Appraisal Intelligence Inc. · office market summary MetRO VancOuVeR Historical Performance and...
Transcript of Appraisal Intelligence Inc. · office market summary MetRO VancOuVeR Historical Performance and...
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Metro VancouverOffice MarketReportFIRST QUARTER 2015
office market summary
MetRO VancOuVeR
Historical Performance and forecast
market overview
Vacancy increased by 0.6 percent as Metro Vancouver’s inventory begins its expansion with 262,915 square feet of office space completed in the first quarter of 2015. With some tenants not yet occupying their larger spaces in the new supply and large spaces becoming vacant in the suburbs, absorption was negative overall at negative 91,633 square feet. Broadway Corridor kept the lowest vacancy across all submarkets at 3.3 percent, resulting from little leasing activity and few spaces becoming available. Richmond saw the largest decrease in vacancy, dropping from 17.7 percent to 15.6 percent due to its ability to meet requirements for large spaces, particularly for technology and digital media businesses and a range of manufacturing businesses.
Anticipating the release of more than 1.3 million square feet of Class A and Class AAA office space downtown next quarter, including TELUS Garden and 725 Granville, lower class buildings are seeing changes as their amenities are upgraded to remain competitive. In addition, landlords across all submarkets are offering progressively creative inducements such as cash allowances and bonus square feet as they are pressured to reduce net effective rates to attract tenants. As a larger range of spaces become available in the market from the business parks of the suburbs to the new construction and upgraded buildings downtown, tenants can now explore a range of options to maximize the efficiency of their office’s size and location.
The vivacity of the sublease market further extends tenants’ options by providing temporary spaces for businesses exploring the market, as well as an option for those looking to occupy new space before the end of their lease. With overall sublease availability decreasing from 13.4 percent to 11.7 percent of total available space, the market saw an uptake in demand that indicates the value of subleases in tenants’ real estate strategies. Spaces available for sublease range from 500 square feet to multiple floors totaling up to 89,000 square feet, offering a variety of options throughout all building classes.
cUrrent tenant reqUirements
While the number of tenants seeking space has decreased from 88 to 82 this quarter, demand remains strong, increasing by 465,500 square feet. More tenants are seeking larger spaces with five tenants requiring space between 100,000 square feet to 300,000 square feet. Although technology and digital media businesses still have the highest square feet of requirements, consumer goods saw the biggest increase in businesses requiring space, moving from 14.87 percent to 22.44 percent of total demand.
2,321,500 Square Feet
Technology & Digital Media
Consumer Goods
Financial Services
Professional Services
Insurance
Other*
* Other includes entertainment & leisure, logistics, education, government, accounting, legal services, health services, energy & natural resources and financial services.
(2,000,000)
(1,500,000)
(1,000,000)
(500,000)
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500,000
1,000,000
1,500,000
0.0%
2.0%
4.0%
6.0%
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10.0%
12.0%
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Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
tenant reqUirements marcH 2015
investment market
Despite slow transaction activity this quarter, the Metro Vancouver Investment market remains an attractive choice for investors. Off-market transactions continue to compress capitalization rates with many owners receiving unsolicited offers of purchase. As capitalization rates decrease Downtown and in the Broadway Corridor, permit application for office product is increasing. A second wave of office developments is in planning with projects such as Jim Pattison Developments and Reliance Properties’ Burrard Place and BlueSky Properties’ Broadway and Oak looking to start construction at the end of this year.
2014 q4 2015 q1 trend
Office Inventory* (SF) 54,661,599 54,924,514
Net Absorption (SF) 351,864 (91,633)
Vacancy Rate 9.0% 9.6%
Average Asking Net Rent** $22.57 $22.28
Average Additional Rent $13.56 $13.85
*There are 762 office buildings surveyed in Metro Vancouver ** Average Asking Net Rent is calculated using a weighted average
30.99%
22.44%9.00%
7.28%
6.33%
23.95%
The Metro Vancouver market began 2015 cautiously as it anticipates the release of more than 2.1 million square feet of office space this year. As the market receives an abundance of high-quality space, tenants are adapting to their new environment by taking advantage of increasingly high inducements to consider previously unattainable spaces.
market sUmmaries
Vancouver – Downtown 1
Vancouver – Broadway Corridor 2
North Shore 3
Burnaby 4
New Westminster 5
Richmond 6
Surrey 7
Langley 8
glossary 9
forecast assUmPtions 11
table of
cOntents
FIRST QUARTER 2015
office market summary
VancOuVeR – dOwntOwn
The Downtown market is beginning to see effects from the 1.7 million square feet of office space entering the market in 2015. Tenant activity is cautious as companies explore the most efficient use of space for their business needs, with subleasing an effective tool for expanding leasing options. Vacancy is expected to continue to increase this year as the market adjusts to the new supply.
◊ Oxford Properties’ MNP Tower at 1021 West Hastings Street was the first tower to complete in 2015, adding 263,000 square feet of office space to the market. It is currently 93 percent leased.
◊ Manulife’s 980 Howe Street, delivering 240,000 square feet of office space in the second quarter of 2015, is now 60 percent leased with ACL Software securing four floors totalling 70,000 square feet this quarter.
GeorgeWainborn
Park
Granville
City Centre
Yaletown/Roundhouse
Waterfront
Burrard
Stadium/Chinatown
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1A
Alberni St
Haro St
May & LorneBrown Park
Barclay St
Nelson St
Comox St
Pendrell StDavie StBurnaby St
Harwood St
W. Georgia St
Alberni StHaro St
Comox St
W. Georgia St
Nicola
St
Carde
ro St
Bidwell
St
Denman
St
Gilford
StChilco
StPark Ln
Lagoon Dr
Jervi
s St
Bute St
Brough
ton St
Nicola
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ro StBidw
ell St
Brough
ton St
Thurl
ow St
Burrard
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St
Howe S
tGran
ville
St
Seymou
r St
Richard
s St
Homer
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Bute St
Thurl
ow St
Burrard
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Hornby
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s St
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le Brid
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d St
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Blvd
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Dunsmuir StW. Georgia StRobson St
Smithe StNelson StHelmcken St
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Paci�c Blvd
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Paci�c Blvd
Paci�c B
lvd
Pender St
Hastings St
Cordova St
Canada
PlaceCanada Pl
E. Commissioner
Water St
Pender St
Keefer St
Pender St
Expo BlvdGeorgia Viad
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Columbia St
1 Ave
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Point Grey Rd
2 Ave2 Ave
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Quebec StQuebec St
Cypress St
Maple St
Vine St
Balsam St
Larch St
Trafalgar St
Stephens St
Yew St
W. Commissioner St
Beach Ave
Beach Ave
SunsetBeach
ScienceWorld
Olympic Village
English Bay
Coal Harbour
VanierPark
Lost Lagoon
Beaver Lake
DevonianHarbour Park
Stanley Park
HarbourGreen Park
GranvilleIsland
Powell StStanley Park Causeway
Stanley Park Dr
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ark Dr
Pipeline Rd
Stanley Park Dr
N Lagoon Dr
Stanley Park Dr
Avison Way
False Creek
Kitsalano Beach
BC PlaceStadium
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David LamPark
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Johnston Street
Old B
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notable lease transactions
tenant tyPe address aPProX.size (sf)
1. ACL Services Ltd. Headlease 980 Howe Street 70,000
2. Lululemon Athletica Headlease 1380 Burrard Street 40,000
3. Unbounce Headlease 401 West Georgia Street 25,000
trends and HigHligHts
2014 q4 2015 q1 trend
Office Inventory* (SF) 24,474,251 24,737,166
Net Absorption (SF) 10,101 (63,121)
Vacancy Rate 6.0% 7.2%
Average Asking Net Rent** $27.13 $27.31
Average Additional Rent $17.14 $17.47
UPcoming new sUPPly address class floors total office area (sf) develoPer
A. TELUS Garden - 510 W. Georgia Street AAA 22 450,000 TELUS / Westbank
B. 745 Thurlow Street AAA 20 365,000 bcIMC / Bentall Kennedy
C. Manulife Building - 980 Howe Street AAA 15 250,000 Manulife
D. The Exchange - 475 Howe Street AAA 30 400,000 Credit Suisse
E. 725 Granville Street A 4 280,000 Cadillac Fairview
notable sale transactions
PUrcHaser Price address aPProX.size (sf)
4. Westbank Projects Corp. $47,000,000 1550 Alberni Street 100,000
5. Avigilon Corporation $42,000,000 555 Robson Street 135,000
Notable Lease Notable Sale New Supply
Historical Performance and forecast
*There are 224 office buildings surveyed in the Downtown region ** Average Asking Net Rent is calculated using a weighted average
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Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
4
AC
BD
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2
office market summary
VancOuVeR - BROadway cORRidOR
Broadway Corridor continues to have the lowest vacancy rate in Metro Vancouver. With only four buildings with space available of more than 10,000 square feet, large tenants looking to expand or enter the market are exploring new development options and expanding their search beyond the traditional Broadway Corridor core. Vacancy rates will remain low for 2015 as no new supply will complete before the end of the year.
◊ Bluesky Properties and Bosa Properties’ development at the corner of Broadway and Oak is approved, with demolition beginning in late 2015. Construction is expected to complete in mid to late 2017, adding 90,000 square feet to the market.
◊ Five tenants are actively seeking space with a total of 512,000 square feet of requirements. This is a shift from Broadway Corridor’s tradition of attracting smaller tenants, as larger tenants look to enter and expand in the market.
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AIRPORT
BC FERRIESTERMINAL
TSAWWASSEN
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LANGLEYAIRPORT
PITT MEADOWSAIRPORT
ABBOTSFORD INTERNATIONAL
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Olympic Village
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Langara/49th Ave
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Bridgeport
Aberdeen
Lansdowne
Brighouse
TempletonSea Island
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Airport
VancouverCity Centre
KingEdward
Broadway/City Hall
Olympic Village
Yaletown/Roundhouse
Oakridge/41st Ave
Langara/49th Ave
Marine Dr
Bridgeport
Aberdeen
Lansdowne
Brighouse
TempletonSea Island
CentreYVR
Airport
VancouverCity Centre
Commercial
RupertRenfrew
Gilmore BrentwoodTown Centre
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Sperling/Burnaby Lake
Lake City WayProduction Way/University
Braid
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LougheedTown Centre
VCC/Clark
Commercial
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Holdom
Sperling/Burnaby Lake
Lake City WayProduction Way/University
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VCC/Clark
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Stadium/Chinatown
Main St
Broadway
Nanaimo
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Joyce
Patterson
Metrotown
RoyalOak
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22nd StNewWestminster
ColumbiaScott Rd
Gateway
SurreyCentral
King George
Granville
WaterfrontBurrard
Stadium/Chinatown
Main St
Broadway
Nanaimo
29th Ave
Joyce
Patterson
Metrotown
RoyalOak
Edmonds
22nd StNewWestminster
ColumbiaScott Rd
Gateway
SurreyCentral
King George
Granville
Waterfront
Delta
Surrey
Port Moody
Burnaby
WestVancouver
NorthVancouver
Richmond
White Rock
Vancouver
LangleyLangley
Port Coquitlam
Coquitlam
PittMeadows
MapleRidge
Mission
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George Massey Tunnel
Hammond Rd
Fraser Wy
Boundary Rd
Vye Rd
Wha
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Rd
McC
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Marshall Rd
Huntington Rd
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King Rd
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Fore Rd 60th Ave
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Dale Rd
Farms Rd
Hartley Rd
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232n
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Campbell River Rd
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Buena Vista Ave
152n
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20th Ave
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Colebrook Rd
Paci
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60th Ave
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Harvie
Rd
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156t
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S Fraser Perimeter Rd
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Victoria Dr
Burn
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Prairie Ave
Ceda
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Coas
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Kingsway Ave
Broa
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Panorama Dr
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Pine
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Pitt
Rive
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Dewdney Trunk Rd
Harr
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Richardson Rd
McNeil Rd
East Rd
Sunn
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Ioco Rd
April
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Heritage Mountain Blvd
Clarke
Rd
Como Lake Ave
Mar
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Gate
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Austin Ave
Marine DrNorth Blu� Rd
128t
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Bayv
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24th Ave
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140t
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Colebrook Rd
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Stat
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64th Ave 68th Ave
72nd Ave
76th Ave76th Ave
Scot
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Kitson Pkwy
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152n
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84th Ave
128t
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112t
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84th Ave
Norde
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140t
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AnnacisHighway
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92nd Ave
96th Ave
132n
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Scott
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100th Ave
104th Ave
108th AveGros
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Hartley Ave
Mt S
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Deep
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Mt Seymour Pkwy
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Parker St Curtis St
Gaglardi Wy
Gera
ld A
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Sper
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Nort
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Canada Wy6th St
10th Ave
8th Ave
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Queens
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Ave
Imperial St
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Nels
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Hopcott Rd
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60th Ave
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Boundary Bay R
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28th Ave27B Ave
Deltaport Wy
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Cause
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Vulc
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Bridgeport Rd
Knight St Bridge
Granville Ave
River Rd
Blundell Rd
Francis Rd
Williams Rd
Gard
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No. 4
Rd
Shel
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Railw
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Westham Island Rd
Robe
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Dyke Rd
Gilb
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No. 2
Rd
No. 1
Rd
Moncton St
Russ Baker W
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Grant McConachie Wy
W 70th Ave N Kent AveSE Marine Dr
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Sprott StWinston StRu
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Rd
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St
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Venables St
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W 57th Ave W 57th Ave
49th Ave E
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E 33rd Ave
E 12th Ave
Gre at Northern Wy
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W 33rd Ave
Cam
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Arbu
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Blen
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Dunb
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W 10th Ave
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NW Marine Dr
Cornwall StPoint Grey Rd
Mac
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Inglewood Ave
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Edgemont Blvd
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Harbourside DrHarbourside Pl
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Rd
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Ladner Trunk Road
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Trans Canada Highway
Lougheed Highway
Simon FraserUniversity
Dollarton HwyOld
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Port Mann Bridge
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Oak St Bridge
Lions
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Sinclair Rd
Hope
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S Sumas Rd
Luckakuck Wy
Keith Wilson Rd
Peters Rd
W Yale Rd
Vedder Rd
Prairie Central Rd
Bailey Rd
Watson Rd Promontory Rd
Chilliwack Central Rd
1st Ave
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Anni
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Chap
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Banf
ord
Rd
Campbell R
iver Rd
Chi l l iw ackRiver Rd
Gilla
nder
s Rd
Vedder Mountain Rd
Yarrow Central Rd
No. 3 Rd
No. 4 RdFireclay Rd
No. 5 RdAtkinson Rd
Campbell Rd
Wells Line Rd
Dewdney Trunk Rd
Stav
e La
ke R
d
Sylve
ster
Rd
Hawkins Pickle Rd
New
ton
Rd
Eagl
e Rd
R iver Rd South
Nicomen Island Trunk Rd
Nicomen Island Trunk Rd
John
son
Rd
Athe
y RdNo 1 Rd
Chilliwack Mtn Rd
Wellington Ave
Wolfe Rd
Hope River Rd
Chilliwack Lake Rd
Lower S
umas
Mtn
Rd
Sumas Mtn Rd
Upper Sumas Mountai n Rd
Limbert Rd
McCallum Rd
Cam
eron
Rd
Brid
ge R
d
Arthur L
aing
Brid
ge
RdStraiton
Iron Workers M
emo rial Bridge
Stewardson Wy
Colu
mbia
St
Brunette Ave
Newton Rd
192n
d St
Dawson Rd
Ave
Shau
ghne
ssy S
t
St
Fraser
Wy
North
Com
mer
cial
Dr
Earle
s St
110th Ave
112th Ave
Kingsway
E Hastings Street
E Broadway
Kingsway
Gran
ville
Stre
et
W Broadway
King
Geo
rge
High
way
Fraser Highway
United Blvd
Barnet Highway
Upper
Highway
Levels
Tayl
or W
y
Haney Bypass
Fraser Highway
Trans Canada Highway
56th Ave
176t
h St
Paci
�c H
ighw
ay
Lougheed Highway
South Fraser Way
Mission-abbotsford Highw
ay
264t
h St
Alde
rgro
ve -
Bel
lingh
am H
ighw
ay
Trans C
anada Hwy
North P
arallel
South
Parallel
Sumas Way
Trans Canada Hwy
Harr
ison
Hot
Spr
ings
Rd
Lougheed Hwy
E Yale Rd
Lougheed Highway
St. Johns St
Westminster Hwy
Fras
er -
Del
ta T
hruw
ay
Richmond Annacis Highway
Cambie Rd
Alderbridge Wy
Will
ingd
on A
ve
King Edward Ave
W 41st Ave
W 12th Ave
SW Marine Dr
W 16th Ave
No. 5
Rd
Steveston Hwy
No. 3
Rd
Canada Wy
Gilm
ore
Ave
trends and HigHligHts
2014 q4 2015 q1 trend
Office Inventory* (SF) 6,470,981 6,470,981
Net Absorption (SF) 201,186 314
Vacancy Rate 3.3% 3.3%
Average Asking Net Rent** $21.62 $21.57
Average Additional Rent $15.09 $15.03
UPcoming new sUPPly address class floors total office area (sf) develoPerA. Marine Gateway - 450 SW Marine Drive A 14 249,817 PCI Group
B. Broadway and Oak - 988 W. Broadway A 8 82,000 BlueSky Properties
C. Renfrew Business Centre A 6 160,000 Blackwood Partners
D. 7 East 6th Avenue A 2 12,000 Rendition Development
Notable Lease Notable Sale New Supply
Historical Performance and forecast
*There are 127 office buildings surveyed in the Broadway Corridor region ** Average Asking Net Rent is calculated using a weighted average
notable lease transactions
tenant tyPe address aPProX.size (sf)
1. Smart Design Group Headlease 1150 Station Street 6,600
2. Nurse Next Door Headlease 1788 West 5th Avenue 6,000
(400,000)
(300,000)
(200,000)
(100,000)
-
100,000
200,000
300,000
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
notable sale transactions
PUrcHaser Price address aPProX.size (sf)
3. Austeville Properties Ltd. $16,125,000 1867 West Broadway 29,700
A
B31
D C2
FIRST QUARTER 2015
office market summary
nORth shORe
The North Shore market remains stable with availability decreasing by 0.2 percent to 6.3 percent. While Lower Lonsdale continues to attract tenants with its proximity to transit, there has been an uptake in activity in business parks. Local businesses, primarily professional services and health care, are the main drivers of the market resulting in vacancy expected to stay within the 5.0 percent to 6.0 percent range for 2015.
