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Metro Vancouver Office Market Report

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Metro Vancouver Office Market Report Metro Vancouver Office Market Report FIRST QUARTER 2015 Accelerating success. OFFICE MARKET SUMMARY METro VANCOUVER The Metro Vancouver market began 2015 cautiously as it anticipates the release of more than 2.1 million square feet of office space this year. As the market receives an abundance of high-quality space, tenants are adapting to their new environment by taking advantage of increasingly high inducements to consider previously unattainable spaces. MARKET OVERVIEW 2014 Q4 2015 Q1 TREND Vacancy increased by 0.6 percent as Metro Vancouver’s inventory begins its expansion with 262,915 square feet of office space Office Inventory* (SF) 54,661,599 54,924,514 completed in the first quarter of 2015. With some tenants not yet Net Absorption (SF) 351,864 (91,633) occupying their larger spaces in the new supply and large spaces becoming vacant in the suburbs, absorption was negative overall at Vacancy Rate 9.0% 9.6% negative 91,633 square feet. Broadway Corridor kept the lowest Average Asking Net Rent** $22.57 $22.28 vacancy across all submarkets at 3.3 percent, resulting from little leasing activity and few spaces becoming available. Richmond saw Average Additional Rent $13.56 $13.85 the largest decrease in vacancy, dropping from 17.7 percent to 15.6 *There are 762 office buildings surveyed in Metro Vancouver percent due to its ability to meet requirements for large spaces, ** Average Asking Net Rent is calculated using a weighted average particularly for technology and digital media businesses and a range of manufacturing businesses. CURRENT TENANT REQUIREMENTS Anticipating the release of more than 1.3 million square feet of Class While the number of tenants seeking space has decreased from 88 A and Class AAA office space downtown next quarter, including to 82 this quarter, demand remains strong, increasing by 465,500 TELUS Garden and 725 Granville, lower class buildings are seeing square feet. More tenants are seeking larger spaces with five changes as their amenities are upgraded to remain competitive. In tenants requiring space between 100,000 square feet to 300,000 addition, landlords across all submarkets are offering progressively square feet. Although technology and digital media businesses still creative inducements such as cash allowances and bonus square have the highest square feet of requirements, consumer goods saw feet as they are pressured to reduce net effective rates to attract the biggest increase in businesses requiring space, moving from tenants. As a larger range of spaces become available in the market 14.87 percent to 22.44 percent of total demand. from the business parks of the suburbs to the new construction and upgraded buildings downtown, tenants can now explore a range of options to maximize the efficiency of their office’s size and location. TENANT REQUIREMENTS MARCH 2015 The vivacity of the sublease market further extends tenants’ options 2,321,500 Square Feet by providing temporary spaces for businesses exploring the market, 23.95% as well as an option for those looking to occupy new space before Technology & Digital Media 30.99% the end of their lease. With overall sublease availability decreasing Consumer Goods from 13.4 percent to 11.7 percent of total available space, the market Financial Services 6.33% saw an uptake in demand that indicates the value of subleases in Professional Services 7.28% tenants’ real estate strategies. Spaces available for sublease range Insurance 22.44% from 500 square feet to multiple floors totaling up to 89,000 square 9.00% Other* feet, offering a variety of options throughout all building classes. * Other includes entertainment & leisure, logistics, education, government, accounting, legal services, health services, energy & natural resources and financial services. HISTORICAL PERFORMANCE AND FORECAST 12.0% 1,500,000 INVESTMENT MARKET 10.0% 1,000,000 Despite slow transaction activity this quarter, the Metro Vancouver 500,000 8.0% Investment market remains an attractive choice for investors. Off- - market transactions continue to compress capitalization rates with 6.0% (500,000) many owners receiving unsolicited offers of purchase. As 4.0% capitalization rates decrease Downtown and in the Broadway (1,000,000) Corridor, permit application for office product is increasing. A 2.0% (1,500,000) second wave of office developments is in planning with projects 0.0% (2,000,000) such as Jim Pattison