Can Vancouver Sustain the Next Office Wave?
Cushman & Wakefield Vancouver SVP Mark Chambers says pent-up demand for office should drive the market into 2015, keeping vacancy rates in the single digits. But one of the big unknowns surrounds the next phase of buildings, in 2017 and 2018. (We've got the rest of calendar filled out for those years, so once we figure this office thing out, we'll be good.) "Three or four new towers might be too much for the market," he says. "We may have capacity for one or two more." Pictured is the proposed Great West Life Tower.
Among the longer-term projects: Great West Life submitted an application for a 32-storey, 360k SF office tower at 753 Seymour, and Morguard wants to build a 25-storey tower at Seymour and Hastings (rendering above).