Vancouver is currently enjoying a vibrant commercial real estate economy mainly due to the influx of businesses that are relocating and seeking for better deals as well as those existing businesses that are expanding their operations.
Commercial listings in Vancouver, Canada exhibits this trend as industrial, office and retail spaces are leading the city’s rapid commercial real estate growth.
The city prides itself on having Canada’s lowest office vacancy rate. It is also facing skyrocketing strata values for industrial spaces and a growing number of retail centres. The construction of new office towers, industrial and retail complexes has become a common sight in nearly all corners of the city.
Most commercial listings show about half of the available spaces (i.e. for sale and for lease) are offices, including shared and co-working offices. About a third of the available space comes from the retail sector and a tenth from the industrial sector. Other spaces come from the lease of business centres, medical buildings, and commercial lands.
New Commercial Developments in Vancouver
Office spaces are the most in-demand property for lease. New office towers are being built in the City, like the 33-storey tower being backed by the Healthcare of Ontario Pension Plan, and a nine-storey office building along Melville Street. In November last year, a 30-storey office tower still being built was completely pre-sold during the initial phase of construction.
Demand for industrial spaces are increasing too, with new developments like a 170-acre industrial park that is already beginning to make available its one-million-square-foot Phase 1 spaces. The development, the largest ever in Metro Vancouver, is valued at $350 million. Many developers are wary though as British Columbia plans to raise taxes.
Last year alone, in just the first six months, a record 55 retail transactions worth $2.7 billion were completed. Vancouver promises investors a bright future, and retail spaces will grow as more businesses and professionals contribute to the city’s economy.