Transit Access Drives Office Absorption
The JLL Rapid Transit Office Index for the Q3 '13 once again shows that for tenants outside of Downtown Vancouver, office buildings within close vicinity to rapid transit are the way to go. According to the report, overall vacancy in buildings within 500 metres of a rapid transit station was 8.4%. Vacancy in office space lacking convenient access to transit sat at 10.2%. "Of all the variables that factor into consideration of a suburban office requirement, being on transit is paramount," says JLL SVP Norm Taylor (right, snapped with broker associate Scott MacDonald, who helped put together the report).
Translink's move to a transit-oriented building in New Westminster (above) was one of the big stories, as it vacated large blocks in Burnaby and Surrey. Richmond has the lowest transit-oriented vacancy rate in the Lower Mainland, at 5.3%. "Most of our clients won't take the time to drive by an alternative that is beyond 500 metres of a Skytrain station," Scott adds.