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Cresa Vancouver
1040 West Georgia Street
Suite 940
Vancouver, BC V6E 4H1
604.696.6000 tel
604.696.6000 fax
Map/Directions

Contacts

William (Bill) C. James
Managing Principal
Email
604.696.6011 tel
Ross Moore
Senior Vice President, Advisor
Email
604 696 6000 ext. 106 tel

Vancouver

Cresa Vancouver

Cresa Vancouver, part of Cresa Global Inc., the largest pure tenant advisory firm in the world with over 60 offices globally, has been operating in the Vancouver region for the past 18 years. Cresa prides itself on providing objective, bias-free, forward-thinking advice to a wide spectrum of office, industrial and commercial users. Through real-time data and extensive market intelligence, the Cresa team provides businesses with an edge when it comes to finding the right premises and negotiating the best possible lease terms. Cresa professionals are unwavering in their goal of navigating the leasing process in a professional manner from start to finish and through to lease execution.

Cresa Vancouver continues to enjoy being part of a regional economy that seemingly only knows growth, with success piled on top of success, with a vibrant business community and simultaneously remains 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, television, film and video game production, finance, engineering, architecture and design, life sciences, animation, environmental sustainability, forestry, real estate development, mining, and tourism and a premier ranked airport and one of the busiest marine ports in North America.

Whether your business is considering new premises, a relocation, a renewal, consolidating, expansion, subleasing, a build-to-suit, a purchase or a strategic review, Cresa Vancouver is ready to help come up with the very best real estate solution addressing your specific needs. Our singular focus is to make sure you end up with the best possible outcome, in the most cost-effective manner. Shoehorning you into just any space, just to get the deal done, is not in our DNA.

Contact any of the Vancouver team to find out how the 1,000+ professionals in Cresa can help with your real estate needs, whether here in Metro Vancouver, across Canada and the United States, or further afield.

Mission

Our mission is to provide the very best solutions exclusively for users of commercial space by offering fully integrated services that align a company's real estate needs with their business needs, delivering maximum cost savings and creating the ideal outcome.

Vision

Our vision is to be the "standout" service provider in the commercial real estate industry: A company that is best in class, has the highest standards of any tenant advisory firm in the industry, and takes a long-term view, both to the real estate, and the client relationship, with advisors who are outcome focused and not deal focused.

Values

We are guided by the dual principles of integrity and trust, both internally with our colleagues, and externally with our clients and all those that we touch in our daily activities. We will always do what is right and not be afraid to stand behind our convictions. We treat our clients, employees and all stakeholders with the highest respect, dignity, honesty, and fairness in all matters. We are in business for the long-term, and will not deviate from these founding principles even if normal convention sometimes dictates otherwise.

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  • Downtown Core

    Vancouver

    Supply
    22,111,879 SF
    Vacancy
    6.5% Q4
    Absorption
    50,554 SF Q4
    Avg. Lease Rate
    $37.00 net PSF ("A")
  • Broadway Corridor

    Vancouver

    Supply
    4,218,007 SF
    Vacancy
    2.4% Q4
    Absorption
    21,051 SF Q4
    Avg. Lease Rate
    $28.50 net PSF ("A")
  • Vancouver - City

    Vancouver

    Supply
    3,970,290 SF
    Vacancy
    10.2% Q4
    Absorption
    137,578 SF Q4
    Avg. Lease Rate
    $28.00 net PSF ("A")
  • Burnaby

    Suburban Vancouver

    Supply
    9,994,379 SF
    Vacancy
    9.5% Q4
    Absorption
    209,996 SF Q4
    Avg. Lease Rate
    $23.50 net PSF ("A")
  • Richmond

    Suburban Vancouver

    Supply
    4,654,171 SF
    Vacancy
    9.4% Q4
    Absorption
    45,254 SF Q4
    Avg. Lease Rate
    $17.50 net PSF ("A")
  • Surrey

    Suburban Vancouver

    Supply
    3,439,965 SF
    Vacancy
    9.4% (adj.) Q4
    Absorption
    17,358 SF Q4
    Avg. Lease Rate
    $17.00 net PSF ("A")
  • North Shore

    Suburban Vancouver

    Supply
    1,844,205 SF
    Vacancy
    10.5% Q4
    Absorption
    3,397 SF Q4
    Avg. Lease Rate
    $22.50 net PSF ("A")
  • Metro Vancouver

    Industrial

    Supply
    224,776,355 (Q4 1.5M) SF
    Vacancy
    2.5% Q4 (availability)
    Absorption
    936,771 SF Q4
    Avg. Lease Rate
    $10.92 net PSF

Market Insights

February 2018 | by Ross Moore

“What’s the vacancy rate?”

