Office Market Discussion

[Changing City]

Originally Posted by jollyburger

They only leased 9 floors.

They just renewed the Anchorpoint 1380 Burrard in 2020 with 88,360 square feet. In 2017 they took the 855 Homer office space with 55,000 square feet in 2017. I guess the only administrative building they own is Cornwall so they must be selling that.

https://biv.com/article/2022/06/lululemo...20000-square-feet-vancouver-office-space

Western Investor said they are moving from Cornwall.

https://www.westerninvestor.com/british-columbia/lululemon-inks-lease-for-new-headquarters-5466005

And Lululemon's quarterly report from June 2, 2022, so the Lululemon's PR guy isn't entirely correct about their other locations.

https://corporate.lululemon.com/media/press-releases/2022/06-02-2022-210532515

Clear as mud!

So in summary, it looks like they've shifted from owning 1818 Cornwall to leasing there, having just sold it. They've also expanded their overall space, and now have three leased buildings Downtown, by adding 1280 Burrard. (We don't know the terms of those leases, or whether there are demolition clauses, for example on the Anchorpoint building, which could be a factor).

They still own the site on False Creek Flats for the large office building that would allow them to consolidate all their operations, but for now they occupy four leased buildings, two of them obvious candidates for redevelopment at some point in the future (Anchorpoint, and Cornwall).

The False Creek Flats building (addressed as 1980 Foley) has an approved Development Permit, but they haven't indicated when, or whether they're still going to develop it.