vancouver office market report q4 2014_email
TRANSCRIPT
Accelerating success.
Metro VancouverOffice MarketReportFourth QuArtEr 2014
office market summary
MetRO VancOuVeR
Historical Performance and forecast
market overview
The vacancy rate fell by 0.6 percent as Metro Vancouver continues to absorb the wealth of new supply entering the market with more than 1.2 million square feet of office space completed in 2014. Absorption was high this quarter at 351,864 square feet as the new MEC headquarters and Broadway Tech Centre 6 both entered the market with the majority of space occupied. The Broadway Corridor submarket showed particular strength with its vacancy rate falling from an already low 4.3 percent to 3.3 percent due to its ability to meet the requirements of technology and digital media businesses. While Langley, Richmond and the North Shore also showed decreases in vacancy rates, this is in part occurring from partially vacant buildings being demolished for other uses.
With release dates being pushed to early 2015 for buildings such as TELUS Garden and MNP Tower, more than 1.1 million square feet of office space is expected to enter the Downtown market. As a result, this quarter has provided an extended time for landlords to work to lease the backfill of space left from tenants moving to the new buildings and for tenants to weigh their options between renewals and finding new space. When taking into consideration the almost 6.2 million square feet of space currently available for lease and the 1.85 million square feet of tenant requirements, it is not surprising that net effective rental rates are decreasing with landlords offering higher inducements to mitigate losses from the limited amount of tenants in the market.
Sublease activity remained strong this quarter with availability increasing to 13.4 percent of total available space from 12.6 percent last quarter. As tenants look to enhance the efficiency of their space, they often find that they are carrying surplus space and look to sublease that surplus. Although availability has risen, there continues to be interest from tenants in subleasing space as there were several transactions this quarter for spaces ranging from 500 square feet to 22,000 square feet.
cUrrent tenant reqUirements
Tenant demand strengthened this quarter, increasing by over 200,000 square feet. Technology and digital media remains the highest number of businesses seeking space with requirements ranging from 5,000 square feet to 130,000 square feet. While requirements for space Downtown dominates demand at 40 percent of space required, other tenants are weighing their options between markets with 25 percent of space being sought with no preferred submarket location.
1,856,000 Square Feet
Technology & Digital Media
Consumer Goods
Professional Services
Insurance
Architectural/Engineering
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)
-
500,000
1,000,000
1,500,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
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2013
Q4
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
tenant reqUirements december 2014
investment market
Overseas private capital and institutional investors continue to drive the Metro Vancouver investment market keeping it stable through to the end of 2014. While office building sales slowed this quarter, strata office grew as more investors (and not just owner-users) purchased strata units. This is exemplified by Orca West Developments’ Neelu Bachra Centre at 550 West Broadway which sold 82 of its 137 strata units this quarter with many being actively marketed for lease after purchase. These strata units attracted prices averaging $867 per square foot, $300 per square foot higher than comparable projects.
2014 q3 2014 q4 trend
Office Inventory* (SF) 54,613,065 54,661,599
Net Absorption (SF) 18,463 351,864
Vacancy Rate 9.6% 9.0%
Average Asking Net Rent** $22.23 $22.57
Average Additional Rent $13.30 $13.56
*There are 761 office buildings surveyed in Metro Vancouver ** Average Asking Net Rent is calculated using a weighted average
27.77%
14.87%
9.02%7.92%
6.36%
34.05%
The Metro Vancouver market ended 2014 on a subdued note as it contemplates the evolving real estate landscape. With more than 3.2 million square feet of office space under construction and changes to the way space is used, landlords are gradually adapting to tenant requirements for more efficient and quality space.
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
FOURTH QUARTER 2014
office market summary
VancOuVeR – dOwntOwn
The Vancouver Downtown market steadily awaits the release of more than 1.7 million square feet of office space in 2015. While vacancy rates remain stable, availability rates are discretely rising, increasing from 8.4 percent to 9.5 percent this quarter with many spaces occupied until early 2015. This, along with increasing inducements to secure tenants, reveals gradual adaptations beneath the surface of the market that are expected to heighten in 2015.
