Late last year we reported that nearly 4 million square feet of office space is set to be developed in the next 5 years or so in the city of Vancouver. With Vancouver being the most expensive office market in the country, this additional inventory is not only necessary but timely in an attempt to alleviate the pressure on escalating rents.
Overall downtown Vancouver has a office vacancy rate of 3.4%, while the province’s second largest employment region, the Broadway Corridor, sits at 5.8% vacancy. The surrounding suburbs have a vacancy ranging from 6.4-21.4%. North Vancouver has the lowest rate, no doubt its proximity to Vancouver is one of its appeals.
Here are more projects currently under construction or in the application phase:
More info on the following can be found by clicking the links:
More info and photos on the following towers can be found by clicking the links:
Source: City of Vancouver