◊ Larger tenant activity has primarily been from the non-profit sector such as the North Shore Multicultural Society currently seeking more than 15,000 square feet.
◊ Business park activity increased this quarter with the Capilano Business Park leasing 19,000 square feet to a variety of existing tenants in the market.
CapilanoLake
Indian
Arm
BuntzenLake
Pitt Lake
Hatzic Lake
Stave Lake
English Bay
Burrard Inlet
Strait Of Georgia
Mud Bay
Fraser River
CultusLake
Harrison Lake
Harrison Bay
Fraser
River
Fraser River
C.P
.R.
C.N.R.
C.P.R.
C.N.R.
VIA RAIL
SOUTHERN
RAILWAY
C.N
.R.
B.C. RAIL
C.N.R.
C.P.R.
C.P.R
.
C.N
.R.
C.N.R.
C.N.R.
SOUTHERN RAILWAY
B.N.R.
B.N.R.
SOUTHERN RAILWAY
BC RAIL
C.N
.R.
1
1
1
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CANADAU.S.A.
CANADAU.S.A.
University of British Columbia
1
1
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CANADAU.S.A.
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oad
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VANCOUVERINTERNATIONAL
AIRPORT
BC FERRIESTERMINAL
TSAWWASSEN
BOUNDARY BAYAIRPORT
LANGLEYAIRPORT
PITT MEADOWSAIRPORT
ABBOTSFORD INTERNATIONAL
AIRPORT
Albion Ferry
Burquitlam
Kyle-Queens Port Moody Ioco-MorayFalcon
LincolnWCE
Coquitam
Burquitlam
Kyle-Queens Port Moody Ioco-MorayFalcon
LincolnWCE
Coquitam
Port Moody
PittMeadows
MapleMeadows
PortHaney
MissionCity
CoquitlamCentral
PortCoquitlam
Port Moody
PittMeadows
MapleMeadows
PortHaney
MissionCity
CoquitlamCentral
PortCoquitlam
KingEdward
Broadway/City Hall
Olympic Village
Yaletown/Roundhouse
Oakridge/41st Ave
Langara/49th Ave
Marine Dr
Bridgeport
Aberdeen
Lansdowne
Brighouse
TempletonSea Island
CentreYVR
Airport
VancouverCity Centre
KingEdward
Broadway/City Hall
Olympic Village
Yaletown/Roundhouse
Oakridge/41st Ave
Langara/49th Ave
Marine Dr
Bridgeport
Aberdeen
Lansdowne
Brighouse
TempletonSea Island
CentreYVR
Airport
VancouverCity Centre
Commercial
RupertRenfrew
Gilmore BrentwoodTown Centre
Holdom
Sperling/Burnaby Lake
Lake City WayProduction Way/University
Braid
Sapperton
LougheedTown Centre
VCC/Clark
Commercial
RupertRenfrew
Gilmore BrentwoodTown Centre
Holdom
Sperling/Burnaby Lake
Lake City WayProduction Way/University
Braid
Sapperton
LougheedTown Centre
VCC/Clark
Burrard
Stadium/Chinatown
Main St
Broadway
Nanaimo
29th Ave
Joyce
Patterson
Metrotown
RoyalOak
Edmonds
22nd StNewWestminster
ColumbiaScott Rd
Gateway
SurreyCentral
King George
Granville
WaterfrontBurrard
Stadium/Chinatown
Main St
Broadway
Nanaimo
29th Ave
Joyce
Patterson
Metrotown
RoyalOak
Edmonds
22nd StNewWestminster
ColumbiaScott Rd
Gateway
SurreyCentral
King George
Granville
Waterfront
Delta
Surrey
Port Moody
Burnaby
WestVancouver
NorthVancouver
Richmond
White Rock
Vancouver
LangleyLangley
Port Coquitlam
Coquitlam
PittMeadows
MapleRidge
Mission
Abbotsford
George Massey Tunnel
Hammond Rd
Fraser Wy
Boundary Rd
Vye Rd
Wha
tcom
Rd
McC
allu
m R
d
Marshall Rd
Huntington Rd
Peard
onvil
le Rd
King Rd
Ross
Rd
296t
h St
328t
h St
320t
h St
304t
h St
Mt.
Lehm
an R
d Clea
rbro
ok R
d
McM
illan
RdOld Yale
Clayburn Rd
Old
Bell
Rd
56th Ave
Clayburn Rd
Rive
rsid
e Rd
Fore Rd 60th Ave
44 Ave
16th Ave
8th Ave
20th Ave
Page Rd
Glad
win
Rd
48th Ave48th Ave
40th Ave
Ferndale Ave
Richards Ave
Dale Rd
Farms Rd
Hartley Rd
Dewdney Trunk Rd
1st Ave
7th Ave
14th Ave
22nd Ave
Ceda
r St
Farm
s Rd
Spra
tt Rd
Stav
e La
ke R
d
Hurd
St
Wre
n St
Clay
St
Dewdney Trunk Rd
Keystone Ave
Tyler
Wils
on S
t
Hayw
ard
St
Duke R
d280t
h St
80th Ave
McTavish Rd
Satc
hell
St
Harris Rd
Townshipline Rd
Downes Rd
Brad
ner R
d28
8th
St
Lefe
uvre
Rd
8th Ave
0 Ave Boundary Rd
272n
d St
8th Ave
256t
h St
248t
h St
272n
d St
56th Ave
272n
d St
280t
h St
112th Ave
100th Ave
112th Ave
256t
h St
256t
h St
264t
h St
248t
h St
112th Ave
124th Ave
Dewdney Trunk Rd
102nd Ave
240t
h St
128th Ave128th Ave
232n
d St
227t
h St
224t
h St
Glov
er R
d
Wilson Cr
80th Ave
240t
h St
Brow
n Rd
72nd Ave
Telegraph Tr
Fern
Cr
132nd Ave
144 th St
Neav
es R
d
Laity
St
216t
h St
River Rd
203r
d St
207t
h St
Gold
en E
ars
Brid
ge
208t
h St
100th Ave
96th Ave
88th Ave
Telegraph Tr
216t
h St
To
pham
Rd
200t
h St
72nd Ave 72nd Ave
208t
h St
216t
h St
Glover
Rd
Logan Ave
HWY 10BYPASS
48th Ave
Old Yale Rd
40th Ave
Douglas Cr
208t
h St
53rd Ave
203r
d St
Grade Cr
200t
h St
208t
h St
216t
h St
32nd Ave
240t
h St
24th Ave 24th Ave
224t
h St
232n
d St
16th Ave
176t
h St
0 Ave Boundary Rd
176t
h St
172n
d St
Campbell River Rd
16th Ave
168t
h St
8th Ave
Buena Vista Ave
152n
d St 24th Ave
20th Ave
28th Ave
32nd Ave
184t
h St
188t
h St
192n
d St
20th Ave
Colebrook Rd
Paci
�c H
ighw
ay
40th Ave 40th Ave16
0th
St16
0th
St
60th Ave
64th Ave
168t
h St
184t
h St
192n
d St
80th Ave
88th Ave
Harvie
Rd
160t
h St
92nd Ave
96th Ave
104th Ave
156t
h St
108th Ave
S Fraser Perimeter Rd
Woo
lridg
e Rd
Victoria Dr
Burn
s Rd
Prairie Ave
Ceda
r Dr
Coas
t Mer
idia
n Rd
Kingsway Ave
Broa
dway
St
Shau
ghne
ssy S
t
Woo
dlan
d Pi
pelin
e Rd
Panorama Dr
John
son
St
Landsdowne Dr
Pine
tree
Wy
Mary Hill Bypass
Pitt
Rive
r Rd
Dewdney Trunk Rd
Harr
is R
d
Richardson Rd
McNeil Rd
East Rd
Sunn
ysid
e Rd
Ioco Rd
April
Rd
Heritage Mountain Blvd
Clarke
Rd
Como Lake Ave
Mar
iner
Wy
Lint
on S
t
Gate
nsbu
ry R
d
Austin Ave
Marine DrNorth Blu� Rd
128t
h St
20th Ave124t
h St
Bayv
iew
St
24th Ave
28th Ave
140t
h St
Cres ce
nt R
d 32nd Ave
40th Ave
Colebrook Rd
56th Ave
Stat
ion
Rd
58th Ave 148t
h St
148t
h St
64th Ave 68th Ave
72nd Ave
76th Ave76th Ave
Scot
t Rd
120t
h St
80th Ave
Kitson Pkwy
72nd Ave 140t
h St
144t
h St
152n
d St
84th Ave
128t
h St
112t
h St
84th Ave
Norde
l Wy
140t
h St
AnnacisHighway
88th Ave
92nd Ave
96th Ave
132n
d St
100th Ave
Scott
Rd
100th Ave
104th Ave
108th AveGros
venor
Rd
116th Ave
Hartley Ave
Mt S
eymou
r Rd
Deep
Cov
e Rd
Mt Seymour Pkwy
Eton St
Parker St Curtis St
Gaglardi Wy
Gera
ld A
ve
Sper
ling
St
Nort
h Rd
Canada Wy6th St
10th Ave
8th Ave
6th Ave
Queens
Ave
Deer Lake Pkwy
Gille
y Av
e
Roya
l Oak
Ave
Imperial St
Rumble St
Nels
on A
ve Marine Dr
Marine Wy
Byrne R
d
Tyne
St
Boun
dary
Rd
Grange St
RdRiver
Derwent Wy
River Rd VantageWy
Progress Wy 80th
St
Hopcott Rd
72nd
St
60th Ave
36th Ave
64th
St
16th Ave
Boundary Bay R
dPoin
t Rob
erts
Rd
1st Ave
6th Ave
12th Ave
52nd
St
56th
St
28th Ave27B Ave
Deltaport Wy
53rd
St
Arth
ur D
r
34B Ave
Cause
way
Rive
r Rd W
62B
St
No. 6
Rd
No. 7
Rd
No. 8
Rd
Nels
on R
d
No. 9
Rd
Vulc
an W
y
Bridgeport Rd
Knight St Bridge
Granville Ave
River Rd
Blundell Rd
Francis Rd
Williams Rd
Gard
en C
ity R
d
No. 4
Rd
Shel
l Rd
Railw
ay A
ve
Westham Island Rd
Robe
rtso
n Rd
Dyke Rd
Gilb
ert R
d
No. 2
Rd
No. 1
Rd
Moncton St
Russ Baker W
y
Grant McConachie Wy
W 70th Ave N Kent AveSE Marine Dr
Twigg Pl
Sprott StWinston StRu
pert
St
Hold
om S
t
Berk
ley
Rd
McGill St
Dundas St
Renf
rew
St
1st Ave
Venables St
Nana
imo
St
E 41st Ave
W 57th Ave W 57th Ave
49th Ave E
Kerr
St
Ellio
t S
t
Vict
oria
Dr
Clar
k Dr
Knig
ht S
t
Fras
er S
t
Mai
n St
E 33rd Ave
E 12th Ave
Gre at Northern Wy
Denman
St
Davie St
Paci�c St
W 33rd Ave
Cam
bie
St
Oak
St
Arbu
tus
StW
Bou
leva
rd
W 49th Ave
Blen
heim
St
Dunb
ar S
t
Crow
n St
W 10th Ave
Wesbrook Mall
W 4th Ave
NW Marine Dr
Cornwall StPoint Grey Rd
Mac
dona
ld S
t
Marine Dr15th St
