JLL has been selected to lease Fifth by Cressey. Currently available for prelease, the new state-of-the-art 73,000 square foot office building will be located at 380 West 5th Avenue in Vancouver’s Mount Pleasant neighbourhood. Developed by Cressey Development Group, this building represents the recent evolution of the Mount Pleasant area of Vancouver. JLL’s team is led by Senior Vice President Norm Taylor, Vice President Matthew Brown, and Associate Ronan Pigott.
Over the past decade, Mount Pleasant has slowly evolved from a historical industrial and manufacturing district to a light industrial and office area. The addition of non-industrial tenants has created an eclectic mix of creative, artistic and tech groups that complement the traditional users to create a vibrant commercial neighbourhood.
“This property will provide tenants the specific style of office space that has been in demand for Mount Pleasant,” said Norm Taylor, Senior Vice President, JLL Canada. “The Broadway Corridor market represents the second lowest office vacancy in Metro Vancouver with a vacancy rate of 5.6 percent. Fifth by Cressey will add to this inventory, giving tenants space they need while offering the comfort of top-quality amenities.”
In addition to the desirable feel of the area that appeals to a number of tenants, another major factor that has increased tenant demand for Mount Pleasant is the I-1 zoning amendment that was implemented last year. This amendment allows for a broader range of user groups that wish to be located in the area but have previously been unable to get approval from the City to do so. Prior to this amendment, general office was not even a conditional consideration. This represents a significant turning point for commercial landlords, tenants and developers in the Mount Pleasant area.
JLL is Canada’s fastest growing commercial real estate firm. With Canadian headquarters based in Toronto, the firm also operates in Mississauga, Montreal, Ottawa, Vancouver, Calgary and Edmonton. JLL offers tenant and landlord representation, project and development services, investment sales, debt capital markets, and integrated facilities management services to owners and tenants in Canada. JLL manages over 50 million square feet of facilities across Canada.