◊ Bentall Kennedy’s 745 Thurlow, delivering 365,000 square feet of office space in the second quarter of 2015, is now 92 percent preleased with RBC Dominion Securities securing 27,700 square feet and Roper Greyell 16,800 square feet this quarter.
◊ Spaces for sublease are rising, particularly in B class buildings where space available for sublease increased by 57 percent. This is in line with tenants’ demand for more efficient, quality space that aging buildings are unable to provide.
GeorgeWainborn
Park
Granville
City Centre
Yaletown/Roundhouse
Waterfront
Burrard
Stadium/Chinatown
1A
1A
99
99
99
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
StCarde
ro StBidw
ell St
Brough
ton St
Thurl
ow St
Burrard
St
Hornby
St
Howe S
tGran
ville
St
Seymou
r St
Richard
s St
Homer
St
Bute St
Thurl
ow St
Burrard
St
Hornby
St
Seymou
r St
Richard
s St
Homer
St
Hamilto
n St
Hamilto
n St
Granvil
le Brid
ge
Burrard Bridge
Mainlan
d St
Cambie
St
Beatty
St
Cambie Bridge
Expo
Blvd
Melville St
Dunsmuir StW. Georgia StRobson St
Smithe StNelson StHelmcken St
St.Paul’sH
Davie StDrake St
Paci�c Blvd
Beach Ave
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
Dunsmuir Viad
Abbott St
Carrall St
Columbia St
1 Ave
1 Ave
2 Ave
1 Ave1 Ave
Point Grey Rd
2 Ave2 Ave
3 Ave3 Ave3 Ave
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
Stanley P
ark Dr
Pipeline Rd
Stanley Park Dr
N Lagoon Dr
Stanley Park Dr
Avison Way
False Creek
Kitsalano Beach
BC PlaceStadium
RogersArena
David LamPark
Cartwright Street
Johnston Street
Old B
ridge
Stre
et
Bidwell
St
Pendrell St
Pendrell St
notable lease transactions
tenant tyPe address aPProX.size (sf)
1. RGN Management Renewal 666 Burrard Street 34,000
2. RBC Dominion Securities Headlease 745 Thurlow Street 27,700
3. Coho Data Sublease 1110 Hamilton Street 22,000
trends and HigHligHts
2014 q3 2014 q4 trend
Office Inventory* (SF) 24,474,251 24,474,251
Net Absorption (SF) (53,524) 10,101
Vacancy Rate 6.0% 6.0%
Average Asking Net Rent** $27.62 $27.13
Average Additional Rent $17.41 $17.14
UPcoming new sUPPly address class floors total office area (sf) develoPer
A. MNP Tower - 1021 W. Hastings Street AAA 33 270,000 Oxford / CPP
B. TELUS Garden - 510 W. Georgia Street AAA 22 450,000 TELUS / Westbank
C. 745 Thurlow Street AAA 20 365,000 bcIMC / Bentall Kennedy
D. Manulife Building - 980 Howe Street AAA 15 250,000 Manulife
E. The Exchange - 475 Howe Street AAA 30 400,000 Credit Suisse
F. 725 Granville Street A 4 280,000 Cadillac Fairview
notable sale transactions
PUrcHaser Price address aPProX.size (sf)
4. 411 Dunsmuir Inc.(Share Sale) $34,300,000 411 Dunsmuir Street 55,414
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
(400,000)
(200,000)
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
2010
Q4
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
Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
4
A
BD
CE
F
12
3
2
office market summary
VancOuVeR - BROadway cORRidOR
Broadway Corridor has transformed into a market of choice for a diverse range of businesses beyond the traditional health uses. Availability rates remain the lowest in Metro Vancouver at 3.8 percent, as new supply is not expected to deliver until late 2015. Landlords can expect vacancy rates to continue to decrease over the next few quarters while maintaining strong rental rates, especially for improved space.
◊ MEC’s 143,251-square-foot head office completed at 1077 Great Northern Way, exemplifying the intensification of land use in the area.
◊ Due to strong demand for well-improved spaces, shell spaces are sitting longer on the market resulting in an increase in landlord improvements to secure tenants quickly.
