Office Market Discussion - Page 45

jollyburger · #**881** Posted **Apr 23, 2021, 1:32 AM**

Quote:

Originally Posted by Changing City

I wonder if that means Best Buy are expanding their office space (which seems unlikely) or relocating some or all of their head office from Big Bend in Burnaby. They currently claim 1,100 staff at their headquarters, so that amount of space could only accommodate some of them. Perhaps a hybrid office / work from home scenario that some companies seem willing to try?

They have 140K sq feet in Burnaby.

Could probably see their tech or marketing people in the Vancouver location. And they have their store across the street. Floors 2-5 still seem to be available for lease.

jollyburger · #**882** Posted **Apr 23, 2021, 2:14 AM**

NAI's office report:

Confirms the temporary Ernst & Young space.

Says Microsoft sublet 20K sq feet at 725 Granville

https://www.naibc.ca/wp-content/uploads/2021/04/NAI_Vancouver-Office-Report_Q1-2021_web.pdf

Changing City · #**883** Posted **Apr 23, 2021, 5:07 AM**

Quote:

Originally Posted by rofina

Our vacancies were actually very unhealthy. Tenants were frozen in place due to no temp space available, no expansion space. It was slowing deals more than anything.

Obviously we don't want Calgary levels, but if we return to 6% it would be a good thing for all.

- June 25 2020

Break out the champagne! Q1 CBRE Office Vacancy Rate 6.2% Downtown, 6.5% Suburban. They say "Sublease opportunities continue to become available and led the increase in vacant space in Metro Vancouver this quarter. Companies are considering amending office footprint sizes to reflect new hybrid office models that balance remote and in-person workstyles. Downtown however, many tenants continue to take a wait-and-see approach before determining their new modern office requirements. Significant shifts in rental rates are not expected until office utilizations pressure companies to find space that fit their new headcounts." (Colliers vacancy rates are similarly showing 6.2% Downtown, 4.8% in the Broadway Corridor and 6.1% in the suburban markets).

(And you're right about Calgary - they have a Q1 Downtown office vacancy rate of 32.3%, up 2.8% from Q4 2020.)

jollyburger · #**884** Posted **Apr 23, 2021, 5:20 AM**

Article in the New York Times on office conversions..

https://www.nytimes.com/2021/04/16/realestate/empty-office-buildings-hotels.html

Changing City · #**885** Posted **Apr 23, 2021, 9:38 PM**

Quote:

Originally Posted by jollyburger

They have 140K sq feet in Burnaby.

Could probably see their tech or marketing people in the Vancouver location. And they have their store across the street. Floors 2-5 still seem to be available for lease.

Daily Hive article is confirming that Best Buy will be moving their entire operation to Mount Pleasant from Burnaby, adopting a hybrid working model with in-office space for 600 of their office workforce. They were considering this change before Covid. They're taking around 78,000 sq ft in the the upper floors of the new building, which should be complete next year.

officedweller · #**886** Posted **Jun 1, 2021, 9:24 PM**

From BIV today:

Vancouver office-space sector readies for boom
https://biv.com/article/2021/06/vancouver-office-space-sector-readies-boom

jollyburger · #**887** Posted **Jun 1, 2021, 10:50 PM**

Weird that story says Microsoft added space at Granville:

"Microsoft Corp. (Nasdaq:MSFT) added a large but unspecified amount of space to its site above Nordstrom Inc.’s (NYSE:JWN) store at CF Pacific Centre. "

officedweller · #**888** Posted **Jun 2, 2021, 12:52 AM**

The former Mobify space...

Quote:

Originally Posted by LeftCoaster

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.

jollyburger · #**889** Posted **Jul 23, 2021, 8:18 PM**

Some confidential US tech company took over 27,275 sq feet at 601 West Hastings

Evolution Studios took 58,904 sq feet at the Telus Boot 3777 Kingsway. Assume it's that online casino gaming company that opened up in New West (Anvil)

https://www.cushmanwakefield.com/en/canada/insights/canada-marketbeats/vancouver-marketbeats

jollyburger · #**890** Posted **Jul 23, 2021, 9:49 PM**

No longer confidential it seems

Quote:

The growth of US tech companies in Vancouver continues, with another California-based software company expanding in the downtown financial core.

It was announced earlier this week that human capital management provider Workday will be expanding their Canadian presence, with an anchor lease for approximately 27,000 square feet at 601 West Hastings Street.

...

