Quote:
Originally Posted by Delirium
Not bad at all! I certainly have a good view of the site.
I wonder how viable this proposal is though. there's currently a glut of office space available (and sublet space increasing) and more coming on stream so i wonder how committed Oxford is with going through with this.
Do the have a committed 'lead tenant' in the works?
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This is definitely a next cycle building. This isn't even part of a formal application or render release, and I'd wager Oxford isn't too happy these pics are floating around.
With regards to the current office market, vacancy is rising, but it is a supply related issue, as demand is currently very strong. I'd expect vacancy to peak next year then trend downwards as this development cycle gets absorbed.
It's worth noting that Vancouver had it's second highest quarter of absorption on record last quarter and the highest since 2000 with over 820,000 sq ft absorbed. If high numbers continue, at even a fraction of this pace, I'd expect to see the next cycle kick off in a year or two, rather than 4 or 5.