Quote:
Originally Posted by WBC
Weren't they barely able to lease Metrotower III? It took move of the Metro Vancouver to fill the tower. I don't think there is some sort of huge demand for office space in Metrotown at least not in short to medium term...
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Well, that doesn't seem to be what the developers are seeing in the area.
A lot of the new major developments proposed or under construction around here are including a significant portion of office space for lease in their projects.
We know of Sun Towers super-chunky podium that will have almost 7 storeys of office space, and then there's Thind's 48 storey Highline tower just a couple of blocks over to the east which is also showing the possibility of 7 storeys of office space. (see below)
And then obviously you have Concord-Pacific's Sears megaproject on the other side of the mall which has an entire tower (of the planned 7 towers) that's proposed to be all or purely office space.
Clearly all these developers are seeing something in the market that maybe we aren't. They wouldn't be including that much office space in their projects if they weren't confident they'll be able to lease it out.
I believe Station Square's last two towers also have a significant amount of office space in their respective podiums as well.
A schematic side view of Thind's Highline project with a proposed 7 (L3-L10) levels of office space):-
Another view of their project that seems to corroborate that:-