Workday is a publicly-traded company (Nasdaq: WDAY) headquartered in Pleasanton, California with a market cap of approximately $57 billion USD. They have 3,700 employees across the globe, with Canadian offices in Toronto, Montreal and Victoria. Workday will occupy ~13% of the total space at 601 West Hastings, over the top 3 floors.

With their focus on human capital management, Workday has built beautifully-appointed offices in major cities around in the world, including their headquarters in California featured below.

https://techoffice.io/blog/workday-signs-anchor-lease-in-vancouver-at-601-west-hastings

They seem to do work with Salesforce as well so that might be a reason they leased there.

https://www.globenewswire.com/news-relea...Organizations-Safely-Return-to-Work.html

osirisboy · #**891** Posted **Jul 23, 2021, 10:52 PM**

How is that a tech company? Sounds like an hr company

jollyburger · #**892** Posted **Jul 23, 2021, 11:04 PM**

Quote:

Originally Posted by osirisboy

How is that a tech company? Sounds like an hr company

Some of their Vancouver job openings if you think they are an HR company.

Senior Software Engineer - Machine Learning
JR-49314 | Canada, BC, Vancouver, More... | Posted Today
Senior UI/React Engineer
JR-44559 | Canada, BC, Vancouver, More... | Posted Today
Software Application Engineer - Spend Management Development
JR-44570 | USA, CA, Pleasanton, More... | Posted Today
Product Manager - Project Financials
JR-54048 | Canada, BC, Vancouver | Posted Today
Software Engineer – Machine Learning
JR-53840 | USA, CO, Boulder, More... | Posted Yesterday
Payroll Implementation Consultant, (Medium Enterprise)
JR-53995 | Canada, ON, Toronto, More... | Posted Yesterday
Senior UI Engineer
JR-47584 | Canada, BC, Vancouver | Posted 2 Days Ago
Machine Learning Engineer
JR-48419 | Canada, BC, Vancouver, More... | Posted 2 Days Ago
Software Development Engineer
JR-50206 | Canada, BC, Vancouver, More... | Posted 2 Days Ago
Machine Learning Engineer
JR-51265 | Canada, BC, Vancouver, More... | Posted 3 Days Ago
Software Application Engineer - Student Systems
JR-52538 | Canada, BC, Vancouver, More... | Posted 3 Days Ago
Sr Software Engineer – Machine Learning
JR-53846 | USA, CO, Boulder, More... | Posted 4 Days Ago
Sr Associate Software Application Engineer
JR-50009 | Canada, BC, Vancouver | Posted 8 Days Ago
Software Application Engineer
JR-47512 | Canada, BC, Vancouver | Posted 8 Days Ago
Senior Software Development in Test
JR-51791 | Canada, ON, Toronto, More... | Posted 8 Days Ago
Software Development (UI) Engineer
JR-50015 | Canada, BC, Vancouver | Posted 8 Days Ago
Senior Service Reliability Engineer
JR-52157 | USA, CO, Boulder, More... | Posted 9 Days Ago
Ruby on Rails Engineer
JR-46259 | Canada, ON, Toronto, More... | Posted 10 Days Ago
Sr Software Application Developer
JR-50169 | Canada, BC, Vancouver | Posted 14 Days Ago
Spend Management Machine Learning Solution Architect / Data Scientist
JR-48165 | USA, CA, San Francisco, More... | Posted 15 Days Ago
Manager- Software Development Application - Core Financials
JR-52870 | Canada, BC, Vancouver | Posted 16 Days Ago
Senior Product Manager, Talent
JR-53246 | Canada, BC, Vancouver, More... | Posted 17 Days Ago
Senior Product Manager, Cloud Identity
JR-48772 | USA, CA, Pleasanton, More... | Posted 23 Days Ago
Senior Software Application Engineer
JR-51220 | USA, CA, Pleasanton, More... | Posted 23 Days Ago
Senior Software Application Engineer
JR-52882 | Canada, BC, Vancouver | Posted 24 Days Ago
Manager, Software Development Engineering
JR-52868 | USA, CO, Boulder, More... | Posted 25 Days Ago
QA Engineer - Financials Assets
JR-51748 | Canada, BC, Vancouver | Posted 25 Days Ago
Quality Assurance Engineer
JR-53219 | Canada, BC, Vancouver | Posted 25 Days Ago
Principal Software Application Engineer - Core Financials
JR-52871 | Canada, BC, Vancouver | Posted 25 Days Ago
Principal Software Development Engineer
JR-52663 | USA, CO, Boulder, More... | Posted 25 Days Ago
Senior Software Engineer - Workday Engineering Environments & Pipelines
JR-51619 | USA, CA, Pleasanton, More... | Posted 25 Days Ago
Software Application Engineer III
JR-52845 | Canada, BC, Vancouver | Posted 25 Days Ago
Senior Software Development in Test
JR-46254 | Canada, ON, Toronto, More... | Posted 25 Days Ago
Sr. Director Content Services (Tech Publishing and Community)
JR-51627 | USA, CA, Pleasanton, More... | Posted 25 Days Ago
Engineering Manager - UI Platform
JR-50698 | Canada, BC, Victoria, More... | Posted 25 Days Ago
Senior Software Development Engineer in Test
JR-47264 | Canada, BC, Vancouver, More... | Posted 25 Days Ago
Senior Ruby on Rails Engineer
JR-45841 | Canada, ON, Toronto, More... | Posted 25 Days Ago
Software Application Engineer - Student Systems
JR-50900 | Canada, BC, Vancouver | Posted 25 Days Ago
Associate Manager, Technical Writing
JR-47255 | Canada, BC, Vancouver, More... | Posted 25 Days Ago
Web Application Engineer
JR-49744 | Canada, ON, Toronto, More... | Posted 25 Days Ago

