Office Market Discussion - Page 43

MIPS · #**841** Posted **Jan 24, 2021, 12:27 AM**

You can't really build towers when you got more valuable condo high-rises and a view of the mountains in the way.

jollyburger · #**842** Posted **Feb 17, 2021, 7:43 AM**

Avison Young 2020 Year End

B2Gold ended up in Park Place instead of going to Vancouver Centre II.

About Crystal at Waterfront Station

Quote:

A series of delays, first due to COVID-19 and then again towards the end of 2020, pushed back the project’s development permit application hearinguntil mid-2021. Construction is contemplated to start in early 2022 and complete in early 2025.

https://www.avisonyoung.ca/documents/957...3985-494a-8e34-955d345e0432?t=1673371671

officedweller · #**843** Posted **Feb 17, 2021, 11:39 AM**

Thanks.
It says that Amazing Brentwood Phase 2 has 300,00 sq ft of office space
- probably at the north end of the mall where the department store would have been.
Not sure how tall it will be, but it looks wide on the plans.

jollyburger · #**844** Posted **Feb 17, 2021, 6:07 PM**

Quote:

Originally Posted by officedweller

Thanks.
It says that Amazing Brentwood Phase 2 has 300,00 sq ft of office space
- probably at the north end of the mall where the department store would have been.
Not sure how tall it will be, but it looks wide on the plans.

They had two office towers in the NE quadrant of the master plan facing the high street.

officedweller · #**845** Posted **Feb 17, 2021, 9:30 PM**

The dark blue at the NW end of the mall is the space I'm thinking of
(starts on the 3rd level above 2 levels of retail)
By the six elevators, it's not just a couple storeys.

jollyburger · #**846** Posted **Feb 17, 2021, 10:39 PM**

I know the master plan is old so it might be out of date but they had 35-55 storey residential in that corner. The office towers were going to be 30-40 storeys tall each. I think on the other side of Brentwood Boulevard somewhere near the centre.

https://search.heritageburnaby.ca/media/.../Unrestricted/2012/30-Jul-2012/90595.pdf

But the later video flythroughs show no towers in that area. Maybe that tower in the bottom right corner? It's labeled phase III and the also not tagged "residential tower"

officedweller · #**847** Posted **Feb 18, 2021, 5:54 AM**

The Avison Young report specified the 300 sq ft of office is in Phase 2, which is the NW corner.
At one point, there was an office tower located closer to the BMO entrance at the end of Alpha Ave.

jollyburger · #**848** Posted **Feb 18, 2021, 6:13 AM**

Quote:

Originally Posted by officedweller

The Avison Young report specified the 300 sq ft of office is in Phase 2, which is the NW corner.
At one point, there was an office tower located closer to the BMO entrance at the end of Alpha Ave.

Just noticed the legend has that shaded as office and the building acrosss from that one.

officedweller · #**849** Posted **Feb 18, 2021, 6:27 AM**

The podium of Tower 6? It is also shown as office (instead of the community centre)

Hot Rod · #**850** Posted **Mar 2, 2021, 6:48 AM**

Quote:

Originally Posted by EastVanMark

This is one list you don't want to be #1 on

Im sorry, I don't follow? ...

I thought low vacancy means you need to build more, that you're underbuilt or not meeting demand.

Migrant_Coconut · #**851** Posted **Mar 2, 2021, 7:17 AM**

Yes, and in that particular list, the #1 spot is city with the lowest vacancy rate.

EastVanMark · #**852** Posted **Mar 2, 2021, 7:34 AM**

Quote:

Originally Posted by Hot Rod

Im sorry, I don't follow? ...

I thought low vacancy means you need to build more, that you're underbuilt or not meeting demand.

It does mean you need to build more; however you don't wait until you reach that point. Grocery stores don't wait till their shelves are absolutely empty before they restock them, office space management is no different.

rofina · #**853** Posted **Mar 2, 2021, 5:57 PM**

Quote:

Originally Posted by jollyburger

Avison Young 2020 Year End

B2Gold ended up in Park Place instead of going to Vancouver Centre II.

About Crystal at Waterfront Station

https://www.avisonyoung.ca/documents/957...3985-494a-8e34-955d345e0432?t=1673371671

Lol.

All the cities have a version of this line;

"Development severely constrained."
"First new proposal since 2014."
"Development slow and lacking."

I get this is Avison, they want more space for lease, but at the same time there is no way this isn't mismanagement.

rofina · #**854** Posted **Mar 2, 2021, 5:58 PM**

Quote:

Originally Posted by EastVanMark

It does mean you need to build more; however you don't wait until you reach that point. Grocery stores don't wait till their shelves are absolutely empty before they restock them, office space management is no different.

Were going to be #1 for years.

Look at the amount of uptake on new supply, and then look when new supply is coming - not until 2024 approximately. The majority of supply even then, is already spoken for.

Changing City · #**855** Posted **Mar 2, 2021, 7:21 PM**

Quote:

Originally Posted by rofina

Were going to be #1 for years.

Look at the amount of uptake on new supply, and then look when new supply is coming - not until 2024 approximately. The majority of supply even then, is already spoken for.

1280 Burrard and 601 W Hastings will complete later this year. They're both shown as 100% available. Deloitte Summit completes in Q3 this year. It's 39% available. 753 Seymour completes at the end of this year. It's 48% available. Bosa Waterfront at 320 Granville is part strata, but only 15% of the lease space has been taken. It completes Q2 next year. So does The Stack, which is 60% available (that's over 320,000 square feet). B6 completes in 2023 and is 50% available.

There's a lot of new supply coming, soon, and a fair amount of it is available. Only The Post is 100% spoken for. Existing space is also freeing up as businesses decide to downsize their space as a result of rethinking their operations now Working From Home turns out to be more viable than they previously thought. It's far too soon to say if that will still be a factor next year and in subsequent years here, but it looks like it'll free up leases in cities like Toronto with large financial institutions.

GenWhy? · #**856** Posted **Mar 2, 2021, 7:43 PM**

I think the AAA class vacancy (or lack of) skews the total office vacancy rate as well. I'm hoping COVID helps cool the market a bit at least.

EastVanMark · #**857** Posted **Mar 3, 2021, 7:06 PM**

Quote:

Originally Posted by rofina

Were going to be #1 for years.

Look at the amount of uptake on new supply, and then look when new supply is coming - not until 2024 approximately. The majority of supply even then, is already spoken for.

Unfortunately you're probably right and historically Vancouver has always placed near the top of these rankings, and its one of the things that keeps us down in terms of attracting business to our core.

jollyburger · #**858** Posted **Mar 12, 2021, 12:34 AM**

Microsoft dumping some space on their 4th floor offices (20,000 sq feet) on sublease?

https://listingsprod.blob.core.windows.n...acc/bda6b6c2-43b1-47b7-8803-51b4be1d158b

LeftCoaster · #**859** Posted **Mar 17, 2021, 10:06 PM**

Quote:

Originally Posted by jollyburger

Microsoft dumping some space on their 4th floor offices (20,000 sq feet) on sublease?

https://listingsprod.blob.core.windows.n...acc/bda6b6c2-43b1-47b7-8803-51b4be1d158b

That is not Microsoft space, but Mobify, who were just acquired by Salesforce last year. I wouldn't be surprised if Microsoft took it though.

I suspect the Mobify team will join the rest of the Vancouver Salesforce team at their office in 333 Seymour.

officedweller · #**860** Posted **Mar 29, 2021, 8:03 PM**

MEC Building Sells in $103 Million Deal
http://www.vancouvermarket.ca/2021/03/28/mec-building-sells-in-103-million-deal/