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MARKET NAME Office QX 20XX M A R K E T B E AT VANCOUVER, BC Office Q2 2020 ECONOMY: How Deep is the Economic Hole? YoY 12-Mo. "The B.C. economy is forecast to shrink by 7.8% in 2020. In 2021 the provincial economy will expand by 4.8%. This is a strong growth number by Chg Forecast historic standards but comes in the wake of a very steep downturn and only results in the B.C. economy regaining just over half of the economic output lost in 2020. Restoring the labour market to health will take many months if not years”. (Source: Business Council of BC). 3.9% The COVID-19 pandemic struck Canada in March 2020. This was late in the quarter but with enough time to have a significant impact on first Vacancy Rate quarter market fundamentals. In the second quarter of 2020, the Canadian economy felt its effects more fully as government mandated shutdowns along with shelter-in-place ordinances pushed the country deeper into recession. The situation remains very fluid. Access the most recent -185,414 information specific to COVID here. Net Absorption,SF SUPPLY AND DEMAND: Challenging Times The pre-pandemic Vancouver office market was strong and the vacancy rate had been steadily decreasing since 2015. It is very likely that the first $44.26 quarter of 2020 will be the last quarter with record low vacancies for the foreseeable future. With the addition of over 400,000 square feet (sf) of Asking Rent, PSF sublease space (45% of all current vacant space) arriving in the downtown Vancouver market in the second quarter (approx. 600,000 sf as of mid- July), the overall vacancy rate increased from 2.1% last quarter to 3.3% in the second quarter. Tenants, including the co-working niche market (1.8 (Overall, All Property Classes) MSF estimated), are examining their real estate footprint when reopening offices as they focus on safety and social distancing measures. Many tenants may make the decision to downsize while others may lease additional space to ensure safe distancing protocols. ECONOMIC INDICATORS While there has been limited activity in the second quarter, notable transactions in downtown included an “undisclosed tech tenant” reportedly Q2 2020 leasing the former SNC Lavalin space at 745 Thurlow for 82,000 sf, and Plantronics Canada leasing 17,600 sf at 1055 Dunsmuir. In the Broadway YoY 12-Mo. Corridor, Spaces leased 73,000 sf at CityLink, which is slated for a Q2 2021 completion. In Burnaby SNC moved into a 39,000-sf sublease space Chg Forecast at 3777 Kingsway. In Surrey, Westland Insurance leased 85,000 sf at 9850 King George Highway, set to be completed in Q3 2021. 1.3M The sublease market was more active downtown compared to the Suburban and Broadway Corridor/Periphery markets. The vacancy rates Vancouver Employment remained nearly unchanged at 4.8% for the Suburban markets and 3.0% for the Broadway Corridor/Periphery market. PRICING: Asking Rents are Flattening 10.7% The rents are not softening as of yet but they are flattening. Rental rates will be under further pressure should additional sublease availabilities Vancouver come to the market. The overall market statistically remains a landlord’s market with a 3.9% vacancy despite the drop in tenant demand in these Unemployment Rate uncertain economic times. While the forecast may appear daunting, Vancouver’s office market entered the pandemic with historically low vacancy and may be able to rely on its resiliency and global appeal to weather the storm reasonably well, not unlike its quick recovery after the 2008 global 