Street) and BrainStation leasing 12,000 sq.ft. at 717 West Pender Street.
VANCOUVER OFFICE MARKETVIEW Q1 2017
- Large blocks of space becoming increasingly scarce as few options are available in the Downtown core
- Downtown has the lowest vacancy rate since Q4 2014 and Broadway continues to have the lowest vacancy rate overall
- Infrastructure spending over the next 5 years at $23 billion, which exceeds spending prior to 2010 Winter Olympics
- False Creek Flats Planning Program seeks to promote growth and development of over 450 acres located in the Broadway Corridor submarket
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