CapilanoLake
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Arm
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Hatzic Lake
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English Bay
Burrard Inlet
Strait Of Georgia
Mud Bay
Fraser River
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Harrison Lake
Harrison Bay
Fraser
River
Fraser River
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SOUTHERN RAILWAY
BC RAIL
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CANADAU.S.A.
CANADAU.S.A.
University of British Columbia
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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
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TempletonSea Island
CentreYVR
Airport
VancouverCity Centre
KingEdward
Broadway/City Hall
Olympic Village
Yaletown/Roundhouse
Oakridge/41st Ave
Langara/49th Ave
Marine Dr
Bridgeport
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TempletonSea Island
CentreYVR
Airport
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Commercial
RupertRenfrew
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RupertRenfrew
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VCC/Clark
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Main St
Broadway
Nanaimo
29th Ave
Joyce
Patterson
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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
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George Massey Tunnel
Hammond Rd
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tcom
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onvil
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d St
Campbell River Rd
16th Ave
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Buena Vista Ave
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d St 24th Ave
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Harvie
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108th Ave
S Fraser Perimeter Rd
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Victoria Dr
Burn
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Prairie Ave
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Coas
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Kingsway Ave
Broa
dway
St
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ghne
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Panorama Dr
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Landsdowne Dr
Pine
tree
Wy
Mary Hill Bypass
Pitt
Rive
r Rd
Dewdney Trunk Rd
Harr
is R
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Richardson Rd
McNeil Rd
East Rd
Sunn
ysid
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Ioco Rd
April
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Heritage Mountain Blvd
Clarke
Rd
Como Lake Ave
Mar
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Lint
on S
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Gate
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Austin Ave
Marine DrNorth Blu� Rd
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Bayv
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28th Ave
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Colebrook Rd
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Scot
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128t
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140t
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AnnacisHighway
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132n
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108th AveGros
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Hartley Ave
Mt S
eymou
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Cov
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Mt Seymour Pkwy
Eton St
Parker St Curtis St
Gaglardi Wy
Gera
ld A
ve
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St
Nort
h Rd
Canada Wy6th St
10th Ave
8th Ave
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Queens
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Imperial St
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Marine Dr
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River Rd VantageWy
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Hopcott Rd
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60th Ave
36th Ave64
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Boundary Bay R
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on R
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Vulc
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Bridgeport Rd
Knight St Bridge
Granville Ave
River Rd
Blundell Rd
Francis Rd
Williams Rd
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No. 4
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Shel
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Railw
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Robe
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Dyke Rd
Gilb
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Russ Baker W
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W 70th Ave N Kent AveSE Marine Dr
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Sprott StWinston StRu
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Rd
McGill St
Dundas St
Renf
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1st Ave
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W 57th Ave W 57th Ave
49th Ave E
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Gre at Northern Wy
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W 49th Ave
Blen
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W 10th Ave
Wesbrook Mall
W 4th Ave
NW Marine Dr
Cornwall StPoint Grey Rd
Mac
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Marine Dr15th St
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St
Inglewood Ave
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Stev
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Edgemont Blvd
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Braemar Rd
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Hyannis Dr
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Grandview Hwy
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Harbourside DrHarbourside Pl
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Rd
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Bedw
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Ave
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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
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idge
Queensborough Bridge
Cliveden
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W Yale Rd
Lick
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Chad
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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
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Rd
Ford
Rd
Gibs
on R
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Pres
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Youn
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Banf
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Campbell R
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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 q3 2014 q4 trend
Office Inventory* (SF) 6,327,730 6,470,981
Net Absorption (SF) 39,075 201,186
Vacancy Rate 4.3% 3.3%
Average Asking Net Rent** $21.54 $21.62
Average Additional Rent $15.19 $15.09
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. Nerd Corps Entertainment Renewal 2285 Clark Drive 20,345
2. Nerd Corps Entertainment Headlease 1256 East 6th
Avenue 18,207
(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%
2010
Q4
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
Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
notable sale transactions
vendor Price address aPProX.size (sf)
3. Orca West Developments Ltd. $45,383,551 Neelu Bachra Centre
550 West Broadway52,036
(82 strata units)
A
B 3 1&2D C
FOURTH QUARTER 2014
office market summary
nORth shORe
The North Shore market continues to be driven by smaller tenants with demand primarily centered in Lower Lonsdale with its proximity to transit. With tenants typically limited to local businesses, interest in strata office space will impact demand as some tenants choose to exit the leasing market and become owner-users. We expect vacancy rates to remain stable, hovering around 6.0 percent for 2015.