21st
St
Inglewood Ave
11th
St
15th
St
Stev
ens D
r
Queens AveSouth
boro
ugh
Dr
Capi
lan
o Rd
Edgemont Blvd
Welch St
Larso
n Rd
Delb
rook
E 29th St
E Gr
and
Blvd
Broo
ksba
nkAv
e
Mountain Hw
yE Esplanade Main St W Riverside Dr
E Riv
ersid
e Dr
W Esplanade
Lons
dale
Ave
Ches
ter�
eld
Ave
St G
eorg
es A
ve
W 13th St
Braemar Rd
Mou
ntai
n Hw
y
Lynn V
alley R
d
Lillo
oet R
d
W 3rd StE 3rd St
Hyannis Dr
72nd
St
Huston Rd
76th
St
Kent Ave S
Grandview Hwy
Blundell Rd
Harbourside DrHarbourside Pl
Fulton Ave
Mathers Ave
64th Ave
Rd
Ferguson Wy
Ladner Trunk Road
Blue
Mou
ntai
n St
Stav
e La
ke St
Bedw
ell Bay Rd
F
ell
Ave
E Keith Rd
Trans Canada Highway
Lougheed Highway
Simon FraserUniversity
Dollarton HwyOld
Dollarton Rd
Vulcan Wy
Port Mann Bridge
Patullo Bridge
Alex Fraser Bridge
Oak St Bridge
Lions
Gat
e Br
idge
Queensborough Bridge
Cliveden
Ave
Industrial Wy
W Yale Rd
Lick
man
Rd
Sum
as P
rairi
e Rd
Boun
dary
Rd
Inte
rpro
vinc
ial H
wy
Cole
Rd
McD
erm
ott R
d
Mar
ion
Rd
Dixo
n Rd
Pow
erho
use
Rd
Chad
sey
Rd
Sinclair Rd
Hope
dale
Rd
S Sumas Rd
Luckakuck Wy
Keith Wilson Rd
Peters Rd
W Yale Rd
Vedder Rd
Prairie Central Rd
Bailey Rd
Watson Rd Promontory Rd
Chilliwack Central Rd
1st Ave
Castleman Rd
Anni
s Rd
Chap
man
Rd
McG
rath
Rd
Ford
Rd
Gibs
on R
d
Pres
t Rd
Youn
g Rd
Banf
ord
Rd
Campbell R
iver Rd
Chi l l iw ackRiver Rd
Gilla
nder
s Rd
Vedder Mountain Rd
Yarrow Central Rd
No. 3 Rd
No. 4 RdFireclay Rd
No. 5 RdAtkinson Rd
Campbell Rd
Wells Line Rd
Dewdney Trunk Rd
Stav
e La
ke R
d
Sylve
ster
Rd
Hawkins Pickle Rd
New
ton
Rd
Eagl
e Rd
R iver Rd South
Nicomen Island Trunk Rd
Nicomen Island Trunk Rd
John
son
Rd
Athe
y RdNo 1 Rd
Chilliwack Mtn Rd
Wellington Ave
Wolfe Rd
Hope River Rd
Chilliwack Lake Rd
Lower S
umas
Mtn
Rd
Sumas Mtn Rd
Upper Sumas Mountai n Rd
Limbert Rd
McCallum Rd
Cam
eron
Rd
Brid
ge R
d
Arthur L
aing
Brid
ge
RdStraiton
Iron Workers M
emo rial Bridge
Stewardson Wy
Colu
mbia
St
Brunette Ave
Newton Rd
192n
d St
Dawson Rd
Ave
Shau
ghne
ssy S
t
St
Fraser
Wy
North
Com
mer
cial
Dr
Earle
s St
110th Ave
112th Ave
Kingsway
E Hastings Street
E Broadway
Kingsway
Gran
ville
Stre
et
W Broadway
King
Geo
rge
High
way
Fraser Highway
United Blvd
Barnet Highway
Upper
Highway
Levels
Tayl
or W
y
Haney Bypass
Fraser Highway
Trans Canada Highway
56th Ave
176t
h St
Paci
�c H
ighw
ay
Lougheed Highway
South Fraser Way
Mission-abbotsford Highw
ay
264t
h St
Alde
rgro
ve -
Bel
lingh
am H
ighw
ay
Trans C
anada Hwy
North P
arallel
South
Parallel
Sumas Way
Trans Canada Hwy
Harr
ison
Hot
Spr
ings
Rd
Lougheed Hwy
E Yale Rd
Lougheed Highway
St. Johns St
Westminster Hwy
Fras
er -
Del
ta T
hruw
ay
Richmond Annacis Highway
Cambie Rd
Alderbridge Wy
Will
ingd
on A
ve
King Edward Ave
W 41st Ave
W 12th Ave
SW Marine Dr
W 16th Ave
No. 5
Rd
Steveston Hwy
No. 3
Rd
Canada Wy
Gilm
ore
Ave
notable lease transactions
tenant tyPe address aPProX. size (sf)
1. YWCA Headlease 980 West 1st Street 9,000
2. Imtech Marine Canada Inc. Headlease 949 West 3rd Ave 7,500
2014 q4 2015 q1 trend
Office Inventory* (SF) 2,406,690 2,406,690
Net Absorption (SF) (72,590) 11,968
Vacancy Rate 5.9% 5.5%
Average Asking Net Rent** $18.68 $19.18
Average Additional Rent $10.49 $10.90
UPcoming new sUPPly address class floors total office area (sf) develoPer
A. 1308 Lonsdale Avenue A 4 80,000 Onni Group of Companies
Notable Lease Notable Sale New Supply
Historical Performance and forecast
*There are 63 office buildings surveyed in the North Shore region **Average Asking Net Rent is calculated using a weighted average
(100,000)
(50,000)
-
50,000
100,000
150,000
200,000
250,000
300,000
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
trends and HigHligHts
notable sale transactions
PUrcHaser Price address aPProX. size (sf)
3. G.H. Macmillan Land Corporation $6,400,000
100 East 1st Street130 East 1st Street
120 Lonsdale Avenue18,875
1&2A
3
4
office market summary
BuRnaBy
Burnaby’s deal velocity remains languid despite an uptake in touring activity. Buildings off transit are seeing increased interest as tenants are willing to forgo proximity to transit for more financially attractive spaces. However, this does not offset the slow absorption of new developments, resulting in gradually rising vacancy rates and creative inducements to attract tenants.
◊ Burnaby continues to offer opportunities for tenants seeking large office spaces with three tenants from a range of industries each searching for space in excess of 100,000 square feet.
◊ While face rates remain relatively stable, there has been an unprecedented level of inducements with some landlords offering cash allowances, as well as the more traditional free rent and tenant improvement allowances.
CapilanoLake
Indian
Arm
BuntzenLake
Pitt Lake
Hatzic Lake
Stave Lake
English Bay
Burrard Inlet
Strait Of Georgia
Mud Bay
Fraser River
CultusLake
Harrison Lake
Harrison Bay
Fraser
River
Fraser River
C.P
.R.
C.N.R.
C.P.R.
C.N.R.
VIA RAIL
SOUTHERN
RAILWAY
C.N
.R.
B.C. RAIL
C.N.R.
C.P.R.
C.P.R
.
C.N
.R.
C.N.R.
C.N.R.
SOUTHERN RAILWAY
B.N.R.
B.N.R.
SOUTHERN RAILWAY
BC RAIL
C.N
.R.
1
1
1
99
CANADAU.S.A.
CANADAU.S.A.
University of British Columbia
1
1
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VANCOUVERINTERNATIONAL
AIRPORT
BC FERRIESTERMINAL
TSAWWASSEN
BOUNDARY BAYAIRPORT
LANGLEYAIRPORT
PITT MEADOWSAIRPORT
ABBOTSFORD INTERNATIONAL
AIRPORT
Albion Ferry
Burquitlam
Kyle-Queens Port Moody Ioco-MorayFalcon
LincolnWCE
Coquitam
Burquitlam
Kyle-Queens Port Moody Ioco-MorayFalcon
LincolnWCE
Coquitam
Port Moody
PittMeadows
MapleMeadows
PortHaney
MissionCity
CoquitlamCentral
PortCoquitlam
Port Moody
PittMeadows
MapleMeadows
PortHaney
MissionCity
CoquitlamCentral
PortCoquitlam
KingEdward
Broadway/City Hall
Olympic Village
Yaletown/Roundhouse
Oakridge/41st Ave
Langara/49th Ave
Marine Dr
Bridgeport
Aberdeen
Lansdowne
Brighouse
TempletonSea Island
CentreYVR
Airport
VancouverCity Centre
KingEdward
Broadway/City Hall
Olympic Village
Yaletown/Roundhouse
Oakridge/41st Ave
Langara/49th Ave
Marine Dr
Bridgeport
Aberdeen
Lansdowne
Brighouse
TempletonSea Island
CentreYVR
Airport
VancouverCity Centre
Commercial
RupertRenfrew
Gilmore BrentwoodTown Centre
Holdom
Sperling/Burnaby Lake
Lake City WayProduction Way/University
Braid
Sapperton
LougheedTown Centre
VCC/Clark
Commercial
RupertRenfrew
Gilmore BrentwoodTown Centre
Holdom
Sperling/Burnaby Lake
Lake City WayProduction Way/University
Braid
Sapperton
LougheedTown Centre
VCC/Clark
Burrard
Stadium/Chinatown
Main St
Broadway
Nanaimo
29th Ave
Joyce
Patterson
Metrotown
RoyalOak
Edmonds
22nd StNewWestminster
ColumbiaScott Rd
Gateway
SurreyCentral
King George
Granville
WaterfrontBurrard
Stadium/Chinatown
Main St
Broadway
Nanaimo
29th Ave
Joyce
Patterson
Metrotown
RoyalOak
Edmonds
22nd StNewWestminster
ColumbiaScott Rd
Gateway
SurreyCentral
King George
Granville
Waterfront
Delta
Surrey
Port Moody
Burnaby
WestVancouver
NorthVancouver
Richmond
White Rock
Vancouver
LangleyLangley
Port Coquitlam
Coquitlam
PittMeadows
MapleRidge
Mission
Abbotsford
George Massey Tunnel
Hammond Rd
Fraser Wy
Boundary Rd
Vye Rd
Wha
tcom
Rd
McC
allu
m R
d
Marshall Rd
Huntington Rd
Peard
onvil
le Rd
King Rd
Ross
Rd
296t
h St
328t
h St
320t
h St
304t
h St
Mt.
