Construction is well underway on Burrard Place, a $500-million, three-tower, mixed-used development on the northeast corner of Burrard Street and Drake Street in downtown Vancouver.
This includes today’s groundbreaking of the project’s next phase – ‘The Offices’ at 1280 Burrard Street – a 13-storey, 184-ft-tall building with 150,000 sq. ft. of AAA office space.
According to local developer Reliance Properties, with a scheduled completion date of early-2020, the LEED Gold office development will be the first major office building scheduled to be complete in the next cycle of office development.
The office building is the last commercial development designed by late architect Bing Thom and geared specifically for tech companies.
Vancouver’s rapidly expanding tech industry has led to a shortage in office space in the city as office vacancy rates in the downtown area now stand at 5.2%, making it the second lowest in the continent, according to Colliers International.
Due to high demand and low supply, rents are also rapidly rising, with rents going up by as much as 20% in the past year.
“Space to meet the growth projections of large companies currently doesn’t exist in Vancouver,” said Jon Stovell, president and CEO of Reliance Properties, which is working on the project in partnership with The Jim Pattison Group.
“This is an era when developers like Reliance can build offices without any pre-lease agreements.”
Overall, with a floor area of one million sq. ft., the three-tower project is currently the largest development being built in downtown.
The other two towers are residential – a 54-storey, 550-ft-tall tower and a 36-storey, 367-ft-tall tower – and contain a combined total of 810 units. The tallest of the three towers will be Vancouver’s new third tallest building.
There will be ground-floor restaurant and retail space, including a three-storey Downtown Toyota dealership – replacing the dealership’s former location on the site – and a new Meinhardt Fine Foods grocery store.
Both residents and office workers of the complex will have access to a 30,000-sq-ft amenity floor in the tallest tower, with amenities consisting of indoor and outdoor yoga space, a fitness gym, private spa, lap pool, hot tub, sauna, steam room, children’s play spaces, outdoor dining and lounge areas, and private dining facilities.