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Metro Vancouver, BC Office Market Report (Year-End 2019)

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Metro Vancouver, BC Office Market Report (Year-End 2019) Year-End 2019 Office Market Report Metro Vancouver, BC metro Vancouver Record low vacancy and severe supply crunch vacancy & absorption trends mark critical juncture in office market evolution Vacancy Rate 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% etro Vancouver’s office market reached drop significantly lower in 2020. (The previous Ma critical juncture in 2019 as demand record low of 4.7% was set at year-end 2007.) 2020F 3.1% 7.3% 722,482 from global technology firms took root and After four years of strong annual absorption reshaped not only the scale and design of the registered in Metro Vancouver (averaging more next wave of downtown office towers, but also 478,555 than 1.3 msf per year), annual absorption sunk 2019 4.4% highlighted the range of economic, social and to 489,840 sf in 2019, the lowest since 2014. This political impediments contributing to a region reduction in absorption is largely attributable to that increasingly appears to be becoming a 2018 5.1% 1,802,623 a lack of available space, which hindered deal victim of its own success. The next two years activity in virtually all Metro Vancouver office will prove to be crucial to Metro Vancouver’s markets. transformation into a truly world-class office 2017 8% 1,223,656 market as severe supply constraints across the Vacancy in downtown Vancouver may be the region temporarily limit deal velocity, hamper most high-profile example (2.6%), but simi- 2016 856,868 9.7% absorption and potentially impact expansion/ larly tight market conditions exist in Vancou- relocation plans of both existing businesses and ver-Broadway (4%), Burnaby (6.3%), Surrey those considering establishing a presence in (5.2%) and even the North Shore (7.4%). New 2015 10% 1,334,604 the market. These conditions also triggered the Westminster and Richmond were the only two emergence of not one but two development balanced office markets remaining in Metro -400, 0 40 80 1, 1, 2,000,000 0, 0, 20 60 cycles in the downtown core – a first for the Vancouver in 2019. For the first time on record, 000 000 0, 0, 00 000 000 0 city – in order to meet anticipated demand. vacancy in each Metro Vancouver office market was less than 10% at year-end 2019. Absorption Rate (sf) Vacancy in the 51.8-million-square-foot (msf) Vacancy Absorption regional market fell to 4.4% from 5.1% a year These conditions triggered the largest develop- earlier and 8% just 24 months ago. The lowest ment cycle in the history of Metro Vancouver, 12-month projection based on 10-year average absorption regional vacancy on record is 4.3%, recorded at which will start delivering new buildings primar- and known net absorption in new inventory mid-year 2019, and that metric is forecasted to ily in the Downtown and Vancouver-Broadway continued on back page METRO VANCOUVER OFFICE VACANCY SUMMARY (YEAR-END 2019) INVENTORY HEAD LEASE SUBLEASE TOTAL VACANCY 12-MONTH DISTRICT (SF) VACANCY (SF) VACANCY (SF) VACANCY (SF) RATE (%) ABSORPTION (SF) Downtown 22,784,125 508,739 91,080 599,819 2.6% 66,803 Yaletown 2,074,372 22,979 43,519 66,498 3.2% -29,471 Vancouver-Broadway 7,328,387 259,386 36,026 295,412 4.0% 178,920 Burnaby 9,318,790 377,553 209,253 586,806 6.3% 126,411 Richmond 4,215,800 280,103 34,101 314,204 7.5% -734 Surrey 2,906,607 150,267 0 150,267 5.2% 47,111 New Westminster 1,688,572 161,067 0 161,067 9.5% 59,131 North Shore 1,450,898 102,086 5,110 107,196 7.4% 41,669 TOTAL 51,769,328 1,862,180 419,089 2,281,269 4.4% 489,840 Vacancy rate December 31, 2019 4.4% Absorption (demand) Vacancy (supply) Rental Rates vacancy rate June 30, 2019 4.3% Partnership. Performance. avisonyoung.com Downtown Downtown vacancy remains near record low Vacancy trends a year earlier, which would indicate that lowest recorded since 2014 when there supply constraints in class AAA and A was negative annual absorption of Downtown office vacancy remained buildings and corresponding rent increases 304,835 sf. While TD Bank absorbed historically tight in 2019, slipping to may be forcing demand down market to more than 16,800 sf at TD Tower at 700 2.6% at year-end 2019 from 2.9% a year class B availabilities. Overall deal velocity West Georgia and Trulioo occupied earlier; however, vacancy was up from in 2019 was lower when compared with more than 11,300 sf at 1177 West the 2% recorded at mid-year 2019. This recent years but remained reasonably Hastings, substantial vacancies created temporary increase in vacancy in the back MORE THAN strong despite supply constraints in existing by Deloitte and Richardson GMP as half of 2019 was largely attributable to inventory. Some tenants likely sought well as Steelhead LNG vacating more Deloitte vacating five floors in Bentall 5 MSF short-term solutions in co-working facilities than 14,000 