Lehm
an R
d Clea
rbro
ok R
d
McM
illan
RdOld Yale
Clayburn Rd
Old
Bell
Rd
56th Ave
Clayburn Rd
Rive
rsid
e Rd
Fore Rd 60th Ave
44 Ave
16th Ave
8th Ave
20th Ave
Page Rd
Glad
win
Rd
48th Ave48th Ave
40th Ave
Ferndale Ave
Richards Ave
Dale Rd
Farms Rd
Hartley Rd
Dewdney Trunk Rd
1st Ave
7th Ave
14th Ave
22nd Ave
Ceda
r St
Farm
s Rd
Spra
tt Rd
Stav
e La
ke R
d
Hurd
St
Wre
n St
Clay
St
Dewdney Trunk Rd
Keystone Ave
Tyler
Wils
on S
t
Hayw
ard
St
Duke R
d280t
h St
80th Ave
McTavish Rd
Satc
hell
St
Harris Rd
Townshipline Rd
Downes Rd
Brad
ner R
d28
8th
St
Lefe
uvre
Rd
8th Ave
0 Ave Boundary Rd
272n
d St
8th Ave
256t
h St
248t
h St
272n
d St
56th Ave
272n
d St
280t
h St
112th Ave
100th Ave
112th Ave
256t
h St
256t
h St
264t
h St
248t
h St
112th Ave
124th Ave
Dewdney Trunk Rd
102nd Ave
240t
h St
128th Ave128th Ave
232n
d St
227t
h St
224t
h St
Glov
er R
d
Wilson Cr
80th Ave
240t
h St
Brow
n Rd
72nd Ave
Telegraph Tr
Fern
Cr
132nd Ave
144 th St
Neav
es R
d
Laity
St
216t
h St
River Rd
203r
d St
207t
h St
Gold
en E
ars
Brid
ge
208t
h St
100th Ave
96th Ave
88th Ave
Telegraph Tr
216t
h St
To
pham
Rd
200t
h St
72nd Ave 72nd Ave
208t
h St
216t
h St
Glover
Rd
Logan Ave
HWY 10BYPASS
48th Ave
Old Yale Rd
40th Ave
Douglas Cr
208t
h St
53rd Ave
203r
d St
Grade Cr
200t
h St
208t
h St
216t
h St
32nd Ave
240t
h St
24th Ave 24th Ave
224t
h St
232n
d St
16th Ave
176t
h St
0 Ave Boundary Rd
176t
h St
172n
d St
Campbell River Rd
16th Ave
168t
h St
8th Ave
Buena Vista Ave
152n
d St 24th Ave
20th Ave
28th Ave
32nd Ave
184t
h St
188t
h St
192n
d St
20th Ave
Colebrook Rd
Paci
�c H
ighw
ay
40th Ave 40th Ave
160t
h St
160t
h St
60th Ave
64th Ave
168t
h St
184t
h St
192n
d St
80th Ave
88th Ave
Harvie
Rd
160t
h St
92nd Ave
96th Ave
104th Ave
156t
h St
108th Ave
S Fraser Perimeter Rd
Woo
lridg
e Rd
Victoria Dr
Burn
s Rd
Prairie Ave
Ceda
r Dr
Coas
t Mer
idia
n Rd
Kingsway Ave
Broa
dway
St
Shau
ghne
ssy S
t
Woo
dlan
d Pi
pelin
e Rd
Panorama Dr
John
son
St
Landsdowne Dr
Pine
tree
Wy
Mary Hill Bypass
Pitt
Rive
r Rd
Dewdney Trunk Rd
Harr
is R
d
Richardson Rd
McNeil Rd
East Rd
Sunn
ysid
e Rd
Ioco Rd
April
Rd
Heritage Mountain Blvd
Clarke
Rd
Como Lake Ave
Mar
iner
Wy
Lint
on S
t
Gate
nsbu
ry R
d
Austin Ave
Marine DrNorth Blu� Rd
128t
h St
20th Ave124t
h St
Bayv
iew
St
24th Ave
28th Ave
140t
h St
Cres ce
nt R
d 32nd Ave
40th Ave
Colebrook Rd
56th Ave
Stat
ion
Rd
58th Ave 148t
h St
148t
h St
64th Ave 68th Ave
72nd Ave
76th Ave76th Ave
Scot
t Rd
120t
h St
80th Ave
Kitson Pkwy
72nd Ave 140t
h St
144t
h St
152n
d St
84th Ave
128t
h St
112t
h St
84th Ave
Norde
l Wy
140t
h St
AnnacisHighway
88th Ave
92nd Ave
96th Ave
132n
d St
100th Ave
Scott
Rd
100th Ave
104th Ave
108th AveGros
venor
Rd
116th Ave
Hartley Ave
Mt S
eymou
r Rd
Deep
Cov
e Rd
Mt Seymour Pkwy
Eton St
Parker St Curtis St
Gaglardi Wy
Gera
ld A
ve
Sper
ling
St
Nort
h Rd
Canada Wy6th St
10th Ave
8th Ave
6th Ave
Queens
Ave
Deer Lake Pkwy
Gille
y Av
e
Roya
l Oak
Ave
Imperial St
Rumble St
Nels
on A
ve
Marine Dr
Marine Wy
Byrne R
d
Tyne
St
Boun
dary
Rd
Grange St
RdRiver
Derwent Wy
River Rd VantageWy
Progress Wy 80th
St
Hopcott Rd
72nd
St
60th Ave
36th Ave
64th
St
16th Ave
Boundary Bay R
dPoin
t Rob
erts
Rd
1st Ave
6th Ave
12th Ave
52nd
St
56th
St
28th Ave27B Ave
Deltaport Wy
53rd
St
Arth
ur D
r
34B Ave
Cause
way
Rive
r Rd W
62B
St
No. 6
Rd
No. 7
Rd
No. 8
Rd
Nels
on R
d
No. 9
Rd
Vulc
an W
y
Bridgeport Rd
Knight St Bridge
Granville Ave
River Rd
Blundell Rd
Francis Rd
Williams Rd
Gard
en C
ity R
d
No. 4
Rd
Shel
l Rd
Railw
ay A
ve
Westham Island Rd
Robe
rtso
n Rd
Dyke Rd
Gilb
ert R
d
No. 2
Rd
No. 1
Rd
Moncton St
Russ Baker W
y
Grant McConachie Wy
W 70th Ave N Kent AveSE Marine Dr
Twigg Pl
Sprott StWinston StRu
pert
St
Hold
om S
t
Berk
ley
Rd
McGill St
Dundas St
Renf
rew
St
1st Ave
Venables St
Nana
imo
St
E 41st Ave
W 57th Ave W 57th Ave
49th Ave E
Kerr
St
Ellio
t S
t
Vict
oria
Dr
Clar
k Dr
Knig
ht S
t
Fras
er S
t
Mai
n St
E 33rd Ave
E 12th Ave
Gre at Northern Wy
Denman
St
Davie St
Paci�c St
W 33rd AveCa
mbi
e St
Oak
St
Arbu
tus
StW
Bou
leva
rd
W 49th Ave
Blen
heim
St
Dunb
ar S
t
Crow
n St
W 10th Ave
Wesbrook Mall
W 4th Ave
NW Marine Dr
Cornwall StPoint Grey Rd
Mac
dona
ld S
t
Marine Dr15th St
21st
St
Inglewood Ave
11th
St
15th
St
Stev
ens D
r
Queens AveSouth
boro
ugh
Dr
Capi
lan
o Rd
Edgemont Blvd
Welch St
Larso
n Rd
Delb
rook
E 29th St
E Gr
and
Blvd
Broo
ksba
nkAv
e
Mountain Hw
yE Esplanade Main St W Riverside Dr
E Riv
ersid
e Dr
W Esplanade
Lons
dale
Ave
Ches
ter�
eld
Ave
St G
eorg
es A
ve
W 13th St
Braemar Rd
Mou
ntai
n Hw
y
Lynn V
alley R
d
Lillo
oet R
d
W 3rd StE 3rd St
Hyannis Dr
72nd
St
Huston Rd
76th
St
Kent Ave S
Grandview Hwy
Blundell Rd
Harbourside DrHarbourside Pl
Fulton Ave
Mathers Ave
64th Ave
Rd
Ferguson Wy
Ladner Trunk Road
Blue
Mou
ntai
n St
Stav
e La
ke St
Bedw
ell Bay Rd
F
ell
Ave
E Keith Rd
Trans Canada Highway
Lougheed Highway
Simon FraserUniversity
Dollarton HwyOld
Dollarton Rd
Vulcan Wy
Port Mann Bridge
Patullo Bridge
Alex Fraser Bridge
Oak St Bridge
Lions
Gat
e Br
idge
Queensborough Bridge
Cliveden
Ave
Industrial Wy
W Yale Rd
Lick
man
Rd
Sum
as P
rairi
e Rd
Boun
dary
Rd
Inte
rpro
vinc
ial H
wy
Cole
Rd
McD
erm
ott R
d
Mar
ion
Rd
Dixo
n Rd
Pow
erho
use
Rd
Chad
sey
Rd
Sinclair Rd
Hope
dale
Rd
S Sumas Rd
Luckakuck Wy
Keith Wilson Rd
Peters Rd
W Yale Rd
Vedder Rd
Prairie Central Rd
Bailey Rd
Watson Rd Promontory Rd
Chilliwack Central Rd
1st Ave
Castleman Rd
Anni
s Rd
Chap
man
Rd
McG
rath
Rd
Ford
Rd
Gibs
on R
d
Pres
t Rd
Youn
g Rd
Banf
ord
Rd
Campbell R
iver Rd
Chi l l iw ackRiver Rd
Gilla
nder
s Rd
Vedder Mountain Rd
Yarrow Central Rd
No. 3 Rd
No. 4 RdFireclay Rd
No. 5 RdAtkinson Rd
Campbell Rd
Wells Line Rd
Dewdney Trunk Rd
Stav
e La
ke R
d
Sylve
ster
Rd
Hawkins Pickle Rd
New
ton
Rd
Eagl
e Rd
R iver Rd South
Nicomen Island Trunk Rd
Nicomen Island Trunk Rd
John
son
Rd
Athe
y RdNo 1 Rd
Chilliwack Mtn Rd
Wellington Ave
Wolfe Rd
Hope River Rd
Chilliwack Lake Rd
Lower S
umas
Mtn
Rd
Sumas Mtn Rd
Upper Sumas Mountai n Rd
Limbert Rd
McCallum Rd
Cam
eron
Rd
Brid
ge R
d
Arthur L
aing
Brid
ge
RdStraiton
Iron Workers M
emo rial Bridge
Stewardson Wy
Colu
mbia
St
Brunette Ave
Newton Rd
192n
d St
Dawson Rd
Ave
Shau
ghne
ssy S
t
St
Fraser
Wy
North
Com
mer
cial
Dr
Earle
s St
110th Ave
112th Ave
Kingsway
E Hastings Street
E Broadway
Kingsway
Gran
ville
Stre
et
W Broadway
King
Geo
rge
High
way
Fraser Highway
United Blvd
Barnet Highway
Upper
Highway
Levels
Tayl
or W
y
Haney Bypass
Fraser Highway
Trans Canada Highway
56th Ave
176t
h St
Paci
�c H
ighw
ay
Lougheed Highway
South Fraser Way
Mission-abbotsford Highw
ay
264t
h St
Alde
rgro
ve -
Bel
lingh
am H
ighw
ay
Trans C
anada Hwy
North P
arallel
South
Parallel
Sumas Way
Trans Canada Hwy
Harr
ison
Hot
Spr
ings
Rd
Lougheed Hwy
E Yale Rd
Lougheed Highway
St. Johns St
Westminster Hwy
Fras
er -
Del
ta T
hruw
ay
Richmond Annacis Highway
Cambie Rd
Alderbridge Wy
Will
ingd
on A
ve
King Edward Ave
W 41st Ave
W 12th Ave
SW Marine Dr
W 16th Ave
No. 5
Rd
Steveston Hwy
No. 3
Rd
Canada Wy
Gilm
ore
Ave
notable lease transactions
tenant tyPe address aPProX. size (sf)
1. Arista Networks Headlease 9200 Glenlyon Parkway 34,000
2. Coastal Contacts Headlease 2955 Virtual Way 22,000
3. Active Network Sublease 2925 Virtual Way 12,500
trends and HigHligHts
2014 q4 2015 q1 trend
Office Inventory* (SF) 10,728,288 10,728,288
Net Absorption (SF) 239,755 (71,847)
Vacancy Rate 10.8% 11.4%
Average Asking Net Rent** $22.64 $22.38
Average Additional Rent $13.34 $13.78
UPcoming new sUPPly address class floors total office area (sf) develoPer
A. SOLO District Office A 12 230,000 Appia Group
B. Renfrew Centre - 2665 Renfrew Street A 7 161,611 AIMCo/Blackwood Partners
C. Eastlake Campus - 8335 Eastlake Drive Flex up to 3 138,671 Adera
D. Silver - 4832 & 4394 Beresford Street A 2 10,200 Intracorp
Notable Lease Notable Sale New Supply
Historical Performance and forecast
(800,000)
(600,000)
(400,000)
(200,000)
-
200,000
400,000
600,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
*There are 138 office buildings surveyed in the Burnaby region ** Average Asking Net Rent is calculated using a weighted average
notable sale transactions There were no significant sale transactions this quarter in the Burnaby submarket.
B A
1
D
2&3 C
FIRST QUARTER 2015
office market summary
new westMinsteR
New Westminster’s vacancy rate was steady with slow deal activity matched by few spaces becoming available for lease. Activity from smaller tenants remains in the Class B market with no change in absorption in the Class A market, where vacancy is substantially higher. This trend is expected to continue as the market faces challenges absorbing new supply.
◊ Future office development projects will be limited as the $28 average asking rate of new Class A buildings is not financially feasible for tenants when Class B buildings offer more affordable rates at a $15.71 average.
◊ Tenant demand remains driven by local professional and medical businesses servicing the New Westminster community.
CapilanoLake
Indian
Arm
BuntzenLake
Pitt Lake
Hatzic Lake
Stave Lake
English Bay
Burrard Inlet
Strait Of Georgia
Mud Bay
Fraser River
CultusLake
Harrison Lake
Harrison Bay
Fraser
River
Fraser River
C.P
.R.
C.N.R.
C.P.R.
C.N.R.
VIA RAIL
SOUTHERN
RAILWAY
C.N
.R.
B.C. RAIL
C.N.R.
C.P.R.
C.P.R
.
C.N
.R.
C.N.R.
C.N.R.
SOUTHERN RAILWAY
B.N.R.
B.N.R.
SOUTHERN RAILWAY
BC RAIL
C.N
.R.
1
1
1
99
CANADAU.S.A.
CANADAU.S.A.
University of British Columbia
1
1
1
CANADAU.S.A.
Sout
h Fr
aser
Per
imet
er R
oad
17A
10
99
91
91
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99
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7
7
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17
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17
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VANCOUVERINTERNATIONAL
AIRPORT
BC FERRIESTERMINAL
TSAWWASSEN
BOUNDARY BAYAIRPORT
LANGLEYAIRPORT
PITT MEADOWSAIRPORT
ABBOTSFORD INTERNATIONAL
AIRPORT
Albion Ferry
Burquitlam
Kyle-Queens Port Moody Ioco-MorayFalcon
LincolnWCE
Coquitam
Burquitlam
Kyle-Queens Port Moody Ioco-MorayFalcon
LincolnWCE
Coquitam
Port Moody
PittMeadows
MapleMeadows
PortHaney
MissionCity
CoquitlamCentral
PortCoquitlam
Port Moody
PittMeadows
MapleMeadows
PortHaney
MissionCity
CoquitlamCentral
PortCoquitlam
KingEdward
Broadway/City Hall
Olympic Village
Yaletown/Roundhouse
Oakridge/41st Ave
Langara/49th Ave
Marine Dr
Bridgeport
Aberdeen
Lansdowne
Brighouse
TempletonSea Island
CentreYVR
Airport
VancouverCity Centre
KingEdward
Broadway/City Hall
Olympic Village
Yaletown/Roundhouse
Oakridge/41st Ave
Langara/49th Ave
Marine Dr
Bridgeport
Aberdeen
Lansdowne
Brighouse
TempletonSea Island
CentreYVR
Airport
VancouverCity Centre
Commercial
RupertRenfrew
Gilmore BrentwoodTown Centre
Holdom
Sperling/Burnaby Lake
Lake City WayProduction Way/University
Braid
Sapperton
LougheedTown Centre
VCC/Clark
Commercial
RupertRenfrew
Gilmore BrentwoodTown Centre
Holdom
Sperling/Burnaby Lake
Lake City WayProduction Way/University
Braid
Sapperton
LougheedTown Centre
VCC/Clark
Burrard
Stadium/Chinatown
Main St
Broadway
Nanaimo
29th Ave
Joyce
Patterson
Metrotown
RoyalOak
Edmonds
22nd StNewWestminster
ColumbiaScott Rd
Gateway
SurreyCentral
King George
Granville
WaterfrontBurrard
Stadium/Chinatown
Main St
Broadway
Nanaimo
29th Ave
Joyce
Patterson
Metrotown
RoyalOak
Edmonds
22nd StNewWestminster
ColumbiaScott Rd
Gateway
SurreyCentral
King George
Granville
Waterfront
Delta
Surrey
Port Moody
Burnaby
WestVancouver
NorthVancouver
Richmond
White Rock
Vancouver
LangleyLangley
Port Coquitlam
Coquitlam
PittMeadows
MapleRidge
Mission
Abbotsford
George Massey Tunnel
Hammond Rd
Fraser Wy
Boundary Rd
Vye Rd
Wha
tcom
Rd
McC
allu
m R
d
Marshall Rd
Huntington Rd
Peard
onvil
le Rd
King Rd
Ross
Rd
296t
h St
328t
h St
320t
h St
304t
h St
Mt.