◊ Dollarton Business Park Building C is now 70 percent sold, with many units purchased by owner-users.
◊ New developments such as Wallace & McDowell’s at 149 Lonsdale and Polygon’s West Quay development at 225 West 1st Street and 260 West Esplanade, which is anticipated to begin construction mid-2015, will include some strata office, offering urban options outside of business parks.
CapilanoLake
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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
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B.C. RAIL
C.N.R.
C.P.R.
C.P.R
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C.N
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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
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tcom
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allu
m R
d
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onvil
le Rd
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Rd
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h St
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h St
320t
h St
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h St
Mt.
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an R
d Clea
rbro
ok R
d
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illan
RdOld Yale
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rsid
e Rd
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win
Rd
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1st Ave
7th Ave
14th Ave
22nd Ave
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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. Anaid Entertainment Inc. Renewal 889 Harbourside Drive 3,500
2. The Flight Shops Inc. New Deal 221 West Esplanade Street 3,000
2014 q3 2014 q4 trend
Office Inventory* (SF) 2,511,456 2,406,690
Net Absorption (SF) 4,787 (72,590)
Vacancy Rate 7.0% 5.9%
Average Asking Net Rent** $18.83 $18.68
Average Additional Rent $10.94 $10.49
UPcoming new sUPPly address class floors total office area (sf) develoPer
A. 1308 Lonsdale Avenue A 4 80,000 Onni Group of Companies
notable sale transactions
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%
2010
Q4
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
Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
There were no significant sale transactions this quarter in the North Shore submarket.
trends and HigHligHts
1
A
2
4
office market summary
BuRnaBy
Burnaby’s fourth quarter remained apathetic with slow deal activity. While there has been a spark of attention from businesses in other suburbs such as Richmond, especially in the technology and digital media industries, this does not offset the decrease in activity from previous quarters and landlords will continue to offer incentives to attract tenants.
◊ Broadway Tech Centre 6 was completed this quarter with 135,000 square feet of space preleased to Golder Associates.
◊ Novadaq Technologies took the leap from Richmond to Burnaby, preleasing 30,000 square feet of space in Eastlake Business Park Phase I, expected to complete in the first quarter of 2015.
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
.
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VANCOUVERINTERNATIONAL
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BC FERRIESTERMINAL
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BOUNDARY BAYAIRPORT
LANGLEYAIRPORT
PITT MEADOWSAIRPORT
ABBOTSFORD INTERNATIONAL
AIRPORT
Albion Ferry
Burquitlam
Kyle-Queens Port Moody Ioco-MorayFalcon
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PortHaney
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CoquitlamCentral
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PittMeadows
MapleMeadows
PortHaney
MissionCity
CoquitlamCentral
PortCoquitlam
KingEdward
Broadway/City Hall
Olympic Village
Yaletown/Roundhouse
Oakridge/41st Ave
Langara/49th Ave
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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
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m R
d
Marshall Rd
Huntington Rd
Peard
onvil
le Rd
King Rd
Ross
Rd
296t
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328t
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320t
h St
304t
h St
Mt.
Lehm
an R
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rbro
ok R
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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. Tekmira Pharmaceuticals Renewal 8900 Glenlyon
Parkway 50,000
2. Novadaq Technologies New Deal 8335 Eastlake Drive 30,000
3. Allied Vision Technologies New Deal 4621 Canada Way 18,000
trends and HigHligHts
2014 q3 2014 q4 trend
Office Inventory* (SF) 10,555,138 10,728,288
Net Absorption (SF) (32,933) 239,755
Vacancy Rate 11.6% 10.8%
Average Asking Net Rent** $22.45 $22.64
Average Additional Rent $13.20 $13.34
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%
2010
Q4
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
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
PUrcHaser Price address aPProX. size (sf)
4.. Manulife Financial(Share Sale) $80,000,000 3383 Gilmore Way 146,537
A
1
4
D
23
C
B
FOURTH QUARTER 2014
office market summary
new westMinsteR
New Westminster experienced a quiet quarter as the market remains stable with no significant changes in vacancy and rental rates. Due to a lack of large tenant activity, small changes in absorption took place in the B class market. We expect this trend to continue as the market is lethargic in absorbing new supply.
