Office Market Discussion

[jollyburger]

Originally Posted by officedweller

Where is Miller Thomson moving to?
700 Granville doesn't make sense. Vancouver Block is 736 Granville, so 700 Granville would be at or above the London Drugs.
(maybe 700 West Georgia (TD Tower?))

Sorry 700 West Georgia

[officedweller]

Thanks!
Confirmed through a co-worker that Miller Thomson will be moving into the EY space (22 and 23, I suppose, as 16 alone would be too small), so probably not for another couple years (move out and reno).

[LeftCoaster]

I believe it is happening imminently. EY has signed on for some swing space with Oxford awaiting the completion of the Stack.

[officedweller]

Ah, thanks.

Maybe subleasing down in Guinness Tower or Oceanic Plaza,
or 402 Dunsmuir (has Amazon taken up all their space?)

Stacking plans on Oxford's website show pretty much full occupany in those towers.

[LeftCoaster]

It's in Oceanic.

401 is fully leased (not sure about occupied) by Amazon.

[officedweller]

From that 2017 article posted by Jollyburger:

Miller Thomson, with its new Vancouver space, is altering how people perceive not just the firm, but the law profession itself. And while according to Walker, “One wouldn’t ordinarily look to a law firm to pioneer office design,” the industry, clients and recruits are closely watching Miller Thomson, eager to see its next game-changing move.

https://www.collierscanada.com/en-ca/news/great-spaces-miller-thomson

[Klazu]

Good news! A new article mentions there being a skybridge between the new and old EA campus. :tuo

The office building will include an end-of-trip facility with lockers, change rooms, washrooms, accessible shower facilities, 360 parking spaces, bike storage, a cafe, cafeteria, gym and a skybridge that will connect the building to the existing campus.

https://www.burnabynow.com/local-news/el...otprint-with-massive-new-complex-4811367

[jollyburger]

Originally Posted by Klazu

Good news! A new article mentions there being a skybridge between the new and old EA campus. :tuo

The office building will include an end-of-trip facility with lockers, change rooms, washrooms, accessible shower facilities, 360 parking spaces, bike storage, a cafe, cafeteria, gym and a skybridge that will connect the building to the existing campus.

https://www.burnabynow.com/local-news/el...otprint-with-massive-new-complex-4811367

That's wierd the rezoning documents don't mention anything about the bridge

https://pub-burnaby.escribemeetings.com/filestream.ashx?DocumentId=47800

https://pub-burnaby.escribemeetings.com/filestream.ashx?DocumentId=44828

The proposed development's design concept includes the provision of a central plaza
between the two buildings that defines a new main entrance to the site from Sanderson
Wayand functions as part of an improved pedestrian circulation systemwithinthe site and
beyond. Bothofficebuildings willinclude an atrium to maximize natural daylighting. The
buildings will also be constructed in accordance with Step 3 ofthe BC EnergyStepCode

[jollyburger]

Found these documents that are newer and I still have no clue where this skybridge is.

https://pub-burnaby.escribemeetings.com/filestream.ashx?DocumentId=48299

This is the floor layouts:

https://pub-burnaby.escribemeetings.com/filestream.ashx?DocumentId=48300

[Klazu]

While I am optimistic, Burnaby does have a history of mythic skybridges. *Ahem* Metrotown Station

[SpongeG]

the new campus is going across the street from the old one, would the skybridge go over Sanderson Way?

[Migrant_Coconut]

EA and FIFA just had a nasty breakup, and I doubt they're going through all this trouble just for the NHL games... does this mean DICE or BioWare is coming to town?

[jollyburger]

Originally Posted by Migrant_Coconut

EA and FIFA just had a nasty breakup, and I doubt they're going through all this trouble just for the NHL games... does this mean DICE or BioWare is coming to town?

They would still have licenses with other football competitions and leagues so I wouldn't overstate any change with FIFA/EA.

[Klazu]

Originally Posted by SpongeG

the new campus is going across the street from the old one, would the skybridge go over Sanderson Way?

Yes, that would be the only way for a skybridge to work. There is readiness in the Phase 2 building of the current campus for a skybridge towards north. Original campus masterplan had a potential Phase 3 building next to the MoCap building, that would have also connected with Phase 2, but the plan got changed to build two new building across Sanderson Way.

I hope a skybridge happens, as it will help tie the entire campus together as one massive unit. There are new EA Vancouver based game studios/labels since past few years and also many IT functions have been centralized here, I understand.

[jollyburger]

Originally Posted by Klazu

Yes, that would be the only way for a skybridge to work. There is readiness in the Phase 2 building of the current campus for a skybridge towards north. Original campus masterplan had a potential Phase 3 building next to the MoCap building, that would have also connected with Phase 2, but the plan got changed to build two new building across Sanderson Way.

I hope a skybridge happens, as it will help tie the entire campus together as one massive unit. There are new EA Vancouver based game studios/labels since past few years and also many IT functions have been centralized here, I understand.

They had 170,000 square feet of never built office space in the original Phase 3 but they ended up having underutilized space from Phase 1 and they redeveloped the old capture lab.

3.4 The third phase of development was approved through Rezoning Reference #33/03, which was granted Final Adoption in 2004. The purpose of the rezoning was to allow expansion of the Electronic Arts' operations, including construction of a world class motion capture studio and further research and development. The Phase 3 expansion was to allowan addition of 18,620 m^ (200,426 sq.ft.) of floor space to the site. To date, only
the motion capture studio with a floor area of 3,442 m^ (37,050 sq. ft.) has been constructed in phase 3.