CivicBlues · #**893** Posted **Jul 23, 2021, 11:22 PM**

Quote:

Originally Posted by osirisboy

How is that a tech company? Sounds like an hr company

Workday (the product) is an HCM system (Human Capital Management). So they are selling an HR system.

osirisboy · #**894** Posted **Jul 23, 2021, 11:50 PM**

Quote:

Originally Posted by CivicBlues

Workday (the product) is an HCM system (Human Capital Management). So they are selling an HR system.

Oh I see. A software company. Thanks that was helpful.

Klazu · #**895** Posted **Jul 30, 2021, 11:11 PM**

Interesting news about Electronic Arts. I think this is to replace a lease on Still Creek Drive as they build the two new buildings on their main campus? Too bad they lost all the time they had during COVID to have those buildings go up.

https://techcouver.com/2021/07/30/electronic-arts-great-northern-way/

Migrant_Coconut · #**896** Posted **Jul 30, 2021, 11:21 PM**

This better be a new BioWare or DICE studio. You can't tell me EA Sports needs two campuses at the same time.

jollyburger · #**897** Posted **Jul 30, 2021, 11:34 PM**

Quote:

Originally Posted by Klazu

Interesting news about Electronic Arts. I think this is to replace a lease on Still Creek Drive as they build the two new buildings on their main campus? Too bad they lost all the time they had during COVID to have those buildings go up.

https://techcouver.com/2021/07/30/electronic-arts-great-northern-way/

I think Schneider Electric was in the building on the land getting redeveloped.

supercanuck · #**898** Posted **Aug 5, 2021, 4:48 PM**

Quote:

Originally Posted by Changing City

Daily Hive article is confirming that Best Buy will be moving their entire operation to Mount Pleasant from Burnaby, adopting a hybrid working model with in-office space for 600 of their office workforce. They were considering this change before Covid. They're taking around 78,000 sq ft in the the upper floors of the new building, which should be complete next year.

“We wanted to make sure being suburban was not blocking any talent or putting up any kind of barriers for talent that might join us due to location, so we had started to look at a number of locations prior to COVID-19. Certainly, the size of the location and the style changed somewhat dramatically as we went into COVID-19 and work styles changed,” he said.

Does being in Bby vs Van really make a difference when attracting talent? It's not like the office is in Abbotsford/Chilliwack. The Big Bend office was quite nice IMO, and close enough to Market Crossing to offer some conveniences.

s211 · #**899** Posted **Aug 5, 2021, 5:15 PM**

Quote:

Originally Posted by supercanuck

“We wanted to make sure being suburban was not blocking any talent or putting up any kind of barriers for talent that might join us due to location, so we had started to look at a number of locations prior to COVID-19. Certainly, the size of the location and the style changed somewhat dramatically as we went into COVID-19 and work styles changed,” he said.

Does being in Bby vs Van really make a difference when attracting talent? It's not like the office is in Abbotsford/Chilliwack. The Big Bend office was quite nice IMO, and close enough to Market Crossing to offer some conveniences.

Changing City · #**900** Posted **Aug 5, 2021, 5:26 PM**

Quote:

Originally Posted by s211