◊ Demand for new supply is soft as the recently released Anvil Centre remains vacant and ready for tenants.
◊ Appealing rental rates encourage some demand from technology and digital media firms showing a change from the steady presence of medical tenants in the market.
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Strait Of Georgia
Mud Bay
Fraser River
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Harrison Lake
Harrison Bay
Fraser
River
Fraser River
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.R.
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C.P.R.
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RAILWAY
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.R.
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.R.
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B.N.R.
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.R.
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Sout
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VANCOUVERINTERNATIONAL
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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
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KingEdward
Broadway/City Hall
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Yaletown/Roundhouse
Oakridge/41st Ave
Langara/49th Ave
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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 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
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
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
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
trends and HigHligHts
2014 q3 2014 q4 trend
Office Inventory* (SF) 1,739,373 1,739,373
Net Absorption (SF) 13,455 (4,189)
Vacancy Rate 16.2% 16.4%
Average Asking Net Rent** $22.79 $22.80
Average Additional Rent $13.06 $13.07
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%
2010
Q4
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
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.
There were no significant lease transactions this quarter in the New Westminster submarket.
6
office market summary
RichMOnd
The Richmond market saw an uptake in activity this quarter with several large transactions occurring in the business parks. Technology and digital media businesses continue to drive demand with consumer goods, health care and logistics industries close behind. This, along with some interest from tenants in other submarkets, has led to a decrease in vacancy rates, which are expected to remain fairly stable in 2015.
◊ Of note is Cooledge Lighting’s lease at Crestwood Corporate Centre Four, which marks an interest from tenants in other submarkets relocating to Richmond.
◊ The planned demolition of 5600 Parkwood Way for the expansion of the Richmond Auto Mall in 2015 indicates changes in land to a new highest and best use.
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LANGLEYAIRPORT
PITT MEADOWSAIRPORT
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Albion Ferry
Burquitlam
Kyle-Queens Port Moody Ioco-MorayFalcon
LincolnWCE
Coquitam
Burquitlam
Kyle-Queens Port Moody Ioco-MorayFalcon
LincolnWCE
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Port Moody
PittMeadows
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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
Pear
donv
ille R
d
King Rd
Ros
s R
d29
6th
St
328t
h S
t
320
th S
t
304t
h S
tM
t. Le
hman
Rd C
lear
broo
k R
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McM
illan
RdOld Yale
Clayburn Rd
Old
Bel
l Rd
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
ar S
t
Farm
s R
d
Spr
att R
d
Sta
ve L
ake
Rd
Hur
d S
t
Wre
n S
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lay
St
Dewdney Trunk Rd
Keystone Ave
Tyle
r
Wils
on S
t
Hay
war
d St
Duke
Rd
280
th S
t
80th Ave
McTavish Rd
Sat
chel
l St
Harris Rd
Townshipline Rd
Downes Rd
Bra
dner
Rd
288t
h S
t
Lefe
uvre
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
n R
d
72nd Ave
Tele
graph Tr
Fern
Cr
132nd Ave
144 th St
Nea
ves
Rd
Laity
St
216t
h S
t
River Rd
203r
d S
t
207t
h S
t
Gol
den
Ear
s B
ridg
e
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
ay S
t
Shau
ghne
ssy
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
d
Bou
ndar
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d
Inte
rpro
vinc
ial H
wy
Col
e R
d
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. Cooledge Lighting Headlease 13551 Commerce Parkway 32,000
2. Wenco International Mining Systems Headlease 13777 Commerce
Parkway 25,000
3. SignalChem Headlease 13120 Vanier Place 15,000
trends and HigHligHts
2014 q3 2014 q4 trend
Office Inventory* (SF) 4,066,121 3,903,020
Net Absorption (SF) 31,622 (72,252)
Vacancy Rate 19.2% 17.7%
Average Asking Net Rent** $14.87 $14.90
Average Additional Rent $8.92 $9.22
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
16.0%
17.0%
18.0%
19.0%
20.0%
21.0%
22.0%
23.0%
2010
Q4
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
Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
There are no approved new office developments for the Richmond submarket.