Developments and Reliance Properties’ Burrard Place and BlueSky Properties’ Broadway and Oak looking 2011 Q1 2011 2011 Q3 2011 2013 Q1 2015 Q1 2016 Q1 2011 Q4 2011 2014 Q1 2011 Q2 2011 2012 Q1 2013 Q3 2015 Q3 2013 Q4 2014 Q3 2012 Q3 2013 Q2 2015 Q4 2015 Q2 2014 Q4 2012 Q4 2014 Q2 2012 Q2 to start construction at the end of this year. Net Absorption (SF) New Supply (SF) Vacancy Rate (%) TABLE OF CONTENTS 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 1A OFFICE MARKET SUMMARY S t a n l e y P a r k S D t r a n le S y t VANCOUVER – dOWNTOWN a Beaver P n a l Lake r e k y D P r a P r i k p C e l a i u n s e e Stanley w R a d Park y Avison W The Downtown market is beginning to see effects from the 1.7 million square feet ofay office space entering the 1A market in 2015. Tenant activity is cautious as companies explore the most 99efficient use ofa rk Dspacer for their business y P nle ta Dr S oon St ag an L le N y Pa needs, with subleasing an effective tool for expanding leasingrk options. Vacancy is expected to continue to increase Dr Lost Lagoon this year as the market adjusts to the new supply. Devonian Coal Harbour Harbour Park W. Georgia St Alberni St Lagoon Dr TRENDS AND HIGHLIGHTS Park Ln Haro St Beach Ave Chilco St Harbour Pendrell St Green Park 4 W. Commissioner St ◊ Oxford Properties’ MNP Tower at 1021 West Hastings Street was the Gilford St Comox St Bidwell St Pender St Denman St first tower to complete in 2015, adding 263,000 square feet of office Pendrell St W. Georgia St Canada Pl Alberni St Canada Place Nicola St B Melville St space to the market. It is currently 93 percent leased. Bidwell St English Bay Cardero St Broughton St 99 Waterfront Beach Ave Beach Jervis St D Hastings St E. Commissioner Cordova St Nelson St Barclay St Bute St Burrard Pender St ◊ Manulife’s 980 Howe Street, delivering 240,000 square feet of office Haro St 1A Bidwell St Dunsmuir St Pendrell St Thurlow St Water St space in the second quarter of 2015, is now 60 percent leased with Cardero St Comox St W. Georgia St Powell St Columbia St Nicola St St Abbott Burrard St Seymour St E Granville3 St Carrall Robson St Davie St ACL Software securing four floors totalling 70,000 square feet this Broughton St C A Burnaby St 1 5City Centre Homer St quarter. Howe St Pender St Harwood St St. H Bute St Paul’s Granville St Richards St Stadium/ Keefer St Smithe St Quebec St DunsmuirChinatown Viad Sunset Hornby St Cambie St Beach Beach Ave Hamilton St Thurlow St Nelson St Pacic Blvd Burrard St 2 Rogers Expo Blvd Davie St 2014 Q4 2015 Q1 TREND Helmcken St Beatty St Arena Blvd Georgia Viad BC Place Drake St Stadium Hornby St Mainland St Expo Vanier Hamilton St Office Inventory* (SF) 24,474,251 24,737,166 Park May & Lorne Brown Park Seymour St Burrard Bridge Pacic Blvd Richards St Yaletown/ Roundhouse Science Homer St World Net Absorption (SF) 10,101 (63,121) Pacic Blvd Point Grey Rd Kitsalano Beach Cambie Bridge St Quebec George Wainborn David Lam Granville Granville Bridge Park Park Trafalgar St Trafalgar Island Balsam St Balsam Maple St Johnston Street False Creek Vacancy Rate 6.0% 7.2% St Yew Olympic Village 99 1 Ave Notable1 Ave Lease Notable Sale New Supply 1 Ave Stephens St Stephens Cartwright Street Larch St Larch Vine St 2 Ave 2 Ave Average Asking Net Rent** $27.13 $27.31 St Cypress 2 Ave Old Bridge Street 3 Ave 3 Ave 1 Ave 3 Ave Average Additional Rent $17.14 $17.47 NOTABLE LEASE TRANSACTIONS *There are 224 office buildings surveyed in the Downtown region ** Average Asking Net Rent is calculated using a weighted average APPROX. TENANT TYPE ADDRESS SIZE (SF) HISTORICAL PERFORMANCE AND FORECAST 1. ACL Services Ltd. Headlease 980 Howe Street 70,000 10.0% 800,000 9.0% 600,000 8.0% 2. Lululemon Athletica Headlease 1380 Burrard Street 40,000 7.0% 400,000 401 West Georgia 6.0% 3. Unbounce Headlease 25,000 5.0% 200,000 Street 4.0% - 3.0% NOTABLE SALE TRANSACTIONS 2.0% (200,000) APPROX. PURCHASER PRICE ADDRESS 1.0% SIZE (SF) 0.0% (400,000) Westbank Projects 4. $47,000,000 1550 Alberni Street 100,000 Corp. 2011 Q1 2011 2011 Q3 2011 2013 Q1 2015 Q1 2016 Q1 2011 Q4 2011 2014 Q1 2011 Q2 2011 2012 Q1 2013 Q3 2015 Q3 2013 Q4 2014 Q3 2012 Q3 2013 Q2 2015 Q4 2015 Q2 2014 Q4 2012 Q4 2014 Q2 2012 Q2 Net Absorption (SF) New Supply (SF) Vacancy Rate (%) 5. Avigilon Corporation $42,000,000 555 Robson Street 135,000 UPCOMING NEW SuppLY ADDRESS CLASS FLOORS TOTAL OFFICE AREA (SF) DEVELOPER A. TELUS Garden - 510 W. Georgia Street AAA 22 450,000 TELUS / Westbank B. 745 Thurlow Street AAA 20 365,000 bcIMC / Bentall Kennedy C.
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