Some confidential tenant just took 175K square feet at 2910 Virtual Way, Broadway Tech
There's a building permit for someone on all four floors:
https://plposweb.vancouver.ca/Public/Default.aspx?PossePresentation=Guest&PosseObjectId=289352554
The Telus Garden Robson podium office space had 33,125 sq feet leased by Brex.
Quote:
There are currently 17 office projects under construction in Metro Vancouver totaling
1.2 million square feet (msf), with nearly 55% of that space already pre-leased or presold. The majority of this upcoming inventory is concentrated in the Broadway
Corridor (560k sf, with Oakridge Park accounting for 92% of it), Burnaby (204k sf, with
SOLO Phase 4 accounting for 82% of it), False Creek (175k sf, attributed largely to
the nearly complete Hive) and New Westminster (123k sf).
Construction activity has fallen well below the 14-year average and is near cyclical
lows. Despite this, two office projects recently broke ground - one in Richmond at
ViewStar (although with a decreased office portion, now at 43k sf as the remaining
space was converted to hotel) and Pine & Glen in Coquitlam (36k sf). However, softer
tenant demand and an elevated 11.2% vacancy rate is resulting in space to sit on the
market longer than expected. While upcoming new supply for 2026 totals only 572k
sf, existing vacancy limits the near-term impact of this constrained development
pipeline.
Reflecting ongoing softness in the office market, several proposed office projects
across Metro Vancouver are being repositioned toward alternative uses to generate
near-term revenue. As a result, the development pipeline has contracted further with
approximately 8.8 msf remaining in the proposed stages. Many of these projects are
currently on hold with anticipated delivery timelines pushed beyond 2030. Developers
are deferring construction until stronger leasing momentum and meaningful precommitments materialize.
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https://assets.cushmanwakefield.com/-/me...pdf?rev=c70f1e0ca20f413f982a10c3cb360b64
COV took 51K square feet at 1125 Howe
https://www.costar.com/article/821857417/city-of-vancouver-leases-office-space-at-wicklow-west
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