Offices are at limited supply for those looking to purchase space in Downtown Vancouver. According to a report from the CBRE Group, office vacancy in Downtown Vancouver is at 4.7%. This is both the lowest rate in Canada, and the lowest ever in Downtown Vancouver. 1.4 million sq. ft of new office development has started this year, however only 5% will be completed by this year. Outlined below are some examples of new offices opening in Vancouver in the next four years.
Vancouver’s business centre may be shifting east. In 2023, Amazon’s brand new Vancouver Headquarters, dubbed “The Post”, will be completed and house 3000 Amazon employees. The 15 storey project, is being developed by Quadreal. It will feature 200,000 sq. ft of retail space with amenities including groceries, a food hall, and fitness facilities.
Bentall 6 is the newest addition to the existing five Bentall buildings in Vancouver’s financial district. The 33 storey building will be on 1090 West Pender Street. On the 33rd floor, employees will be able to hangout at the rooftop patio and green space. Of the 562,000 sq. ft below, 6,863 sq. ft will be dedicated to restaurants and retail space. Details about company’s bidding for office space, are yet to be announced. This project is scheduled for completion in 2023.
The tallest, and debatably most-attractive office building in Vancouver will be on 1133 Melville Street. Opening in 2022, the building dubbed “The Stack”, will house companies such as Ernst and Young, Blakes Vancouver, and DLA Piper. Given the architecture involved, the building will have six outdoor decks and a rooftop patio. On the ground floor there will be space for both retail and restaurants. In total, the building offers 540,000 sq. ft across 36 stories.
400 West Georgia
400 West Georgia Street will be the new home for Deloitte, and Apple first Vancouver corporate headquarters. Deloitte will take up 117,000 sq. ft of the total 375,000 sq. ft building, and Apple will use 60,000 sq. ft. In total, the building will be 24 stories tall and include space for retail and restaurants. It is set to be completed by Westbank by 2020.
With rental rates for office space at a record high of $35.92 per sq. ft, office buildings have become a hot commodity in Vancouver. The Post, Bentall 6, The Stack, and 400 West Georgia, are just an example of some of the buildings going up; there are several others also going up in the next few years. With these additions and changes, the face of Vancouver’s Skyline could see some serious adjustments in the next few years.