13.7% recession. Canada SPACE DEMAND / DELIVERIES OVERALL VACANCY & ASKING RENT Unemployment Rate 14% 7,000 $48 Source: Statistics Canada 6,000 5,000 4,000 $42 7% 3,000 Millions 2,000 $36 1,000 0 -1,000 $30 0% 2016 2017 2018 2019 YTD 2020 Net Absorption, SF Construction Completions, SF Gross Asking Rent, $ PSF Vacancy Rate M A R K E T B E AT VANCOUVER AREA Office Q2 2020 *Direct and sublease **Rental rates reflect full service asking M A R K E T B E AT VANCOUVER, BC Office Q2 2020 MARKET STATISTICS INVENTORY SUBLET DIRECT OVERALL CURRENT QTR YTD OVERALL YTD LEASING UNDER OVERALL AVG OVERALL AVG SUBMARKET (SF) VACANT VACANT VACANCY OVERALL NET NETABSORPTION ACTIVITY CNSTR ASKING RENT ASKING RENT (SF) (SF) RATE ABSORPTION(SF) (SF) (SF) (SF) (ALL CLASSES)* (CLASS A)* Downtown Vancouver 26,578,423 401,648 483,489 3.3% -279,871 -353,962 611,460 4,224,655 $58.83 $64.62 Broadway Corridor 7,622,244 43,085 185,616 3.0% 55,881 51,932 86,750 936,298 $44.97 $53.09 Burnaby 11,169,725 120,609 359,073 4.3% 54,125 184,704 269,678 1,118,578 $38.86 $40.18 Richmond 4,516,583 21,591 327,482 7.7% 1,213 60,674 164,143 635,231 $31.64 $33.36 North Shore 1,817,029 1,972 51,293 2.9% 3,978 -1,135 34,743 0 $37.42 $40.25 New Westminster 1,465,130 4,400 102,461 7.3% -5,982 52,080 60,736 0 $34.38 $36.89 Langley 1,067,137 1,599 35,247 3.5% -4,399 10,704 18,740 528,195 $30.97 $33.53 Surrey 4,664,018 5,289 190,215 4.2% -14,891 -47,452 48,717 372,039 $36.54 $38.37 Tri Cities 874,339 0 14,261 1.6% 4,532 -614 6,583 52,230 $33.39 $40.79 VANCOUVER TOTALS 59,774,628 600,193 1,749,137 3.9% -185,414 -43,069 1,301,550 7,867,226 $44.26 $44.32 *Rental rates reflect full service asking LOCAL MARKET RESEARCH LEAD KEY LEASE TRANSACTIONS Q2 2020 Svetlana Lebedeva PROPERTY SUBMARKET TENANT SF TYPE Senior Research Analyst 9850 King George Blvd Surrey Westland Insurance 85,000 New Lease +1 604 608 5963 [email protected] 745 Thurlow Street Vancouver Undisclosed Tech Tenant 82,000 New Lease 525 West 8th Avenue Broadway Corridor Spaces 73,000 New Lease LOCAL MARKET RESEARCH LEAD 3777 Kingsway Burnaby SNC-Lavalin 39,000 Sublease Kyle Grundy Manager, Business Development & Research 1055 Dunsmuir Vancouver Plantronics Canada Ltd 17,600 New Lease +1 604 640 5896 /[email protected] 138 East 7th Avenue Vancouver GHD Limited 15,200 New Lease cushmanwakefield.com *Renewals not included in leasing statistics A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION Cushman & Wakefield (NYSE: CWK) is a leading global real KEY SALES TRANSACTIONS Q2 2020 estate services firm that delivers exceptional value for real PROPERTY SUBMARKET SELLER / BUYER SF PRICE / $ PSF estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 375 Water Street Vancouver Landing Holdings Limited/ Allied Properties REIT 175,470 $225.0M/ $1,282 approximately 53,000 employees in 400 offices and 60 1193 Kingsway Vancouver R.Q.L. Investments Canada Ltd/ City of Vancouver 15,295 $7.3M/ $476 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow KEY CONSTRUCTION COMPLETIONS YTD 2020 @CushWake on Twitter. PROPERTY SUBMARKET MAJOR TENANT SF OWNER / DEVELOPER ©2020 Cushman & Wakefield. All rights reserved. The information 402 Dunsmuir Street Vancouver Amazon 147,226 Oxford Properties Group contained within this report is gathered from multiple sources believed to be reliable. The information may contain errors or omissions and is 224 West 8th Avenue Vancouver Strata 33,520 Rendition Developments Inc presented without any warranty or representations as to its accuracy.
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