3.5 The applicant is requesting an amendment to the existing Comprehensive Development Plan to allow redevelopment of the Motion Capture Studio in Phase 1. Following construction of the newMotion Capture Studio in Phase 3, the existing studio in Phase 1 became underutilized. Redevelopment of the existing studio, as a result of expansion above the existing underground parking, will better utilize the footprint of the existing building.

https://pub-burnaby.escribemeetings.com/filestream.ashx?DocumentId=41571

[Changing City]

Colliers have published their Q4 Office market statistics. They track more buildings than other commercial real estate brokers, and say that Metro Vancouver now has over 73 million sf of office space. In total 1.35m sf were added in the past year.

The vacancy rate rose from Q1 in 2021, when it was at 6.0%, to 6.5% in Q2, but has fallen in the last two quarters and is now 5.9%. For Downtown, the rate is slightly higher, at 6.5%, (slightly raised in the past quarter by the completion of PCI's 601 W Hastings, which is so far mostly unleased). Broadway now has a 5.5% vacancy rate. Vancouver's vacancy rate is the lowest of any Canadian city, and most other cities saw vacancy rates rise in Q4.

In terms of space currently under construction, there's 3.8 million sf Downtown, another 441,000 sf in Midtown (Broadway) and 1.26 million sf in Burnaby. Richmond had 524,000 being built, Langley 108,000, and Surrey - nothing.

[Hourglass]

Originally Posted by Changing City

Colliers have published their Q4 Office market statistics. They track more buildings than other commercial real estate brokers, and say that Metro Vancouver now has over 73 million sf of office space. In total 1.35m sf were added in the past year.

I was actually wondering about that. In their reports, Avison Young and CBRE show 54m and 64.3m sf of office space respectively for Vancouver. That's a pretty big difference. Is it that Colliers simply tracks more buildings?

[Changing City]

Originally Posted by Hourglass

I was actually wondering about that. In their reports, Avison Young and CBRE show 54m and 64.3m sf of office space respectively for Vancouver. That's a pretty big difference. Is it that Colliers simply tracks more buildings?

Yes. I think Colliers include government office buildings as well, for example. Other brokers have a smaller selection of the buildings that they track, and so show slightly different vacancy rates. Different brokers also consider buildings 'completed' at different times. One broker already considers 1280 Burrard finished, and vacant although as we know from the thread here, it isn't (quite) yet.

[officedweller]

I guess the office tower at King George Hub is considered complete and the strata office at Flamingo has not started construction yet?

[officedweller]

First Movers Vancouver – 10 Notable Office Leases in Q4 2021
https://techoffice.io/blog/first-movers-vancouver-10-notable-office-leases-in-q4-2021

Notable Office Leases in Downtown Vancouver – Q4 2021

1. Tipalti at 505 Burrard Street / One Bentall Centre
27,000 square feet of improved space across 2 floors
Fintech giant Brex also subleased 8,400 square feet in the complex from Fujitsu
Bentall Centre has a newly renovated fitness space and rooftop dog park
Owned by Hudson Pacific and Blackstone Real Estate
Read more about the new development at Bentall Centre HERE

2. Owen Bird Law at 733 Seymour Street / Vancouver Centre II
Committed to 21,000 square feet (sublease from B2 Gold)
VCII is a new Class AAA building under construction
Tech Office full article HERE
Owned by Great West Life Realty Advisors (GWLRA) and Healthcare of Ontario Pension Plan (HOOPP)

3. Harrison Healthcare at 1280 Burrard Street / Burrard Place
14,450 square feet on the entire 5th floor
Brand new Class AAA building under construction
Top-tier amenities for office tenants and residents in the adjacent tower
Owned by Reliance Properties and the Pattison Group

4. Chard Development at 510 Burrard Street
7,600 square feet on the entire 14th floor of the building
Space will be fully renovated and includes a private outdoor space
Access to tenant amenities in the building
Owned and managed by Manulife

Notable Office Leases in Vancouver Periphery – Q4 2021

5. Bell Canada at 2980 Virtual Way / Broadway Tech Centre
30,000 in a large floor plate, campus environment near Renfrew Station
The property is owned and managed by Quadreal with numerous tenant amenities
Broadway Tech Centre is 1 block east from LaSalle College's Future Campus

6. Animal Logic at 110 East 5th Avenue / Main Alley M4
110,000 square feet across multiple floors
Brand new building, under construction in the Main Alley tech campus
Developed by Westbank, across an entire city block
Animal Logic leased an additional 28,000 square feet of temporary space adjacent to their 840 Cambie Street space in Q3 2021. See Tech Office’s First Movers Q3 report – HERE

7. Trulioo at 114 East 4th Avenue / Main Alley M2
41,000 square feet over 2 floors
Brand new building in the Main Alley tech campus with tenants including Zymeworks
Developed by Westbank, across an entire city block
Tech Office reported on the project - HERE

8. Sanctuary AI at 425 West 6th Avenue
25,000 square feet
Anchor tenant Best Buy completed a large lease earlier in the year
The Tech Office full story – HERE
Owned and developed by Cressey

9. Bardel Entertainment at 425 West 6th Avenue
20,500 square feet
With Bardel, Best Buy and Sanctuary AI, the project is nearly 100% leased
Owned and developed by Cressey

10. Canfor at 161 East 4th Avenue / The Workshop
46,000 square feet across multiple floors
Newly constructed building, with a unique architectural style
Project is nearly 100% leased and nearing completion
The Tech Office full story – HERE
Developed by the Mondivan Group

https://techoffice.io/blog/first-movers-vancouver-10-notable-office-leases-in-q4-2021