Cresa Vancouver has some of the most experienced real estate advisors in the region, who are committed to providing objective, bias-free, forward-thinking advice and guidance. Through real time data, and extensive market intelligence, the Cresa team is able to provide deep insight into the entire Metro Vancouver commercial real estate market.
Vancouver is a vibrant business centre and ranked as one of the most livable cities in the world. It is home to many top tier businesses in such diverse industries as technology, film and video game production, finance, engineering, architecture, biotech, forestry, real estate, mining and tourism.
Whether your company is considering a relocation, renewal, consolidation, expansion, sublease, build to suit or purchase, Cresa is ready to help come up with the best real estate solution for your specific needs. Our singular focus is to make sure our clients end up with the best possible outcome, in the most cost effective way.
Our mission is to provide customized solutions exclusively for corporate space users by offering fully integrated services that align their real estate needs with their business plans, delivering maximum cost savings and exceeding expectations.
Our vision is to be the exception in the commercial real estate industry: A company that is service-oriented rather than transaction-oriented, with advisors who are client focused not deal focused.
We are guided by the concept, “Do the Right Thing,” both internally and externally. We will always do what is right for the client’s best interest and put that interest before our own. We treat our clients and employees with respect, dignity and fairness in all matters.
February 2017 | by Ross Moore
The Vancouver market remains highly competitive with relatively little vacancy in most office and industrial submarkets. The downtown vacancy rate is now well into single digits, same for the Broadway Corridor, while other submarkets within the City of Vancouver have more elevated vacancy. Some suburban office markets have vacancy above 10%, including primary markets such as Surrey and Burnaby. The relatively small North Shore market, however, remains one of the tightest in the region, and Richmond now posts sub-10% vacancy. Industrial markets across Metro Vancouver have near record low vacancy, with little relief in sight. Mid-box space (15,000- to-50,000-square-feet) is particularly difficult to find.
The recent failure of Shoes.com is a reminder while start-ups are a nice feature of the market, these high-growth companies by definition have no track record and can disappear as quickly as they surface. Notwithstanding this relatively high profile bankruptcy, the business landscape in Metro Vancouver continues to be robust with a good mix of private sector and public sector tenants, a wide range of industries and large and small companies alike all driving the demand for leased premises. This is manifest through almost every submarket, across the region, and for both office and industrial all experiencing steady, if not stellar demand. Whether it's traditional tenants such as legal, professional services or finance needing space in the financial core, or tech start-ups in search of off-beat space in submarkets such as Yaletown, Gastown, Chinatown, Railtown, and now Mount Pleasant, demand remains remarkably strong. On the back of a growing economy, employment gains, a pro-business environment and an ecosystem that supports innovation in such areas as technology, social media and life sciences, tenant demand for space remains at historic highs.
On the supply side, the response continues to be relatively muted. In the financial core the 354,000 square foot The Exchange Tower will be ready for tenants to begin tenant improvements in the fourth quarter, and beyond the downtown peninsula there are a few small developments in the Broadway Corridor, but nothing of any significance. Elsewhere in the City of Vancouver, the recently completed Marine Gateway mixed-use development on S.W. Marine Drive has the Westport Innovations space, Great Northern Way has PCI's 160,000 square foot development underway (70,000 available), and Renfrew Centre, while leasing 88,000 square feet to Associated Engineers and Workplace Safety Authority, still has 73,000 still available to lease. In Burnaby the Solo District office development is substantially leased, leaving just a few smaller developments in/near Metrotown. In the remain municipalities, namely Surrey, Richmond, North Vancouver, New Westminster and Langley, no major office developments are currently underway.
Metro Vancouver's industrial market remains extremely tight, with very little choice for warehouse users, regardless of size or municipality. New construction is on the horizon, but mostly in the form of strata or big bay space. Small/medium size bays available for lease are just not being constructed. High land prices make spec construction almost impossible, for developers targeting small and medium sized occupiers. While lease rates have been on the increase, they have not kept pace with land prices, so while some of the small strata space will almost certainly make its way into the leasing inventory, institutional owned and managed properties will remain in short supply.
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At Cresa Vancouver, office leasing is a key practice area; we are in the market every day, bringing both real-time knowledge and experience to each of the markets we service. Our coverage spans the entire Lower Mainland. With many Canadian head office locations being housed in Vancouver, Cresa is responsible for servicing a busy and ever-changing market.
One of our greatest differentiators is an integrated approach to real estate strategy and transactions; being in such a dynamic market has encouraged us to continue to provide a full service offering in order to truly achieve our clients’ goals in the most thorough and appropriate manner possible. Our team of experienced real estate advisors, strategists, space planners and project managers allows you to benefit from a detailed approach to each project. In our experience, listening to our clients’ needs, reviewing and advising on requirements, identifying optimal solutions in the market, analyzing options, negotiating terms and managing the design and construction of projects allows our team to have an understanding of and realize the best occupancy solutions.
In order to maintain our integrated approach, we offer value added services in the following areas:
Strategic Planning, or ‘intelligence services’, ensures that we understand, formulate and deliver focused and customized real estate solutions that will offer the greatest opportunity for cost savings and generate lasting benefits, while maintain our clients’ business goals and objectives.
Transaction Management is an important step in the process whether our client’s are looking to relocate, renew or restructure; regardless of the end goal, there is always an opportunity to reduce operating and occupancy expenses, establish a competitive advantage and provide flexibility.
Project Management provides value-added results from concept to completion through defined strategies and single-point accountability, delivering projects on time and within budget.
Space Planning & Design operates based upon the approved Feasibility Plan, which will provide solutions for the execution of the project.