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Cresa Vancouver
1040 West Georgia Street
Suite 1020
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
Email
604 696 6000 ext. 106 tel

Vancouver

Cresa Vancouver

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.

Why Cresa?


Mission

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.

Vision

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.

Values

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.


 

  • Downtown Core

    Vancouver

    Supply
    22,172,541 SF
    Vacancy
    8.0% Q4
    Absorption
    44,330 SF Q4
    Avg. Lease Rate
    $32.50 net PSF
  • Broadway Corridor

    Vancouver

    Supply
    4,239,789 SF
    Vacancy
    3.8% Q4
    Absorption
    15,050 SF Q4
    Avg. Lease Rate
    $27.50 net PSF
  • Vancouver City/Urban

    Vancouver

    Supply
    3,927,837 SF
    Vacancy
    18.2% Q4
    Absorption
    -12,526 SF Q4
    Avg. Lease Rate
    $26.00 net PSF
  • Burnaby

    Suburban Vancouver

    Supply
    9,770,529 SF
    Vacancy
    12.0% Q4
    Absorption
    94,813 SF Q4
    Avg. Lease Rate
    $22.75 net PSF
  • Richmond

    Suburban Vancouver

    Supply
    4,654,171 SF
    Vacancy
    7.6% Q4
    Absorption
    25,553 SF Q4
    Avg. Lease Rate
    $17.50 net PSF
  • Surrey

    Suburban Vancouver

    Supply
    3,397,248 SF
    Vacancy
    20.1% Q4
    Absorption
    949 SF Q4
    Avg. Lease Rate
    $17.00 net PSF
  • North Shore

    Suburban Vancouver

    Supply
    1,782,107 SF
    Vacancy
    5.2% Q4
    Absorption
    -4,251 SF Q4
    Avg. Lease Rate
    $22.50 net PSF
  • Metro Vancouver

    Industrial

    Supply
    221,053,821 SF
    Vacancy
    2.7% Q4
    Absorption
    914,342 SF Q4
    Avg. Lease Rate
    $9.78 net PSF

Market Insights

March 2017 | by Ross Moore

Is the concept of an anchor tenant, or a very large tenant that can kick-start a development, going the way of the dodo bird, or at least changing enough to question the whole notion of what an anchor tenant embodies? The question is particularly pertinent in Vancouver. It has always been a challenge in a city of small tenants to find that elusive large tenant that has the foresight, strategic understanding, financial wherewithal, and perhaps most importantly, the luck of having a lease expiry precisely at the right time, to be the catalyst that kicks-off a new office tower.  

And in light of the just completed development cycle, which in downtown Vancouver, included Telus Garden, MNP Tower, 745 Thurlow, 980 Howe and 725 Granville (the redevelopment of the former Eaton's/Sears store); are all potential anchor tenants spoken for, at least for the foreseeable future? Add in National Bank committing to space in Credit Suisse's Exchange Tower, and another anchor tenant has been spoken for. Anchor tenants have long been a key ingredient of any successful office development, including such noteworthy buildings as the former Westcoast Transmission building (image to left), now known as 1383 West Georgia.

The apparent absence of an anchor tenant (or tenants) poses a significant problem for downtown Vancouver, and indeed for many of Metro Vancouver's office markets. Little in the way of new office space is a significant obstacle for growth, much like a lack of housing is less than ideal for employers and residents alike. Not having new office supply coming on is a serious impediment to growth, and a challenge to businesses as they look to expand and for the local economy in general.

So perhaps the answer is staring us in the face. Change what constitutes an anchor. Developers, being the pragmatic creatures they are, began by turning to mixed-use as we see with Burrard Place at Burrard and Drake, 1575 West Georgia at West Georgia and Cardero, and Solo District on Willingdon in Burnaby, all combining office and residential. Burrard Place is interesting because instead of combining for-lease office and for-sale residential, the developer chose to mix for-sale office with for-sale residential. With the office component selling out almost immediately, and at prices well above a $1,000.00 a square foot, this business model appears to be a winner.

This begs the questions, why not combine for-sale office with for-lease office, where it doesn't make sense to combine office and residential, such as the financial core? If you can sell 100 office suites with an average area of 1,000 square feet, you have your 100,000 square foot anchor(s). With a 500,000 square foot tower, 400,000 would be left to rent in the for-lease market. This model clearly wouldn't work for every developer, in every situation, but it could fill an interesting niche.

For a market that could be in danger of being starved of new office supply, this may be a paradigm that is worth considering. In a sense the market is already half way there. The template has been established, and now it's just a matter of connecting the dots. Some might argue the numbers don't work at the moment, but we're probably pretty close, that is unless an anchor suddenly appears and we go back to the tried and tested formula developers know so well.

Image - Westcoast Transmission Building, 1333 West Georgia - completed 1970

Do you have a Vancouver real estate question? Contact:

rmoore@cresa.com

https://ca.linkedin.com/in/rossjmoore

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People

Lara Eggers Research 604.696.6000 ext. 104
Alice Infeld Marketing Director 604.696.6000 ext. 105
William (Bill) C. James Managing Principal 604.696.6011
Ross Moore Senior Vice President 604 696 6000 ext. 106
Buck Payne Advisor 604.696.6030

News

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: 490 - 580 Hornby Street, Vancouver
490 - 580 Hornby Street
Vancouver, British Columbia V6C 3B6
Suite 490 - 1,009 SF Negotiable
Sublease: 200 - 1500 West Georgia Street, Vancouver
1500 West Georgia Street
Suite 200
Vancouver, British Columbia V6G 2Z6
Suite 200 - 6,076 SF Negotiable
Sublease: 135 - 3751 Shell Road, Richmond
3751 Shell Road
Suite 135
Richmond, British Columbia V6X 2W2
Suite 135 - 2,459 SF Negotiable
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

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 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.