As a leasing advisory firm, a question we often get asked is; “what’s the market like’, followed by, “what’s the vacancy rate?”. The vacancy rate is a metric most people can relate to, so makes perfect sense, and of all the numbers you can throw at someone, the vacancy rate is probably the most informative. If you get told the vacancy rate is 20%, people can picture one in five buildings being empty, or six out of 30 floors in a single building being vacant, or conversely, if the vacancy rate is 2% or 3% it’s easy to picture a building and a market all but full.

However, space markets are more nuanced than that and in a market like Vancouver, which is made up of mostly small tenants*, this is particularly true. In theory, you could have a double-digit vacancy rate, but if the bulk of the vacant space is in a handful of very large blocks, and mostly in new developments with no improvements (ie. space requiring a full buildout - walls, doors, carpet, electrical, kitchen, paint, cabling [where costs can easily exceed $100.00 per square foot]), this isn’t going to meet the needs of many tenants, at least not in Vancouver. As a rule, landlords don’t want to demise large contiguous chunks of space, so breaking up space certainly isn’t going to be their first choice, and for small tenants, who are often capital starved, the prospect of spending $200,000.00 to $400,000.00 to buildout space just isn’t appealing, and probably a hassle they can live without.  

So back to the limitations of a vacancy rate. Certainly, the conversation can, and should start with the vacancy rate, but for leasing specialists often the more important measure is number of suites/units available. While this may seem a bit “inside baseball”, or nuanced to outsiders, the importance can’t be overstated. The quantity of suites can also be sliced-and-diced in a myriad of ways including things like view/non-view, elevator exposure, kitchenette, south facing and an almost endless list, but keeping track of the number of options for an “average” Vancouver tenant is something we here at Cresa follow very closely.

So where do things currently stand on the number of suites? As of the end of May, in the downtown core, there were 103 suites between 2,000 and 3,999 square feet, down quite substantially from three months ago when the number was 135. It is noteworthy that now represents a 16-quarter low,  but well up from the decade low of 24 at the beginning of 2008. For those who believe 4,000 to 8,000 square feet is a more relevant measure, the corresponding numbers are 99 from 91 ninety days ago, and 20 recorded at the end of 2007. What this suggests is a bit of mixed message, with small suites becoming a bit harder to find, but not anywhere near as bad as when the market really tightened in 2007/2008. This is beginning to be reflected in rents which in recent months have moved decidedly upwards. So in summary, the vacancy rate is always a great place to start, but keep an eye on number of suites available.

* Estimates vary, but the consensus around average sized tenant mostly ranges between 2,500 to 4,500 square feet.

Do you have a leasing question? Contact:

rmoore@cresa.com

https://ca.linkedin.com/in/ross-moore

Q4 2017 Market Table - view table >

People

William (Bill) C. James Managing Principal 604.696.6011
Ross Moore Senior Vice President, Advisor 604 696 6000 ext. 106

Success Stories

Client Location Sq. Footage
Capcom Game Studio Vancouver, British Columbia  50,000 
Golder Associates Ltd. Vancouver, British Columbia   150,000 
Gowlings Lafleur Henderson LLP Vancouver, British Columbia  40,000 
Radysis Corporation Vancouver, British Columbia  30,000 
Silver Standard Resources Vancouver, British Columbia  16,000 

Subleases & Sales

Property Available Space Rental Rate
Sublease: 132 - 3751 Shell Road, Richmond
Airport Executive Park/AEP - Building B
3751 Shell Road
Suite 132
Richmond, British Columbia V6X 2W2
Suite 132 - 2,421 SF Negotiable (Ops/Taxes $13.26 PSF est. 2018)
Sublease: #1100 (South) - 2025 Willingdon Ave, SOLO
2025 Willingdon Avenue
Suite 1100 - (South)
Burnaby, British Columbia V5C 0J3
7,332 SF Negotiable (Ops/Taxes $14.74 PSF est. 2018)
Sublease: #1100 (North) - 2025 Willingdon Ave, SOLO
2025 Willingdon Avenue
Suite 1100 - (North)
Burnaby, British Columbia V5C 0J3
6,683 SF Negotiable (Ops/Taxes $14.74 PSF est. 2018)
Sublease: #1100 (North & South) - 2025 Willingdon Ave, SOLO
2025 Willingdon Avenue
Suite 1100 - (North)
Burnaby, British Columbia V5C 0J3
14,015 SF Negotiable (Ops/Taxes $14.74 PSF est. 2018)
The Next Development Wave - Great Buildings, Great Amenities, Not So Great Parking
Ross Moore In the next few years 11 office developments are scheduled for completion in downtown Vancouver, and what almost all of them have in common is parking capacity that is half what buildings constructed in the 1970's, 1980's and 1990's […] Read More
The Next Development Wave - Who, What, Why, Where and When?
Ross Moore Whenever a new office tower goes up, it forever changes the downtown skyline (well at least for a while). It creates a new benchmark against which all other buildings are measured, it reflects the motivation of developers (and investors) […] Read More
Hold on Tight. The Next Development Wave is about to Hit Downtown Vancouver
Since the 1970's, there have been four distinct office development waves. The first was in the mid 80's (1984-1987), the second was in the early 90's (1990-1994), the third in the early 2000's (2000-2003) and then the fourth and most recent in 2015 […] Read More
An Abundance of Transit Options, or Low Real Estate Costs? Which Would You Choose?
It would absolutely be a stretch to say that real estate decision makers no longer care about occupancy costs, but there's definitely a shift underway. For a whole host of reasons, including rising traffic congestion and lengthening commute times […] Read More
Canadian Coworking & Shared Office Study
EXECUTIVE SUMMARY The shared workplace and coworking trend seen for some time in other countries has now officially arrived in Canada, and is poised to shake up the Canadian office space market like nothing before. Perhaps a slight exaggeration, but […] Read More