Lehm
an R
d Clea
rbro
ok R
d
McM
illan
RdOld Yale
Clayburn Rd
Old
Bell
Rd
56th Ave
Clayburn Rd
Rive
rsid
e Rd
Fore Rd 60th Ave
44 Ave
16th Ave
8th Ave
20th Ave
Page Rd
Glad
win
Rd
48th Ave48th Ave
40th Ave
Ferndale Ave
Richards Ave
Dale Rd
Farms Rd
Hartley Rd
Dewdney Trunk Rd
1st Ave
7th Ave
14th Ave
22nd Ave
Ceda
r St
Farm
s Rd
Spra
tt Rd
Stav
e La
ke R
d
Hurd
St
Wre
n St
Clay
St
Dewdney Trunk Rd
Keystone Ave
Tyler
Wils
on S
t
Hayw
ard
St
Duke R
d280t
h St
80th Ave
McTavish Rd
Satc
hell
St
Harris Rd
Townshipline Rd
Downes Rd
Brad
ner R
d28
8th
St
Lefe
uvre
Rd
8th Ave
0 Ave Boundary Rd
272n
d St
8th Ave
256t
h St
248t
h St
272n
d St
56th Ave
272n
d St
280t
h St
112th Ave
100th Ave
112th Ave
256t
h St
256t
h St
264t
h St
248t
h St
112th Ave
124th Ave
Dewdney Trunk Rd
102nd Ave
240t
h St
128th Ave128th Ave
232n
d St
227t
h St
224t
h St
Glov
er R
d
Wilson Cr
80th Ave
240t
h St
Brow
n Rd
72nd Ave
Telegraph Tr
Fern
Cr
132nd Ave
144 th St
Neav
es R
d
Laity
St
216t
h St
River Rd
203r
d St
207t
h St
Gold
en E
ars
Brid
ge
208t
h St
100th Ave
96th Ave
88th Ave
Telegraph Tr
216t
h St
To
pham
Rd
200t
h St
72nd Ave 72nd Ave
208t
h St
216t
h St
Glover
Rd
Logan Ave
HWY 10BYPASS
48th Ave
Old Yale Rd
40th Ave
Douglas Cr
208t
h St
53rd Ave
203r
d St
Grade Cr
200t
h St
208t
h St
216t
h St
32nd Ave
240t
h St
24th Ave 24th Ave
224t
h St
232n
d St
16th Ave
176t
h St
0 Ave Boundary Rd
176t
h St
172n
d St
Campbell River Rd
16th Ave
168t
h St
8th Ave
Buena Vista Ave
152n
d St 24th Ave
20th Ave
28th Ave
32nd Ave
184t
h St
188t
h St
192n
d St
20th Ave
Colebrook Rd
Paci
�c H
ighw
ay
40th Ave 40th Ave
160t
h St
160t
h St
60th Ave
64th Ave
168t
h St
184t
h St
192n
d St
80th Ave
88th Ave
Harvie
Rd
160t
h St
92nd Ave
96th Ave
104th Ave
156t
h St
108th Ave
S Fraser Perimeter Rd
Woo
lridg
e Rd
Victoria Dr
Burn
s Rd
Prairie Ave
Ceda
r Dr
Coas
t Mer
idia
n Rd
Kingsway Ave
Broa
dway
St
Shau
ghne
ssy S
t
Woo
dlan
d Pi
pelin
e Rd
Panorama Dr
John
son
St
Landsdowne Dr
Pine
tree
Wy
Mary Hill Bypass
Pitt
Rive
r Rd
Dewdney Trunk Rd
Harr
is R
d
Richardson Rd
McNeil Rd
East Rd
Sunn
ysid
e Rd
Ioco Rd
April
Rd
Heritage Mountain Blvd
Clarke
Rd
Como Lake Ave
Mar
iner
Wy
Lint
on S
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Gate
nsbu
ry R
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Austin Ave
Marine DrNorth Blu� Rd
128t
h St
20th Ave124t
h St
Bayv
iew
St
24th Ave
28th Ave
140t
h St
Cres ce
nt R
d 32nd Ave
40th Ave
Colebrook Rd
56th Ave
Stat
ion
Rd
58th Ave 148t
h St
148t
h St
64th Ave 68th Ave
72nd Ave
76th Ave76th AveSc
ott R
d12
0th
St
80th Ave
Kitson Pkwy
72nd Ave 140t
h St
144t
h St
152n
d St
84th Ave
128t
h St
112t
h St
84th Ave
Norde
l Wy
140t
h St
AnnacisHighway
88th Ave
92nd Ave
96th Ave
132n
d St
100th Ave
Scott
Rd
100th Ave
104th Ave
108th AveGros
venor
Rd
116th Ave
Hartley Ave
Mt S
eymou
r Rd
Deep
Cov
e Rd
Mt Seymour Pkwy
Eton St
Parker St Curtis St
Gaglardi Wy
Gera
ld A
ve
Sper
ling
St
Nort
h Rd
Canada Wy6th St
10th Ave
8th Ave
6th Ave
Queens
Ave
Deer Lake Pkwy
Gille
y Av
e
Roya
l Oak
Ave
Imperial St
Rumble St
Nels
on A
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Marine Dr
Marine Wy
Byrne R
d
Tyne
St
Boun
dary
Rd
Grange St
RdRiver
Derwent Wy
River Rd VantageWy
Progress Wy 80th
St
Hopcott Rd
72nd
St
60th Ave
36th Ave
64th
St
16th Ave
Boundary Bay R
dPoin
t Rob
erts
Rd
1st Ave
6th Ave
12th Ave
52nd
St
56th
St
28th Ave27B Ave
Deltaport Wy
53rd
St
Arth
ur D
r
34B Ave
Cause
way
Rive
r Rd W
62B
St
No. 6
Rd
No. 7
Rd
No. 8
Rd
Nels
on R
d
No. 9
Rd
Vulc
an W
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Bridgeport Rd
Knight St Bridge
Granville Ave
River Rd
Blundell Rd
Francis Rd
Williams Rd
Gard
en C
ity R
d
No. 4
Rd
Shel
l Rd
Railw
ay A
ve
Westham Island Rd
Robe
rtso
n Rd
Dyke Rd
Gilb
ert R
d
No. 2
Rd
No. 1
Rd
Moncton St
Russ Baker W
y
Grant McConachie Wy
W 70th Ave N Kent AveSE Marine Dr
Twigg Pl
Sprott StWinston StRu
pert
St
Hold
om S
t
Berk
ley
Rd
McGill St
Dundas St
Renf
rew
St
1st Ave
Venables St
Nana
imo
St
E 41st Ave
W 57th Ave W 57th Ave
49th Ave E
Kerr
St
Ellio
t S
t
Vict
oria
Dr
Clar
k Dr
Knig
ht S
t
Fras
er S
t
Mai
n St
E 33rd Ave
E 12th Ave
Gre at Northern Wy
Denman
St
Davie St
Paci�c St
W 33rd Ave
Cam
bie
St
Oak
St
Arbu
tus
StW
Bou
leva
rd
W 49th Ave
Blen
heim
St
Dunb
ar S
t
Crow
n St
W 10th Ave
Wesbrook Mall
W 4th Ave
NW Marine Dr
Cornwall StPoint Grey Rd
Mac
dona
ld S
tMarine Dr
15th St
21st
St
Inglewood Ave
11th
St
15th
St
Stev
ens D
r
Queens AveSouth
boro
ugh
Dr
Capi
lan
o Rd
Edgemont Blvd
Welch St
Larso
n Rd
Delb
rook
E 29th St
E Gr
and
Blvd
Broo
ksba
nkAv
e
Mountain Hw
yE Esplanade Main St W Riverside Dr
E Riv
ersid
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W Esplanade
Lons
dale
Ave
Ches
ter�
eld
Ave
St G
eorg
es A
ve
W 13th St
Braemar Rd
Mou
ntai
n Hw
y
Lynn V
alley R
d
Lillo
oet R
d
W 3rd StE 3rd St
Hyannis Dr
72nd
St
Huston Rd
76th
St
Kent Ave S
Grandview Hwy
Blundell Rd
Harbourside DrHarbourside Pl
Fulton Ave
Mathers Ave
64th Ave
Rd
Ferguson Wy
Ladner Trunk Road
Blue
Mou
ntai
n St
Stav
e La
ke St
Bedw
ell Bay Rd
F
ell
Ave
E Keith Rd
Trans Canada Highway
Lougheed Highway
Simon FraserUniversity
Dollarton HwyOld
Dollarton Rd
Vulcan Wy
Port Mann Bridge
Patullo Bridge
Alex Fraser Bridge
Oak St Bridge
Lions
Gat
e Br
idge
Queensborough Bridge
Cliveden
Ave
Industrial Wy
W Yale Rd
Lick
man
Rd
Sum
as P
rairi
e Rd
Boun
dary
Rd
Inte
rpro
vinc
ial H
wy
Cole
Rd
McD
erm
ott R
d
Mar
ion
Rd
Dixo
n Rd
Pow
erho
use
Rd
Chad
sey
Rd
Sinclair Rd
Hope
dale
Rd
S Sumas Rd
Luckakuck Wy
Keith Wilson Rd
Peters Rd
W Yale Rd
Vedder Rd
Prairie Central Rd
Bailey Rd
Watson Rd Promontory Rd
Chilliwack Central Rd
1st Ave
Castleman Rd
Anni
s Rd
Chap
man
Rd
McG
rath
Rd
Ford
Rd
Gibs
on R
d
Pres
t Rd
Youn
g Rd
Banf
ord
Rd
Campbell R
iver Rd
Chi l l iw ackRiver Rd
Gilla
nder
s Rd
Vedder Mountain Rd
Yarrow Central Rd
No. 3 Rd
No. 4 RdFireclay Rd
No. 5 RdAtkinson Rd
Campbell Rd
Wells Line Rd
Dewdney Trunk Rd
Stav
e La
ke R
d
Sylve
ster
Rd
Hawkins Pickle Rd
New
ton
Rd
Eagl
e Rd
R iver Rd South
Nicomen Island Trunk Rd
Nicomen Island Trunk Rd
John
son
Rd
Athe
y RdNo 1 Rd
Chilliwack Mtn Rd
Wellington Ave
Wolfe Rd
Hope River Rd
Chilliwack Lake Rd
Lower S
umas
Mtn
Rd
Sumas Mtn Rd
Upper Sumas Mountai n Rd
Limbert Rd
McCallum Rd
Cam
eron
Rd
Brid
ge R
d
Arthur L
aing
Brid
ge
RdStraiton
Iron Workers M
emo rial Bridge
Stewardson Wy
Colu
mbia
St
Brunette Ave
Newton Rd
192n
d St
Dawson Rd
Ave
Shau
ghne
ssy S
t
St
Fraser
Wy
North
Com
mer
cial
Dr
Earle
s St
110th Ave
112th Ave
Kingsway
E Hastings Street
E Broadway
Kingsway
Gran
ville
Stre
et
W Broadway
King
Geo
rge
High
way
Fraser Highway
United Blvd
Barnet Highway
Upper
Highway
Levels
Tayl
or W
y
Haney Bypass
Fraser Highway
Trans Canada Highway
56th Ave
176t
h St
Paci
�c H
ighw
ay
Lougheed Highway
South Fraser Way
Mission-abbotsford Highw
ay
264t
h St
Alde
rgro
ve -
Bel
lingh
am H
ighw
ay
Trans C
anada Hwy
North P
arallel
South
Parallel
Sumas Way
Trans Canada Hwy
Harr
ison
Hot
Spr
ings
Rd
Lougheed Hwy
E Yale Rd
Lougheed Highway
St. Johns St
Westminster Hwy
Fras
er -
Del
ta T
hruw
ay
Richmond Annacis Highway
Cambie Rd
Alderbridge Wy
Will
ingd
on A
ve
King Edward Ave
W 41st Ave
W 12th Ave
SW Marine Dr
W 16th Ave
No. 5
Rd
Steveston Hwy
No. 3
Rd
Canada Wy
Gilm
ore
Ave
trends and HigHligHts
2014 q4 2015 q1 trend
Office Inventory* (SF) 1,739,373 1,739,373
Net Absorption (SF) (4,189) 1,887
Vacancy Rate 16.4% 16.3%
Average Asking Net Rent** $22.80 $22.99
Average Additional Rent $13.07 $13.22
UPcoming new sUPPly
Notable Lease Notable Sale New Supply
Historical Performance and forecast
*There are 40 office buildings surveyed in the New Westminster region ** Average Asking Net Rent is calculated using a weighted average
(200,000)
(150,000)
(100,000)
(50,000)
-
50,000
100,000
150,000
200,000
250,000
300,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
notable sale transactions There were no significant sale transactions this quarter in the New Westminster submarket.
There are no approved new office developments for the New Westminster submarket.
notable lease transactions
tenant tyPe address aPProX. size (sf)
1. Sea to Sky Law Corporation Headlease 625 Agnes Street 6,000
2.Burnaby Square Orthopaedic & Sport Centre Inc
Headlease 610 6th Street 3,176
1
2
6
office market summary
RichMOnd
The Richmond market experienced moderate activity this quarter with vacancy at its lowest since 2009. Business parks continue to retain tenants through high inducements and attractive amenity packages. While vacancy is decreasing, transactions remain primarily with existing tenants expanding and relocating, resulting in expected stable vacancy in 2015.
◊ While vacancy remains substantially lower in buildings along No. 3 Road with access to the Canada Line, shuttle services have helped attract tenants for business parks off transit lines.
◊ 6500 River Road is slated for demolition for Aspac’s Phase II development of Rivergreen in 2016, furthering the evolution of the highest and best use of land in Richmond.
