Over the course of the last six months, the City of Vancouver has recorded record levels for new building permits, with the total value over the period representing an increase of 20 per cent over the same period last year.
According to the municipal government, this year’s total as of July 1 reached $1.34 billion, an increase of over $200 million over the first six months of 2014.
A diverse mix of developments are fuelling the construction boom in the city, with most of the activity centralized in and around the downtown peninsula.
Over 4.5 million square feet of new office space is currently under development. Some of the largest projects are The Exchange at 891 West Pender (305,000 square feet), The Renfrew Business Centre at 2665 Renfrew Street (480,000 square feet with 170,000 square feet during the first phase), and Marine Gateway at 400 Southwest Marine Drive (269,000 square feet).
A number of significant projects are also slated for completion this year, including Telus Garden’s office tower (530,000 square feet), 745 Thurlow Street (400,000 square feet), MNP Tower (270,000 square feet), Manulife Building (250,000 square feet), 725 Granville Street at Pacific Centre (280,000 square feet) and Aquilini Tower (180,000 square feet).
Another cycle of office projects are on the way, with 14 developments totalling 3.6 million square feet having received approved.
“The City of Vancouver’s economic action strategy is working, with 2015 on pace to see records surpassed for the value of new construction activity, for new office space completed, and for growth in our city’s tourism sector,” said Mayor Gregor Robertson in a release.
In 2014, the City recorded building permit values of $2.8 billion, a 27 per cent increase over the previous year. Over 3.3 million square feet in office space, spread across 27 developments, has been built in Vancouver since 2009.
Total annual building permit values
- 2014: $2.8 billion
- 2013: $2.2 billion
- 2012: $2.6 billion
- 2011: $1.7 billion
- 2010: $1.5 billion
- 2009: $1.3 billion
- 2008: $1.6 billion