Office Leasing

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 every mandate we undertake. Our coverage spans the entire Lower Mainland. While always busy servicing long-standing clients, Cresa Vancouver has gained tremendous insight and expertise working with new businesses, partly as a result of the region's vibrant start-up ecosystem. 

One of our greatest differentiators is having 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 businesses to benefit from our deep bench and detailed approach to each mandate. Our experience has shown listening to our clients’ needs, reviewing and systematically processing all relevant information, identifying optimal solutions, analyzing these same options, negotiating terms and helping to manage the design and construction process creates the conditions for a very successful outcome.

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 offer the greatest opportunity for cost savings and generate lasting benefits, while simultaneously meeting our clients’ business goals and objectives.

Transaction Management is an important step in the process whether our clients are looking to relocate, renew or restructure; regardless of the end goal, there is always an opportunity to address operating and occupancy expenses, establish a competitive advantage or sometimes just provide a bit more 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 is based on an approved Feasibility Plan, which in turn serves as a blueprint for the end result.

Office Leasing Capabilities - link >

Testimonials

Ross Moore

"I have worked with Ross for over a decade on commercial leasing matters and as a fellow board member of a not-for-profit organization. During that time I have had the opportunity to observe Ross in some stressful commercial transactions as well as emotionally charged board meetings. What has impressed me most is that Ross always takes the high road in these difficult situations. While he has the experience one would expect of a senior commercial broker and the added bonus of being a global real estate research authority, it is his integrity and approach to business that has impressed me the most."

David A. Martin, Founding Partner,
Stirling LLP

“I had the good fortune of working with Ross as Pottinger Bird began its search for new space. We were on a very tight schedule and Ross made us a priority as he addressed our needs in a speedy, efficient and professional manner. He made what I expected to be a very stressful and time-consuming process, easy and relatively straightforward. Ross worked around our demanding calendar and made sure all meetings and tours were conducted in the most efficient way possible. I wouldn’t hesitate to recommend Ross to anyone who values professionalism and a depth of knowledge that will leave you feeling confident you made the right decision with your real estate advisor.”

Virginia Bird, Principal, Owner
Pottinger Bird Community Relation

"My experience working with Ross was a pleasure from start to finish. We were in premises that were highly unsatisfactory and knew we required a leasing professional to help us evaluate our options and plot a sound strategy for new office and studio space. Ross performed the usual functions you would expect from most career real estate professionals, but Ross' unique value-add was the ability to understand the corporate culture, the financial confines, the changes going on within our industry and the demographic challenges as they relate to recruitment and retainment to produce a solution that addressed all of the above. His calm and reasoned approach was a key reason why we ended up in space that was a clear win. A win for the company, but perhaps more importantly, a win for our highly valued employees. Above all, and throughout the process, I felt 100% confident Ross was acting in our best interests, and he would be unwavering in his duties. His efforts can be seen in our beautiful new 52,000 square foot premises in Burnaby."

Joe Nickolls, General Manager (former)
Capcom Game Studio, Vancouver

Tenant Guide

Metro Vancouver Q1 2018 Office & Industrial Market Statistics - view table >

Metro Vancouver Q4 2017 Office Market Report - view report >

Metro Vancouver Q4 2017 Industrial Market Report - view report >

Metro Vancouver Q4 2017 Office Leasing by Industry - view pie chart >

Industrial Sales and Leasing

At Cresa Vancouver, industrial sales and leasing is another key practice area; we are in the market every day, bringing both real-time knowledge and experience to every industrial park and warehouse node in the region. Our coverage spans the entire Lower Mainland, from industrial areas close to the urban core to the North Shore, Burnaby, Richmond, Surrey and all points beyond as far as Abbotsford and Chilliwack. With many warehousing and logistics companies operating out of the Vancouver metro area, Cresa is active servicing a busy and ever-changing market.

