Leasing activity continues to be led by tenants from the technology sector
In Downtown Vancouver, gross leasing activity remained steady at 421,223 sq.ft. in Q4 2016, with over 2 million sq.ft. for 2016. The technology and creative sectors led the Downtown Vancouver market in largest transactions, as Lululemon expanded 58,000 sq.ft. in the NLK building (855 Homer Street), while Sophos Group plc leased 46,000 sq.ft. in 777 Dunsmuir.
VANCOUVER OFFICE MARKETVIEW Q4 2016
- Metro Vancouver continues to experience positive absorption for the seventh consecutive quarter with 203,596 sq.ft. recorded for Q4 2016
- Demand for the suburban markets has increased from over half a million sq.ft. in 2015 to over 1.3 million sq.ft. in 2016
- 1.66 million sq.ft. of suburban transit-oriented developments are now 76% leased by the end of this quarter, representing a 23% increase year over year
- Leasing activity continues to be led by tenants from the technology and creative sectors
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