Tech Sector continues to drive Metro Vancouver office demand
Technology companies are focusing on a workplace strategy in an effort to attract and retain millennial employees, which has resulted in the leasing of significant amounts of space in the new developments across Metro Vancouver. As of Q3 2016, a total of 2.6 million sq.ft. of new supply has been added to the Metro Vancouver market since 2015, 39% or 991,000 sq.ft. of which were leased by tech tenants.
VANCOUVER OFFICE MARKETVIEW Q3 2016
- Metro Vancouver continues to experience positive absorption for the sixth consecutive quarter with 77,500 sq.ft. recorded for Q3 2016
- 249,008 sq.ft. was added to the Metro Vancouver inventory. SOLO District (2025 Willingdon Avenue – 230,000 sq.ft.) in Burnaby and 1541 West Broadway (19,008 sq.ft.) in the Broadway Corridor
- Technology tenants continue to lease large blocks of space in new developments
- Four out of the five largest lease transactions completed by technology tenants
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