3
notable sale transactions
PUrcHaser Price address aPProX. size (sf)
4. Prospero International Realty $15,000,000 7031 Westminster
Highway 29,000
214
FOURTH QUARTER 2014
office market summary
suRReySurrey saw touring activity increase from a range of smaller tenants resulting in spaces leasing that had been sitting on the market. As vacancy rates remain stable, landlords are offering higher incentives to remain competitive. In the face of substantial new supply, especially in Surrey City Centre, vacancy rates are expected to remain stable until the release of the new developments.
◊ Surrey City Centre’s development into a hub of urban activity continues with Bosa beginning construction of Gateway Place, a mixed-use tower that will bring 60,000 square feet of office space to the market.
◊ Century Group started construction on 3 Civic Plaza. While primarily residential and hotel use, this will be the tallest tower in Surrey upon completion.
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Stave Lake
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Mud Bay
Fraser River
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Harrison Lake
Harrison Bay
Fraser
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Fraser River
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VANCOUVERINTERNATIONAL
AIRPORT
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MapleRidge
Mission
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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 Rd72
nd S
t
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. Ministry of Technology Innovation Headlease 13401 108 Avenue 18,000
2. SLC Learning Centres Headlease 7445 132nd Street 7,200
trends and HigHligHts
2014 q3 2014 q4 trend
Office Inventory* (SF) 3,834,227 3,834,227,
Net Absorption (SF) (24,255) 18,263
Vacancy Rate1 21.5% 21.0%
Average Asking Net Rent** $19.37 $19.24
Average Additional Rent $10.22 $10.19
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. 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 15.2% in 2014 Q3 and 15.3% in 2014 Q4. 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%
2010
Q4
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
Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
notable sale transactions There were no significant sale transactions this quarter in the Surrey submarket.
1B CA
2
8
office market summary
LangLey
While fewer leases were signed compared to Langley’s strong third quarter, the market sustained high touring activity with vacancy rates continuing their downward trend. With no new supply under construction, we expect the vacancy rate to continue to decrease.
◊ Touring remains active with demand from a variety of tenants from professional services to technology businesses.
◊ Development activity on hold as the market continues to absorb recent developments such as the Langley 200 Business Centre.
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Indian
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BuntzenLake
Pitt Lake
Hatzic Lake
Stave Lake
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Burrard Inlet
Strait Of Georgia
Mud Bay
Fraser River
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Harrison Lake
Harrison Bay
Fraser
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Fraser River
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SOUTHERN RAILWAY
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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. Sangha Tone Accounting Headlease 87th Avenue & 200th
Street 2,000
trends and HigHligHts
2014 q3 2014 q4 trend
Office Inventory* (SF) 1,104,769 1,104,769
Net Absorption (SF) 40,236 34,590
Vacancy Rate 17.5% 14.3%
Average Asking Net Rent** $18.15 $18.29
Average Additional Rent $8.88 $8.48
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
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2013
Q3
2013
Q4
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
Net Absorption (SF) New Supply (SF) Vacancy Rate (%)
There are no approved new office developments for the Langley submarket.
notable sale transactions There were no significant sale transactions this quarter in the Langley submarket.
1
FOURTH QUARTER 2014
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.
FOURTH QUARTER 2014
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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oFFICE tEAM
Kayvon Besharat*Matthew CarlsonRobert Chasmar*Graham DavidsonMarco DiPaolo*John Freyvogel*Dan Jordan*
Jeff Kincaid-Smith*Brian MacKenzieDerek MayStephen MoscovichPeter MuenchDevin RinghamDylan Sohi
Colin Scarlett*Jason TeahenJon Wiebe