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KingEdward
Broadway/City Hall
Olympic Village
Yaletown/Roundhouse
Oakridge/41st Ave
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Marine Dr
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Wha
tcom
Rd
McC
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Marshall Rd
Huntington Rd
Pear
donv
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King Rd
Ros
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d29
6th
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328t
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t
320
th S
t
304t
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t. Le
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Rd C
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broo
k R
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McM
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RdOld Yale
Clayburn Rd
Old
Bel
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56th Ave
Clayburn Rd
Riv
ersi
de R
d
Fore Rd 60th Ave
44 Ave
16th Ave
8th Ave
20th Ave
Page Rd
Gla
dwin
Rd
48th Ave48th Ave
40th Ave
Ferndale Ave
Richards Ave
Dale Rd
Farms Rd
Hartley Rd
Dewdney Trunk Rd
1st Ave
7th Ave
14th Ave
22nd Ave
Ced
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t
Farm
s R
d
Spr
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d
Sta
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Rd
Hur
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t
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Keystone Ave
Tyle
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Wils
on S
t
Hay
war
d St
Duke
Rd
280
th S
t
80th Ave
McTavish Rd
Sat
chel
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Harris Rd
Townshipline Rd
Downes Rd
Bra
dner
Rd
288t
h S
t
Lefe
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Rd
8th Ave
0 Ave Boundary Rd
272n
d S
t
8th Ave
256t
h S
t
248t
h S
t
272n
d S
t
56th Ave
272n
d S
t
280
th S
t
112th Ave
100th Ave
112th Ave
256t
h S
t25
6th
St
264t
h S
t
248t
h S
t
112th Ave
124th Ave
Dewdney Trunk Rd
102nd Ave
240
th S
t
128th Ave128th Ave
232n
d S
t
227t
h S
t
224t
h S
t
Glov
er R
d
Wilson Cr
80th Ave
240
th S
tB
row
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d
72nd Ave
Tele
graph Tr
Fern
Cr
132nd Ave
144 th St
Nea
ves
Rd
Laity
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216t
h S
t
River Rd
203r
d S
t
207t
h S
t
Gol
den
Ear
s B
ridg
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208t
h S
t
100th Ave
96th Ave
88th Ave
Telegraph Tr
216t
h S
t
T
opha
m R
d
200
th S
t
72nd Ave 72nd Ave
208t
h S
t
216t
h S
t
Glover
Rd
Logan Ave
HWY 10BYPASS
48th Ave
Old Yale Rd
40th Ave
Douglas Cr
208t
h S
t
53rd Ave
203r
d S
t
Grade Cr
200
th S
t
208t
h S
t
216t
h S
t
32nd Ave
240
th S
t
24th Ave 24th Ave
224t
h S
t
232n
d S
t
16th Ave
176t
h S
t
0 Ave Boundary Rd
176t
h S
t
172n
d S
t
Campbell River Rd
16th Ave
168t
h S
t
8th Ave
Buena Vista Ave
152n
d S
t 24th Ave
20th Ave
28th Ave
32nd Ave
184t
h S
t
188t
h S
t
192n
d S
t
20th Ave
Colebrook Rd
Pac
i�c
Hig
hway
40th Ave 40th Ave
160
th S
t16
0th
St
60th Ave
64th Ave
168t
h S
t
184t
h S
t
192n
d S
t
80th Ave
88th Ave
Harvie
Rd
160
th S
t
92nd Ave
96th Ave
104th Ave
156t
h S
t
108th Ave
S Fraser Perimeter Rd
Woo
lrid
ge R
d
Victoria Dr
Bur
ns R
d
Prairie Ave
Ced
ar D
r
Coa
st M
erid
ian
Rd
Kingsway Ave
Bro
adw
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t
Shau
ghne
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St
Woo
dlan
d Pi
pelin
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Panorama Dr
John
son
St
Landsdowne D
r
Pin
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e W
y
Mary Hill Bypass
Pitt
Riv
er R
d
Dewdney Trunk Rd
Har
ris
Rd
Richardson Rd
McNeil Rd
East Rd
Sun
nysi
de R
d
Ioco Rd
Apr
il Rd
Heritage Mountain Blvd
Clar
ke R
d
Como Lake Ave
Mar
iner
Wy
Lint
on S
t
Gat
ensb
ury
Rd
Austin Ave
Marine DrNorth Blu� Rd
128t
h S
t
20th Ave124t
h S
tBa
yview
St
24th Ave
28th Ave
140
th S
t
Cres ce
nt R
d 32nd Ave
40th Ave
Colebrook Rd
56th Ave
Sta
tion
Rd
58th Ave 148t
h S
t14
8th
St
64th Ave 68th Ave
72nd Ave
76th Ave76th Ave
Sco
tt R
d12
0th
St
80th Ave
Kitson Pkwy
72nd Ave 140
th S
t
144t
h S
t
152n
d S
t
84th Ave
128t
h S
t
112t
h S
t
84th Ave
No
rdel
Wy
140
th S
t
Annacis
Highw
ay
88th Ave
92nd Ave
96th Ave
132n
d S
t
100th Ave
Scott
Rd
100th Ave
104th Ave
108th AveGros
veno
r Rd
116th Ave
Hartley Ave
Mt S
eym
our R
d
Dee
p C
ove
Rd
Mt Seymour Pkwy
Eton St
Parker St Curtis St
Gaglardi Wy
Ger
ald
Ave
Spe
rlin
g S
t
Nor
th R
d
Canada Wy
6th St
10th Ave
8th Ave
6th Ave
Queen
s Ave
Deer Lake Pkwy
Gill
ey A
ve
Roy
al O
ak A
ve
Imperial St
Rumble St
Nel
son
Ave
Marine Dr
Marine Wy
Byrne R
d
Tyne
St
Bou
ndar
y R
d
Grange St
RdRiver
Derwent Wy
River Rd VantageWy
Progress Wy 80th
St
Hopcott Rd
72nd
St
60th Ave
36th Ave
64th
St
16th Ave
Bo
undary Bay R
dPoin
t Rob
erts
Rd
1st Ave
6th Ave
12th Ave
52nd
St
56th
St
28th Ave27B Ave
Deltaport Wy53
rd S
tA
rthu
r D
r
34B Ave
Caus
eway
Rive
r Rd
W
62B
St
No.
6 R
d
No.
7 R
d
No.
8 R
d
Nel
son
Rd
No.
9 R
d
Vul
can
Wy
Bridgeport Rd
Knight St B
ridge
Granville Ave
River Rd
Blundell Rd
Francis Rd
Williams Rd
Gar
den
City
Rd
No.
4 R
d
She
ll R
d
Rai
lway
Ave
Westham Island Rd
Rob
erts
on R
d
Dyke Rd
Gilb
ert R
d
No.
2 R
d
No.
1 R
d
Moncton St
Russ Baker W
y
Grant McConachie Wy
W 70th Ave N Kent AveSE Marine Dr
Twigg Pl
Sprott StWinston StR
uper
t St
Hol
dom
St
Ber
kley
Rd
McGill St
Dundas St
Ren
frew
St
1st Ave
Venables St
Nan
aim
o S
t
E 41st Ave
W 57th Ave W 57th Ave
49th Ave E
Kerr
St
Ellio
t S
t
Vic
tori
a D
r
Cla
rk D
rKn
ight
St
Fras
er S
t
Mai
n S
t
E 33rd Ave
E 12th Ave
Gre at Northern Wy
Denm
an S
t
Davie St
Paci�c St
W 33rd Ave
Cam
bie
St
Oak
St
Arb
utus
St
W B
oule
vard
W 49th Ave
Ble
nhei
m S
t
Dun
bar
St
Cro
wn
St
W 10th Ave
Wesbrook M
all
W 4th Ave
NW Marine Dr
Cornwall StPoint Grey Rd
Mac
dona
ld S
t
Marine Dr15th St
21st
St
Inglewood Ave
11th
St
15th
St
Stev
ens
Dr
Queens AveSout
hbor
ough
Dr
Capi
lan
o R
d
Edgemont Blvd
Welch St
Larso
n Rd
Del
broo
k
E 29th St
E G
rand
Blv
d
Bro
oksb
ank
Ave
Mountain H
wyE Esplanade Main St W
Riverside D
r
E Ri
vers
ide D
r
W Esplanade
Lons
dale
Ave
Che
ster
�eld
Ave
St G
eorg
es A
ve
W 13th St
Braemar Rd
Mou
ntai
n H
wy
Lynn V
alley R
d
Lillo
oet
Rd
W 3rd StE 3rd St
Hyannis Dr
72nd
St
Huston Rd
76th
St
Kent Ave S
Grandview Hwy
Blundell Rd
Harbourside DrHarbourside Pl
Fulton Ave
Mathers Ave
64th Ave
Rd
Ferguson Wy
Ladner Trunk Road
Blue
Mou
ntai
n S
t
Sta
ve L
a k
e St
Bedw
ell Bay Rd
F
ell
Ave
E Keith Rd
Trans Canada Highway
Lougheed Highway
Simon FraserUniversity
Dollarton HwyOld
Dollarton Rd
Vulcan Wy
Port Mann B
ridge
Patullo Bridge
Alex Fraser Bridge
Oak St Bridge
Lion
s Ga
te B
ridge
Queensborough Bridge
Cliveden
Ave
Industrial Wy
W Yale Rd
Lick
man
Rd
Sum
as P
rair
ie R
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Bou
ndar
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d
Inte
rpro
vinc
ial H
wy
Col
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McD
erm
ott R
d
Mar
ion
Rd
Dix
on R
dPo
wer
hous
e R
d
Cha
dsey
Rd
Sinclair Rd
Hop
edal
e R
d
S Sumas Rd
Luckakuck Wy
Keith Wilson Rd
Peters Rd
W Yale Rd
Vedder Rd
Prairie Central Rd
Bailey Rd
Watson Rd Promontory Rd
Chilliwack Central Rd
1st Ave
Castleman Rd
Ann
is R
dC
hapm
an R
d
McG
rath
Rd
Ford
Rd
Gib
son
Rd
Pre
st R
d
Youn
g R
d
Ban
ford
Rd
Campbe
ll River Rd
Chi l l iw ackRiver Rd
Gill
ande
rs R
d
Vedder Mountain Rd
Yarrow Central Rd
No. 3 Rd
No. 4 RdFireclay Rd
No. 5 RdAtkinson Rd
Campbell Rd
Wells Line Rd
Dewdney Trunk Rd
Stav
e La
ke R
d
Sylve
ster
Rd
Hawkins Pickle Rd
New
ton
Rd
Eag
le R
d
River Rd South
Nicomen Island Trunk Rd
Nicomen Island Trunk Rd
John
son
Rd
Athe
y RdNo 1 Rd
Chilliwack Mtn Rd
Wellington Ave
Wolfe Rd
Hope River Rd
Chilliwack Lake Rd
Lower S
umas
Mtn
Rd
Sumas M
tn Rd
Upper Sumas Mountai n Rd
Limbert Rd
McCallum Rd
Cam
eron
Rd
Bri
dge
Rd
Arthur L
aing
B
ridge
RdStraiton
Iron Workers M
emo rial Bridge
Stewardson Wy
Colu
mbi
a St
Brunette Ave
Newton Rd
192n
d S
t
Dawson Rd
Ave
Shau
ghne
ssy S
t
St
Frase
r Wy
North
Com
mer
cial
Dr
Ear
les
St
110th Ave
112th Ave
Kingsway
E Hastings Street
E Broadway
Kingsway
Gra
nvill
e S
tree
t
W Broadway
King
Geo
rge
Hig
hway
Fraser Highway
United Blvd
Barnet Highway
Upper
Highway
Levels
Tayl
or W
y
Haney Bypass
Fraser Highway
Trans Canada Highway
56th Ave
176t
h S
tP
aci�
c H
ighw
ay
Lougheed Highway
South Fraser Way
Mission-abbotsford H
ighway
264t
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tA
lder
grov
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Bel
lingh
am H
ighw
ay
Trans
Canada
Hwy
North P
arallel
South
Paralle
l
Sumas Way
Trans Canada Hwy
Har
riso
n H
ot S
prin
gs R
d
Lougheed Hwy
E Yale Rd
Lougheed Highway
St. Johns St
Westminster Hwy
Fras
er -
Del
ta T
hruw
ay
Richmond Annacis Highway
Cambie Rd
Alderbridge Wy
Will
ingd
on A
ve
King Edward Ave
W 41st Ave
W 12th Ave
SW Marine Dr
W 16th Ave
No.
5 R
d
Steveston Hwy
No.
3 R
d
Canada Wy
Gilm
ore
Ave
notable lease transactions
tenant tyPe address aPProX. size (sf)
1. FedEx Trade Networks Transport & Brokerage Inc. Expansion 13777 Commerce
Parkway 10,900
2. RockTenn Headlease 13160 Vanier Place 10,100
3. MNP LLP Sublease 13777 Commerce Parkway 8,400
trends and HigHligHts
2014 q4 2015 q1 trend
Office Inventory* (SF) 3,903,020 3,903,020
Net Absorption (SF) (72,252) 82,023
Vacancy Rate 17.7% 15.6%
Average Asking Net Rent** $14.90 $14.64
Average Additional Rent $9.22 $8.89
UPcoming new sUPPly
Notable Lease Notable Sale New Supply
Historical Performance and forecast
*There are 78 office buildings surveyed in the Richmond region **Average Asking Net Rent is calculated using a weighted average
(500,000)
(400,000)
(300,000)
(200,000)
(100,000)
-
100,000
200,000
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
24.0%
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
There are no approved new office developments for the Richmond submarket.
notable sale transactions There were no significant sale transactions this quarter in the Richmond submarket.
2
1&3
FIRST QUARTER 2015
office market summary
suRReyStrong touring activity sustained Surrey’s leasing market from a variety of smaller tenants seeking office space and increased activity in business parks. Successful landlords offered high inducements to secure tenants resulting in low net effective rates. Vacancy rates continue 2014’s trend between 20.0 percent to 21.5 percent and are expected to remain stable until the release of new developments.
◊ Strata sales are strong in Surrey, as exemplified by City Centre 1 at 90% sold, 3 Civic Plaza at 60% pre-sold, and the Croydon Business Centre which is now 90 percent sold after Cloverdale Paint’s purchase of the top floor this quarter.
◊ MNP’s acquisition of KNV LLP will result in the consolidation of the two offices into the newly constructed Southpointe 99 Business Park.
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Harrison Bay
Fraser
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allu
m R
d
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onvil
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h St
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h St
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Mt.
