Vancouver’s commercial real estate market, particularly its office segment, is well-positioned to capitalize on the economic recovery anticipated to take place during the second half of 2021, according to Avison Young.
Construction is planned to begin in 2021 and to be completed in 2025. The project will be anchored by a 70,000- to 80,000-square-foot municipal library, designed by Toronto’s Diamond Schmitt Architects, two residential towers and additional commercial/institutional space.
Grosvenor's new site near Brentwood is in the very early days of seeking approvals and about a decade from completion, but will be part of transforming transit hubs in Burnaby into a forest of towers.
Overall, Canada recorded a 13.6 per cent jump in multiple urban starts during the month, while single-detached starts fell 0.9 per cent.
Technology and data are finally shaking up the world of commercial real estate, allowing the industry to make more informed decisions, respond quicker to consumer trends, and take on more complex projects, says consultancy Altus Group.
Vancouver and Toronto had downtown office vacancy levels below 3 per cent, among the lowest in North America this year. Montreal and Ottawa have had a strong office year as well, buoyed by the tech sector that also elevated Toronto and Vancouver. Calgary and Edmonton continued to be saddled with high office vacancies, thanks to the stagnant energy sector.
Technology continues to change the way Canadians shop, while transforming how companies get products to Canadians. Massive demand for logistics and warehousing space is overwhelming the industrial inventories of the GTA and Metro Vancouver, in particular.