With two very active ports (Centerm and Deltaport) and as a key logistics hub for both western Canada, and the country as a whole, the Metro Vancouver industrial market is one of the most dynamic in North America. Cresa Vancouver, often working with other Cresa offices, has helped industrial users procure (and sublease) premises, on both a purchase and lease basis in every part of the region. With deep knowledge of industrial user's requirements and needs, the Cresa team is able to help businesses secure space that is highly functional, ideally located, zoned accordingly and cost-effective.

A thorough understanding of the local market and prevailing market conditions, combined with the ability to identify and thoroughly investigate all currently available properties both on and off-market, are all features of Cresa Vancouver advisors. The ability to have a clear understanding of today's market is important, but what separates Cresa from the competition is anticipating the future, and getting the timing right so costs and disruptions are minimized and the stated business objectives are met. That's why we think of ourselves as business enablers, not transaction facilitators. Not to say we won't negotiate the best possible deal (on average we have found there are 23 areas to negotiate), but our mission is to produce the best possible outcome incorporating everything we know about the client with the universe of options available.

Industrial Capabilities - link >

Industrial Sales & Leasing - download brochure >

Warehousing & Distribution - download brochure >

Location Analytics - download brochure

Research, Tools, & Economic Analysis

Cresa Vancouver is the leading source of occupier-focused research with insights into workplace trends, new construction, demographics, infrastructure and Vancouver's ever-changing space markets, all from the tenant's perspective. With a wealth of informational resources, the Cresa team helps businesses make key real estate decisions based on an extensive matrix of data inputs. Tools including real-time availabilities, GIS/mapping, supply chain analytics, commercial space inventories, sale and lease comparables, construction data, construction costs, FLA (Financial Lease Analysis), SRA (Sublease Recovery Analysis), LPA (Lease-vs-Purchase Analysis), and Termination Calculator, are all available to help occupiers make reasoned, measured, objective and fact-based decisions.

PUBLICATIONS

Market Reports

Metro Vancouver Office & Industrial Market Statistics Q1 2018 - view table >

Download our Q4 2017 Office Report - view report >

Download our Q3 2017 Office Report - view report >

Download our Q2 2017 Office Report - view report >

Download our Q1 2017 Office Report - view report >

Download our Q4 2017 Industrial Report - view report >

Download our Q3 2017 Industrial Report - view report >

Download our Q2 2017 Industrial Report - view report >

Download our Q1 2017 Industrial Report - view report >

Hot Topic Reports

Download our Coworking & Shared Office Report - view report >

Download our Changes to Lease Accounting Rules (Effective January 2019) - view report >

TOOLS & RESOURCES

Listing Sites/Search for Space to Lease

1. SpaceList

https://spacelist.ca/

2. AltusInsite

https://www.altusinsite.com/

3. LoopNet

http://www.loopnet.com/

Maps

Downtown Vancouver Office Construction 2018/2022 - view map >

Metro Vancouver Drive Time Map 20 minutes - view map >

Downtown Vancouver Peninsula Office Submarkets - view map >

Metro Vancouver Map - view map >

Vancouver Economic Metrics

1. Vancouver (CMA) Monthly Employment Report - February 2018 >
  - Provincial & Metro Vancouver Population - 2011/2016 >
  - Metro Employment by Occupation - 2001/2015 >
  - Metro Employment by Industry - 2001/2015 >

2. Metro Vancouver Monthly Retail Sales (less autos, parts, gasoline) - Dec 2010/Dec 2017 >

3. Major Employers - 2014 >

4. Vancouver Monthly Marine Port Statistics - Year-to-date February 2018 >

5. Vancouver Airport (YVR) Statistics - July 2017 >

6. Vancouver Area University/College Enrollment - 2007/2012 >

7. Metro Vancouver Transit Ridership - 1989/2015 >

8. Greater Vancouver Monthly Home Prices (Pricing & Sales by region/neighbourhood) - March 2018 >

9. Metro Vancouver Annual Apartment Rents, Vacancy & Starts - 2017 >

Leasing Activity

Metro Vancouver Q4 2017 Office Leasing by Industry - view pie chart >

Metro Vancouver Q3 2017 Office Leasing by Industry - view pie chart >

Metro Vancouver Q2  2017 Office Leasing by Industry - view pie chart >

Metro Vancouver Q1 2017 Office Leasing by Industry - view pie chart  >

Metro Vancouver Q4 2016 Office Leasing by Industry - view pie chart >

90 Day New Listings-to-Leased Space (Leasing Activity & New Availabilities)

Metro Vancouver New Listings-to-Leased Spaces (by size) - Mar 16, 2018 - view table >

CRESA VANCOUVER PRESENTATIONS

Vancouver Market Trends 2018 - view presentation >

The Next Wave: Downtown Vancouver (and Fringe) Office Development 2018-2022 - view presentation >