sf at 1075 West Georgia 4 (four of which were subsequently OF NEW given the market’s supply constraints but weighed heavily on overall absorption. leased by Shopify in early 2020) and DeVELOPMENT many may transition to more traditional However, the majority of Deloitte’s space Richardson GMP vacating 34,140 sf in leasehold tenancies when opportunities was subsequently leased to Shopify Bentall 5 (which had been leased by emerge. A significant number of lease and Slack leased Richardson GMP’s Slack at mid-2019). Vacancy in class A extensions, some well in advance of space. Both companies will occupy their buildings remained virtually unchanged contractual lease expiries, occurred in 2019 respective spaces in 2020. Meanwhile, from mid-year 2019 while class B vacancy as tenants responded to sustained supply Deloitte has shifted its operations decreased substantially. Class C vacancy constraints, upward pressure on net rental into co-working space while it awaits increased slightly in this period due to a rates or in conjunction with addressing completion of the Deloitte Summit periodic update to the statistical database. other space requirements. There has been building scheduled for year-end 2020. Downtown is expected to return to virtually no “in-fill” leasing activity – one structural vacancy (+/- 2%) in 2020, a floor or less – in new developments space availability factor condition where there is effectively no yet, which suggests developers remain The space availability factor, or SAF, refers functionally vacant space at a given time. focused on multi-floor tenant prospects. to head lease space or sublease space Vacancy in class B buildings dropped by Sublease space only accounted for 15% of that is being marketed but is not physi- half to 1.4% at year-end 2019 from 2.8% overall vacancy downtown. Given supply cally vacant, and new supply that is near recent lease deals - year-end 2019 (>10,000 sf) constraints and ongoing increases in rental rates, landlords seemed more inclined to completion and available for lease. SAF was 1.5% at year-end 2019, down from tenant BUILDING SF exercise contractual rights of termination to take direct control of sublease offerings and 2.1% recorded 12 months earlier. Com- Amazon (expansion) The Post (South & North Tower) 704,000 then lease out the premises at prevailing bined with vacant space, the amount Stantec (renewal/expansion) 111 Dunsmuir Street 74,000 market rates. There are no large contiguous of space being marketed for lease in the downtown core is 4.1% (or approx- Shopify Bentall 4 72,000 blocks of office space available outside of prelease options. Competition for prelease imately 980,000 sf). The lowest overall Colliers International B6 41,000 commitments is expected to intensify availability rate on record occurred at PI Financial Vancouver Centre 2 40,000 through 2020 among the various new year-end 2007 (3.5% or 681,330 sf). DMCL (renewal/expansion) 1140 West Pender Street 43,000 developments, particularly those with minimal prelease commitments. new construction Fluor Canada (renewal/expansion) 1185 West Georgia Street 37,300 There is more than 5 msf of new office Powerex Corp. (renewal) Park Place 36,540 absorption trends space (either under construction or Teekay Shipping (renewal) Bentall 5 35,330 Annual absorption fell to 66,803 sf in in the development permit process) proposed for Downtown Vancouver U.S. Consulate General (renewal) 1095 West Pender Street 35,000 2019, a substantial decline from the 879,147 sf recorded in 2018 and the by 2024, which represents the largest Charest Reporting HSBC Building 28,200 Richards Buell Sutton LLP (extension) 401 West Georgia Street 26,400 Vacancy with Space Availability Factor (SAF) and Absorption Hatch Engineering (renewal) Oceanic Plaza 23,870 14.0% 1,101,041 1,200,000 Procurify 717 West Pender Street 22,000 12.0% 879,147 1,000,000 RBC Dominion Securities (renewal) Park Place 20,150 2.8% 800,000 Reportex (renewal/expansion) 925 West Georgia Street 19,000 10.0% 3.8% Nexii Building Solutions 1455 West Georgia Street 17,930 9.3% 2.2% 527,142 600,000 F e A 8.0% t S a / R Investors Group (expansion) Park Place 17,380 400,000 e 387,909 n t 7.1% o i a 6.0% 7.2% t R Toronto-Dominion Bank (expansion) TD Tower 16,830 p y 200,000 r c 200,811 o n 66,803 2.1% s a Sony Pictures Imageworks (renewal) TD Tower 16,400 4.0% b c A a 1.5% 0 MNP LLP (expansion) MNP Tower 16,220 V 2.0% 2.9% 2.6% 2.7% Vancouver Fraser Port Authority Oceanic Plaza 15,200 -200,000 0.2% Fairleigh Dickinson University 89 West Georgia Street 14,900 0.0% -400,000 2015 2016 2017 2018 2019 2020F Neurio (sublease) 555 Robson Street 13,670 Plotkin Health (sublease) 1177 West Hastings Street 11,370 Vacancy Absorption SAF* Space Availability Factor 12-month projection based on 5-year average absorption and known net absorption in new inventory, Ausenco (sublease) 1050 West Pender Street 11,140 and 10-year average SAF.
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