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an R
d Clea
rbro
ok R
d
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illan
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Rd
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rsid
e Rd
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win
Rd
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40th Ave
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Hartley Rd
Dewdney Trunk Rd
1st Ave
7th Ave
14th Ave
22nd Ave
Ceda
r St
Farm
s Rd
Spra
tt Rd
Stav
e La
ke R
d
Hurd
St
Wre
n St
Clay
St
Dewdney Trunk Rd
Keystone Ave
Tyler
Wils
on S
t
Hayw
ard
St
Duke R
d280t
h St
80th Ave
McTavish Rd
Satc
hell
St
Harris Rd
Townshipline Rd
Downes Rd
Brad
ner R
d28
8th
St
Lefe
uvre
Rd
8th Ave
0 Ave Boundary Rd
272n
d St
8th Ave
256t
h St
248t
h St
272n
d St
56th Ave
272n
d St
280t
h St
112th Ave
100th Ave
112th Ave
256t
h St
256t
h St
264t
h St
248t
h St
112th Ave
124th Ave
Dewdney Trunk Rd
102nd Ave
240t
h St
128th Ave128th Ave
232n
d St
227t
h St
224t
h St
Glov
er R
d
Wilson Cr
80th Ave
240t
h St
Brow
n Rd
72nd Ave
Telegraph Tr
Fern
Cr
132nd Ave
144 th St
Neav
es R
d
Laity
St
216t
h St
River Rd
203r
d St
207t
h St
Gold
en E
ars
Brid
ge
208t
h St
100th Ave
96th Ave
88th Ave
Telegraph Tr
216t
h St
To
pham
Rd
200t
h St
72nd Ave 72nd Ave
208t
h St
216t
h St
Glover
Rd
Logan Ave
HWY 10BYPASS
48th Ave
Old Yale Rd
40th Ave
Douglas Cr
208t
h St
53rd Ave
203r
d St
Grade Cr
200t
h St
208t
h St
216t
h St
32nd Ave
240t
h St
24th Ave 24th Ave
224t
h St
232n
d St
16th Ave
176t
h St
0 Ave Boundary Rd
176t
h St
172n
d St
Campbell River Rd
16th Ave
168t
h St
8th Ave
Buena Vista Ave
152n
d St 24th Ave
20th Ave
28th Ave
32nd Ave
184t
h St
188t
h St
192n
d St
20th Ave
Colebrook Rd
Paci
�c H
ighw
ay
40th Ave 40th Ave
160t
h St
160t
h St
60th Ave
64th Ave
168t
h St
184t
h St
192n
d St
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Harvie
Rd
160t
h St
92nd Ave
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156t
h St
108th Ave
S Fraser Perimeter Rd
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lridg
e Rd
Victoria Dr
Burn
s Rd
Prairie Ave
Ceda
r Dr
Coas
t Mer
idia
n Rd
Kingsway Ave
Broa
dway
St
Shau
ghne
ssy S
t
Woo
dlan
d Pi
pelin
e Rd
Panorama Dr
John
son
St
Landsdowne Dr
Pine
tree
Wy
Mary Hill Bypass
Pitt
Rive
r Rd
Dewdney Trunk Rd
Harr
is R
d
Richardson Rd
McNeil Rd
East Rd
Sunn
ysid
e Rd
Ioco Rd
April
Rd
Heritage Mountain Blvd
Clarke
Rd
Como Lake Ave
Mar
iner
Wy
Lint
on S
t
Gate
nsbu
ry R
d
Austin Ave
Marine DrNorth Blu� Rd
128t
h St
20th Ave124t
h St
Bayv
iew
St
24th Ave
28th Ave
140t
h St
Cres ce
nt R
d 32nd Ave
40th Ave
Colebrook Rd
56th Ave
Stat
ion
Rd
58th Ave 148t
h St
148t
h St
64th Ave 68th Ave
72nd Ave
76th Ave76th Ave
Scot
t Rd
120t
h St
80th Ave
Kitson Pkwy
72nd Ave 140t
h St
144t
h St
152n
d St
84th Ave
128t
h St
112t
h St
84th Ave
Norde
l Wy
140t
h St
AnnacisHighway88th Ave
92nd Ave
96th Ave
132n
d St
100th Ave
Scott
Rd
100th Ave
104th Ave
108th AveGros
venor
Rd
116th Ave
Hartley Ave
Mt S
eymou
r Rd
Deep
Cov
e Rd
Mt Seymour Pkwy
Eton St
Parker St Curtis St
Gaglardi Wy
Gera
ld A
ve
Sper
ling
St
Nort
h Rd
Canada Wy6th St
10th Ave
8th Ave
6th Ave
Queens
Ave
Deer Lake Pkwy
Gille
y Av
e
Roya
l Oak
Ave
Imperial St
Rumble St
Nels
on A
ve
Marine Dr
Marine Wy
Byrne R
d
Tyne
St
Boun
dary
Rd
Grange St
RdRiver
Derwent Wy
River Rd VantageWy
Progress Wy 80th
St
Hopcott Rd
72nd
St
60th Ave
36th Ave
64th
St
16th Ave
Boundary Bay R
dPoin
t Rob
erts
Rd
1st Ave
6th Ave
12th Ave
52nd
St
56th
St
28th Ave27B Ave
Deltaport Wy
53rd
St
Arth
ur D
r
34B Ave
Cause
way
Rive
r Rd W
62B
St
No. 6
Rd
No. 7
Rd
No. 8
Rd
Nels
on R
d
No. 9
Rd
Vulc
an W
y
Bridgeport Rd
Knight St Bridge
Granville Ave
River Rd
Blundell Rd
Francis Rd
Williams Rd
Gard
en C
ity R
d
No. 4
Rd
Shel
l Rd
Railw
ay A
ve
Westham Island Rd
Robe
rtso
n Rd
Dyke Rd
Gilb
ert R
d
No. 2
Rd
No. 1
Rd
Moncton St
Russ Baker W
y
Grant McConachie Wy
W 70th Ave N Kent AveSE Marine Dr
Twigg Pl
Sprott StWinston StRu
pert
St
Hold
om S
t
Berk
ley
Rd
McGill St
Dundas St
Renf
rew
St
1st Ave
Venables St
Nana
imo
St
E 41st Ave
W 57th Ave W 57th Ave
49th Ave E
Kerr
St
Ellio
t S
t
Vict
oria
Dr
Clar
k Dr
Knig
ht S
t
Fras
er S
t
Mai
n St
E 33rd Ave
E 12th Ave
Gre at Northern Wy
Denman
St
Davie St
Paci�c St
W 33rd Ave
Cam
bie
St
Oak
St
Arbu
tus
StW
Bou
leva
rd
W 49th Ave
Blen
heim
St
Dunb
ar S
t
Crow
n St
W 10th Ave
Wesbrook Mall
W 4th Ave
NW Marine Dr
Cornwall StPoint Grey Rd
Mac
dona
ld S
t
Marine Dr15th St
21st
St
Inglewood Ave
11th
St
15th
St
Stev
ens D
r
Queens AveSouth
boro
ugh
Dr
Capi
lan
o Rd
Edgemont Blvd
Welch St
Larso
n Rd
Delb
rook
E 29th St
E Gr
and
Blvd
Broo
ksba
nkAv
e
Mountain Hw
yE Esplanade Main St W Riverside Dr
E Riv
ersid
e Dr
W Esplanade
Lons
dale
Ave
Ches
ter�
eld
Ave
St G
eorg
es A
ve
W 13th St
Braemar Rd
Mou
ntai
n Hw
y
Lynn V
alley R
d
Lillo
oet R
d
W 3rd StE 3rd St
Hyannis Dr
72nd
St
Huston Rd
76th
St
Kent Ave S
Grandview Hwy
Blundell Rd
Harbourside DrHarbourside Pl
Fulton Ave
Mathers Ave
64th Ave
Rd
Ferguson Wy
Ladner Trunk Road
Blue
Mou
ntai
n St
Stav
e La
ke St
Bedw
ell Bay Rd
F
ell
Ave
E Keith Rd
Trans Canada Highway
Lougheed Highway
Simon FraserUniversity
Dollarton HwyOld
Dollarton Rd
Vulcan Wy
Port Mann Bridge
Patullo Bridge
Alex Fraser Bridge
Oak St Bridge
Lions
Gat
e Br
idge
Queensborough Bridge
Cliveden
Ave
Industrial Wy
W Yale Rd
Lick
man
Rd
Sum
as P
rairi
e Rd
Boun
dary
Rd
Inte
rpro
vinc
ial H
wy
Cole
Rd
McD
erm
ott R
d
Mar
ion
Rd
Dixo
n Rd
Pow
erho
use
Rd
Chad
sey
Rd
Sinclair Rd
Hope
dale
Rd
S Sumas Rd
Luckakuck Wy
Keith Wilson Rd
Peters Rd
W Yale Rd
Vedder Rd
Prairie Central Rd
Bailey Rd
Watson Rd Promontory Rd
Chilliwack Central Rd
1st Ave
Castleman Rd
Anni
s Rd
Chap
man
Rd
McG
rath
Rd
Ford
Rd
Gibs
on R
d
Pres
t Rd
Youn
g Rd
Banf
ord
Rd
Campbell R
iver Rd
Chi l l iw ackRiver Rd
Gilla
nder
s Rd
Vedder Mountain Rd
Yarrow Central Rd
No. 3 Rd
No. 4 RdFireclay Rd
No. 5 RdAtkinson Rd
Campbell Rd
Wells Line Rd
Dewdney Trunk Rd
Stav
e La
ke R
d
Sylve
ster
Rd
Hawkins Pickle Rd
New
ton
Rd
Eagl
e Rd
R iver Rd South
Nicomen Island Trunk Rd
Nicomen Island Trunk Rd
John
son
Rd
Athe
y RdNo 1 Rd
Chilliwack Mtn Rd
Wellington Ave
Wolfe Rd
Hope River Rd
Chilliwack Lake Rd
Lower S
umas
Mtn
Rd
Sumas Mtn Rd
Upper Sumas Mountai n Rd
Limbert Rd
McCallum Rd
Cam
eron
Rd
Brid
ge R
d
Arthur L
aing
Brid
ge
RdStraiton
Iron Workers M
emo rial Bridge
Stewardson Wy
Colu
mbia
St
Brunette Ave
Newton Rd
192n
d St
Dawson Rd
Ave
Shau
ghne
ssy S
t
St
Fraser
Wy
North
Com
mer
cial
Dr
Earle
s St
110th Ave
112th Ave
Kingsway
E Hastings Street
E Broadway
Kingsway
Gran
ville
Stre
et
W Broadway
King
Geo
rge
High
way
Fraser Highway
United Blvd
Barnet Highway
Upper
Highway
Levels
Tayl
or W
y
Haney Bypass
Fraser Highway
Trans Canada Highway
56th Ave
176t
h St
Paci
�c H
ighw
ay
Lougheed Highway
South Fraser Way
Mission-abbotsford Highw
ay
264t
h St
Alde
rgro
ve -
Bel
lingh
am H
ighw
ay
Trans C
anada Hwy
North P
arallel
South
Parallel
Sumas Way
Trans Canada Hwy
Harr
ison
Hot
Spr
ings
Rd
Lougheed Hwy
E Yale Rd
Lougheed Highway
St. Johns St
Westminster Hwy
Fras
er -
Del
ta T
hruw
ay
Richmond Annacis Highway
Cambie Rd
Alderbridge Wy
Will
ingd
on A
ve
King Edward Ave
W 41st Ave
W 12th Ave
SW Marine Dr
W 16th Ave
No. 5
Rd
Steveston Hwy
No. 3
Rd
Canada Wy
Gilm
ore
Ave
notable lease transactions
tenant tyPe address aPProX.size (sf)
1. ATI Telecom International Co. Headlease Surrey Central
Business Park 25,000
2. Community Living Services Headlease Surrey Central
Business Park 10,000
trends and HigHligHts
2014 q4 2015 q1 trend
Office Inventory* (SF) 3,834,227, 3,834,227
Net Absorption (SF) 18,263 (4,859)
Vacancy Rate1 21.0% 21.1%
Average Asking Net Rent** $19.24 $17.58
Average Additional Rent $10.19 $10.65
UPcoming new sUPPly address class floors total office area (sf) develoPer
A. King George Station (Phase A) A 9 160,000 PCI
B. Gateway Place - 13479 108th Avenue A 4 60,000 Bosa Properties
C. 3 Civic Plaza A 5 50,000 Century Group
D. 13769 104th Avenue A 3 12,880 Heighton Developments
Notable Lease Notable Sale New Supply
Historical Performance and forecast
*There are 69 office buildings surveyed in the Surrey region **Average Asking Net Rent is calculated using a weighted average 1Surrey Vacancy rate excluding 14178 104th Avenue was 15.3% in 2014 Q4 and 15.4% in 2015 Q1. 14178 104th Avenue remains fully vacant for the past 14 years and consists of 259,474 SF of space.
(200,000)
(150,000)
(100,000)
(50,000)
-
50,000
100,000
150,000
200,000
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
notable sale transactions
PUrcHaser Price address aPProX. size (sf)
3. Private Investor $10,500,000 10428 153 Street 27,098
4. Cloverdale Paint Real Estate Ltd. $5,868,798 Unit 400, 2630 Croydon
Drive 17,420
3
4
CB D
A
1&2
8
office market summary
LangLey
Langley’s moderate leasing activity this quarter was offset by its strong strata sale activity. While vacancy rates rose, it is expected to return to its downward trend as no office developments are currently under construction and a range of tenants continue to seek a Fraser Valley presence.
◊ RDG Corporate Centre saw an uptake in interest this quarter with a rising demand for high-end strata office.
◊ Leasing demand is driven by tenants with requirements of 5,000 square feet and under, particularly from financial businesses and other professional services.
CapilanoLake
Indian
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BuntzenLake
Pitt Lake
Hatzic Lake
Stave Lake
English Bay
Burrard Inlet
Strait Of Georgia
Mud Bay
Fraser River
CultusLake
Harrison Lake
Harrison Bay
Fraser
River
Fraser River
C.P
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C.N.R.
C.P.R.
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SOUTHERN
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VANCOUVERINTERNATIONAL
AIRPORT
BC FERRIESTERMINAL
TSAWWASSEN
BOUNDARY BAYAIRPORT
LANGLEYAIRPORT
PITT MEADOWSAIRPORT
ABBOTSFORD INTERNATIONAL
AIRPORT
Albion Ferry
Burquitlam
Kyle-Queens Port Moody Ioco-MorayFalcon
LincolnWCE
Coquitam
Burquitlam
Kyle-Queens Port Moody Ioco-MorayFalcon
LincolnWCE
Coquitam
Port Moody
PittMeadows
MapleMeadows
PortHaney
MissionCity
CoquitlamCentral
PortCoquitlam
Port Moody
PittMeadows
MapleMeadows
PortHaney
MissionCity
CoquitlamCentral
PortCoquitlam
KingEdward
Broadway/City Hall
Olympic Village
Yaletown/Roundhouse
Oakridge/41st Ave
Langara/49th Ave
Marine Dr
Bridgeport
Aberdeen
Lansdowne
Brighouse
TempletonSea Island
CentreYVR
Airport
VancouverCity Centre
KingEdward
Broadway/City Hall
Olympic Village
Yaletown/Roundhouse
Oakridge/41st Ave
Langara/49th Ave
Marine Dr
Bridgeport
Aberdeen
Lansdowne
Brighouse
TempletonSea Island
CentreYVR
Airport
VancouverCity Centre
Commercial
RupertRenfrew
Gilmore BrentwoodTown Centre
Holdom
Sperling/Burnaby Lake
Lake City WayProduction Way/University
Braid
Sapperton
LougheedTown Centre
VCC/Clark
Commercial
RupertRenfrew
Gilmore BrentwoodTown Centre
Holdom
Sperling/Burnaby Lake
Lake City WayProduction Way/University
Braid
Sapperton
LougheedTown Centre
VCC/Clark
Burrard
Stadium/Chinatown
Main St
Broadway
Nanaimo
29th Ave
Joyce
Patterson
Metrotown
RoyalOak
Edmonds
22nd StNewWestminster
ColumbiaScott Rd
Gateway
SurreyCentral
King George
Granville
WaterfrontBurrard
Stadium/Chinatown
Main St
Broadway
Nanaimo
29th Ave
Joyce
Patterson
Metrotown
RoyalOak
Edmonds
22nd StNewWestminster
ColumbiaScott Rd
Gateway
SurreyCentral
King George
Granville
Waterfront
Delta
Surrey
Port Moody
Burnaby
WestVancouver
NorthVancouver
Richmond
White Rock
Vancouver
LangleyLangley
Port Coquitlam
Coquitlam
PittMeadows
MapleRidge
Mission
Abbotsford
George Massey Tunnel
Hammond Rd
Fraser Wy
Boundary Rd
Vye Rd
Wha
tcom
Rd
McC
allu
m R
d
Marshall Rd
Huntington Rd
Peard
onvil
le Rd
King Rd
Ross
Rd
296t
h St
328t
h St
320t
h St
304t
h St
Mt.
Lehm
an R
d Clea
rbro
ok R
d
McM
illan
RdOld Yale
Clayburn Rd
Old
Bell
Rd
56th Ave
Clayburn Rd
Rive
rsid
e Rd
Fore Rd 60th Ave
44 Ave
16th Ave
8th Ave
20th Ave
Page Rd
Glad
win
Rd
48th Ave48th Ave
40th Ave
Ferndale Ave
Richards Ave
Dale Rd
Farms Rd
Hartley Rd
Dewdney Trunk Rd
1st Ave
7th Ave
14th Ave
22nd Ave
Ceda
r St
Farm
s Rd
Spra
tt Rd
Stav
e La
ke R
d
Hurd
St
Wre
n St
Clay
St
Dewdney Trunk Rd
Keystone Ave
Tyler
Wils
on S
t
Hayw
ard
St
Duke R
d280t
h St
80th Ave
McTavish Rd
Satc
hell
St
Harris Rd
Townshipline Rd
Downes Rd
Brad
ner R
d28
8th
St
Lefe
uvre
Rd
8th Ave
0 Ave Boundary Rd
272n
d St
8th Ave
256t
h St
248t
h St
272n
d St
56th Ave
272n
d St
280t
h St
112th Ave
100th Ave
112th Ave
256t
h St
256t
h St
264t
h St
248t
h St
112th Ave
124th Ave
Dewdney Trunk Rd
102nd Ave
240t
h St
128th Ave128th Ave
232n
d St
227t
h St
224t
h St
Glov
er R
d
Wilson Cr
80th Ave
240t
h St
Brow
n Rd
72nd Ave
Telegraph Tr
Fern
Cr
132nd Ave
144 th St
Neav
es R
d
Laity
St
216t
h St
River Rd
203r
d St
207t
h St
Gold
en E
ars
Brid
ge
208t
h St
100th Ave
96th Ave
88th Ave
Telegraph Tr
216t
h St
To
pham
Rd
200t
h St
72nd Ave 72nd Ave
208t
h St
216t
h St
Glover
Rd
Logan Ave
HWY 10BYPASS
48th Ave
Old Yale Rd
40th Ave
Douglas Cr
208t
h St
53rd Ave
203r
d St
Grade Cr
200t
h St
208t
h St
216t
h St
32nd Ave
240t
h St
24th Ave 24th Ave
224t
h St
232n
d St
16th Ave
176t
h St
0 Ave Boundary Rd
176t
h St
172n
d St
Campbell River Rd
16th Ave
168t
h St
8th Ave
Buena Vista Ave
152n
d St 24th Ave
20th Ave
28th Ave
32nd Ave
184t
h St
188t
h St
192n
d St
20th Ave
Colebrook Rd
Paci
�c H
ighw
ay
40th Ave 40th Ave
160t
h St
160t
h St
60th Ave
64th Ave
168t
h St
184t
h St
192n
d St
80th Ave
88th Ave
Harvie
Rd
160t
h St
92nd Ave
96th Ave
104th Ave
156t
h St
108th Ave
S Fraser Perimeter Rd
Woo
lridg
e Rd
Victoria Dr
Burn
s Rd
Prairie Ave
Ceda
r Dr
Coas
t Mer
idia
n Rd
Kingsway Ave
Broa
dway
St
Shau
ghne
ssy S
t
Woo
dlan
d Pi
pelin
e Rd
Panorama Dr
John
son
St
Landsdowne Dr
Pine
tree
Wy
Mary Hill Bypass
Pitt
Rive
r Rd
Dewdney Trunk Rd
Harr
is R
d
Richardson Rd
McNeil Rd
East Rd
Sunn
ysid
e Rd
Ioco Rd
April
Rd
Heritage Mountain Blvd
Clarke
Rd
Como Lake Ave
Mar
iner
Wy
Lint
on S
t
Gate
nsbu
ry R
d
Austin Ave
Marine DrNorth Blu� Rd
128t
h St
20th Ave124t
h St
Bayv
iew
St
24th Ave
28th Ave
140t
h St
Cres ce
nt R
d 32nd Ave
40th Ave
Colebrook Rd
56th Ave
Stat
ion
Rd
58th Ave 148t
h St
148t
h St
64th Ave 68th Ave
72nd Ave
76th Ave76th Ave
Scot
t Rd
120t
h St
80th Ave
Kitson Pkwy
72nd Ave 140t
h St
144t
h St
152n
d St
84th Ave
128t
h St
112t
h St
84th Ave
Norde
l Wy
140t
h St
AnnacisHighway
88th Ave
92nd Ave
96th Ave
132n
d St
100th Ave
Scott
Rd
100th Ave
104th Ave
108th AveGros
venor
Rd
116th Ave
Hartley Ave
Mt S
eymou
r Rd
Deep
Cov
e Rd
Mt Seymour Pkwy
Eton St
Parker St Curtis St
Gaglardi Wy
Gera
ld A
ve
Sper
ling
St
Nort
h Rd
Canada Wy6th St
10th Ave
8th Ave
6th Ave
Queens
Ave
Deer Lake Pkwy
Gille
y Av
e
Roya
l Oak
Ave
Imperial St
Rumble StNe
lson
Ave
Marine Dr
Marine Wy
Byrne R
d
Tyne
St
Boun
dary
Rd
Grange St
RdRiver
Derwent Wy
River Rd VantageWy
Progress Wy 80th
St
Hopcott Rd
72nd
St
60th Ave
36th Ave
64th
St
16th Ave
Boundary Bay R
dPoin
t Rob
erts
Rd
1st Ave
6th Ave
12th Ave
52nd
St
56th
St
28th Ave27B Ave
Deltaport Wy
53rd
St
Arth
ur D
r
34B Ave
Cause
way
Rive
r Rd W
62B
St
No. 6
Rd
No. 7
Rd
No. 8
Rd
Nels
on R
d
No. 9
Rd
Vulc
an W
y
Bridgeport Rd
Knight St Bridge
Granville Ave
River Rd
Blundell Rd
Francis Rd
Williams Rd
Gard
en C
ity R
d
No. 4
Rd
Shel
l Rd
Railw
ay A
ve
Westham Island Rd
Robe
rtso
n Rd
Dyke Rd
Gilb
ert R
d
No. 2
Rd
No. 1
Rd
Moncton St
Russ Baker W
y
Grant McConachie Wy
W 70th Ave N Kent AveSE Marine Dr
Twigg Pl
Sprott StWinston StRu
pert
St
Hold
om S
t
Berk
ley
Rd
McGill St
Dundas St
Renf
rew
St
1st Ave
Venables St
Nana
imo
St
E 41st Ave
W 57th Ave W 57th Ave
49th Ave E
Kerr
St
Ellio
t S
t
Vict
oria
Dr
Clar
k Dr
Knig
ht S
t
Fras
er S
t
Mai
n St
E 33rd Ave
E 12th Ave
Gre at Northern Wy
Denman
St
Davie St
Paci�c St
W 33rd Ave
Cam
bie
St
Oak
St
Arbu
tus
StW
Bou
leva
rd
W 49th Ave
Blen
heim
St
Dunb
ar S
t
Crow
n St
W 10th Ave
Wesbrook Mall
W 4th Ave
NW Marine Dr
Cornwall StPoint Grey Rd
Mac
dona
ld S
t
Marine Dr15th St
21st
St
Inglewood Ave
11th
St
15th
St
Stev
ens D
r
Queens AveSouth
boro
ugh
Dr
Capi
lan
o Rd
Edgemont Blvd
Welch St
Larso
n Rd
Delb
rook
E 29th St
E Gr
and
Blvd
Broo
ksba
nkAv
e
Mountain Hw
yE Esplanade Main St W Riverside Dr
E Riv
ersid
e Dr
W Esplanade
Lons
dale
Ave
Ches
ter�
eld
Ave
St G
eorg
es A
ve
W 13th St
Braemar Rd
Mou
ntai
n Hw
y
Lynn V
alley R
d
Lillo
oet R
d
W 3rd StE 3rd St
Hyannis Dr
72nd
St
Huston Rd
76th
St
Kent Ave S
Grandview Hwy
Blundell Rd
Harbourside DrHarbourside Pl
Fulton Ave
Mathers Ave
64th Ave
Rd
Ferguson Wy
Ladner Trunk Road
Blue
Mou
ntai
n St
Stav
e La
ke St
Bedw
ell Bay Rd
F
ell
Ave
E Keith Rd
Trans Canada Highway
Lougheed Highway
Simon FraserUniversity
Dollarton HwyOld
Dollarton Rd
Vulcan Wy
Port Mann Bridge
Patullo Bridge
Alex Fraser Bridge
Oak St Bridge
Lions
Gat
e Br
idge
Queensborough Bridge
Cliveden
Ave
Industrial Wy
W Yale Rd
Lick
man
Rd
Sum
as P
rairi
e Rd
Boun
dary
Rd
Inte
rpro
vinc
ial H
wy
Cole
Rd
McD
erm
ott R
d
Mar
ion
Rd
Dixo
n Rd
Pow
erho
use
Rd
Chad
sey
Rd
Sinclair Rd
Hope
dale
Rd
S Sumas Rd
Luckakuck Wy
Keith Wilson Rd
Peters Rd
W Yale Rd
Vedder Rd
Prairie Central Rd
Bailey Rd
Watson Rd Promontory Rd
Chilliwack Central Rd
1st Ave
Castleman Rd
Anni
s Rd
Chap
man
Rd
McG
rath
Rd
Ford
Rd
Gibs
on R
d
Pres
t Rd
Youn
g Rd
Banf
ord
Rd
Campbell R
iver Rd
Chi l l iw ackRiver Rd
Gilla
nder
s Rd
Vedder Mountain Rd
Yarrow Central Rd
No. 3 Rd
No. 4 RdFireclay Rd
No. 5 RdAtkinson Rd
Campbell Rd
Wells Line Rd
Dewdney Trunk Rd
Stav
e La
ke R
d
Sylve
ster
Rd
Hawkins Pickle Rd
New
ton
Rd
Eagl
e Rd
R iver Rd South
Nicomen Island Trunk Rd
Nicomen Island Trunk Rd
John
son
Rd
Athe
y RdNo 1 Rd
Chilliwack Mtn Rd
Wellington Ave
Wolfe Rd
Hope River Rd
Chilliwack Lake Rd
Lower S
umas
Mtn
Rd
Sumas Mtn Rd
Upper Sumas Mountai n Rd
Limbert Rd
McCallum Rd
Cam
eron
Rd
Brid
ge R
d
Arthur L
aing
Brid
ge
RdStraiton
Iron Workers M
emo rial Bridge
Stewardson Wy
Colu
mbia
St
Brunette Ave
Newton Rd
192n
d St
Dawson Rd
Ave
Shau
ghne
ssy S
t
St
Fraser
Wy
North
Com
mer
cial
Dr
Earle
s St
110th Ave
112th Ave
Kingsway
E Hastings Street
E Broadway
Kingsway
Gran
ville
Stre
et
W Broadway
King
Geo
rge
High
way
Fraser Highway
United Blvd
Barnet Highway
Upper
Highway
Levels
Tayl
or W
y
Haney Bypass
Fraser Highway
Trans Canada Highway
56th Ave
176t
h St
Paci
�c H
ighw
ay
Lougheed Highway
South Fraser Way
Mission-abbotsford Highw
ay
264t
h St
Alde
rgro
ve -
Bel
lingh
am H
ighw
ay
Trans C
anada Hwy
North P
arallel
South
Parallel
Sumas Way
Trans Canada Hwy
Harr
ison
Hot
Spr
ings
Rd
Lougheed Hwy
E Yale Rd
Lougheed Highway
St. Johns St
Westminster Hwy
Fras
er -
Del
ta T
hruw
ay
Richmond Annacis Highway
Cambie Rd
Alderbridge Wy
Will
ingd
on A
ve
King Edward Ave
W 41st Ave
W 12th Ave
SW Marine Dr
W 16th Ave
No. 5
Rd
Steveston Hwy
No. 3
Rd
Canada Wy
Gilm
ore
Ave
notable lease transactions
tenant tyPe address aPProX. size (sf)
1. First West Credit Union Headlease 20033 64th Avenue 4,800
trends and HigHligHts
2014 q4 2015 q1 trend
Office Inventory* (SF) 1,104,769 1,104,769
Net Absorption (SF) 34,590 (47,998)
Vacancy Rate 14.3% 18.7%
Average Asking Net Rent** $18.29 $16.96
Average Additional Rent $8.48 $9.00
UPcoming new sUPPly
Notable Lease Notable Sale New Supply
Historical Performance and forecast1
*There are 22 office buildings surveyed in the Langley region ** Average Asking Net Rent is calculated using a weighted average
1Colliers started tracking Langley office space in Q1 2013
(60,000)
(40,000)
(20,000)
-
20,000
40,000
60,000
80,000
100,000
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2013
Q4
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
There are no approved new office developments for the Langley submarket.
notable sale transactions
PUrcHaser Price address aPProX. size (sf)
2. Langley Memorial Hospital Auxiliary $2,500,000 20550 Fraser Highway
20560 Fraser Highway 15,086
1
FIRST QUARTER 2015
office market summary
gLOssaRyclass aaa building: A subset of Class A buildings which are locally recognized as being the top tier, most prestigious buildings that command the highest rental rates in the area.
class a building: Prestigious buildings competing for premier office users with rents above average for the area. Buildings that have high-quality standard finishes, state-of-the-art systems, exceptional accessibility and a definite market presence. Characterized by: prime central location; first-class tenant improvements; on-site parking; state-of-the-art elevators and HVAC systems; concrete and steel construction; contemporary design and architecture; high quality of upkeep and maintenance.
absorption: The net statistical change in occupied space over a period of time. Positive absorption reflects an increase in occupied space while negative absorption reflects a decrease.
additional rent Operating costs and property taxes per annum, per square foot.
asking net rent: Base rent (net, face or contract) per annum, per square foot excluding operating costs.
class b building: Buildings competing for a wide range of users with rents in the average range for the area. Building finishes are fair to good for the area and systems are adequate, but the building does not compete with Class A at the same prices. Characterized by new buildings in non-prime locations and older buildings (including rehabilitated structures in prime locations); good-quality tenant improvements; may have on-site parking; elevators and HVAC served; built using a variety of construction methods; upkeep and maintenance is generally good.
class c building:Buildings competing for tenants requiring functional space at rents below the average for the area. Characterized by older structures, may or may not have been renovated; poor-to-average quality of tenant improvements; may not have elevators and air conditioning systems; generally no parking facilities; lower quality of upkeep and maintenance. May also include renovated heritage buildings with good-quality tenant improvements and upgraded building systems.
flex space:Single-storey buildings having 10-to-I8-foot ceilings with both grade and dock-height loading. Includes wide variation in office space utilization, ranging from retail and personal service through distribution, light industrial and occasional heavy industrial use.
10
Headlease: A lease directly from a landlord.
sublease: A lease given by one of the tenants in the building for the remaining portion of its lease term.
vacancy rate:The percentage rate derived by dividing the total inventory physically vacant as of the survey date including direct vacant and sublease space by the total inventory.
FIRST QUARTER 2015
We use a trailing eight-quarter average absorption for our forecast. We take into account incoming new supply and the amount of space pre-leased for each property in order to forecast the future vacancy rate.
office market summary
FORecast assuMptiOns
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