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<p>Floorspace is proud to present our Q1 2024 update on notable office leasing activity in Vancouver, British Columbia.</p>

<p>We have highlighted First Movers over the past quarter - companies who have made a commitment to move, sublease, expand their footprint or renew their leases.</p>

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<h2 class="wp-block-heading">Notable Office Leases in Downtown Vancouver</h2>

<h4 class="wp-block-heading">1. Later Media at 1166 Alberni Street</h4>

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<li>New sublease for approximately 9,400 square feet</li>

<li>Later is a social media marketing company that specializes in scheduling posts.  The tech company was founded in Vancouver and acquired by Boston-based MavrckLLC in 2022.</li>

<li>The company's shift from a 100% remote model to a physical office presence signals a broader trend of returning to in-person work.</li>

<li>1166 Alberni Street is owned and managed by the Peterson Group.</li>

<ul><li>New sublease for approximately 9,400 square feet</li><li>Later is a social media marketing company that specializes in scheduling posts.  The tech company was founded in Vancouver and acquired by Boston-based MavrckLLC in 2022.</li><li>The company's shift from a 100% remote model to a physical office presence signals a broader trend of returning to in-person work.</li><li>1166 Alberni Street is owned and managed by the Peterson Group.</li></ul>

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<figure class="wp-block-image size-full"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2024/05/201002-383.jpg" alt="" class="wp-image-3445"/><figcaption class="wp-element-caption">Later's new office lounge at 1166 Alberni Street (Photo: Floorspace)</figcaption></figure>

<h4 class="wp-block-heading">2. D&amp;H Accounting at 855 Homer Street</h4>

<li>New lease for approximately 23,000 square feet, relocating from 1333 West Broadway.</li>

<li>D&amp;H Group LLP Chartered Professional Accountants, established over 70 years ago as Dyke &amp; Howard, is a full-service mid-market firm serving clients in British Columbia and globally. </li>

<li>855 Homer Street, also known as NLK Building, is owned by CRS Group of Companies</li>

<ul><li>New lease for approximately 23,000 square feet, relocating from 1333 West Broadway.</li><li>D&amp;H Group LLP Chartered Professional Accountants, established over 70 years ago as Dyke &amp; Howard, is a full-service mid-market firm serving clients in British Columbia and globally. </li><li>855 Homer Street, also known as NLK Building, is owned by CRS Group of Companies</li></ul>

<h4 class="wp-block-heading">3. Grant Thornton LLP at 733 Seymour Street</h4>

<li>New lease for approximately 31,000 square feet.</li>

<li>Grant Thornton LLP is a Canadian accounting and business advisory firm specializing in audit, tax, and advisory services.</li>

<li>Read more about this new project <a href="https://renx.ca/grant-thornton-new-vcii-lease-positive-sign-vancouver-office-market">here</a>.</li>

<li>The new tenants join Kabam Games, PI Financial, Owen Bird Law Corporation, Sandstorm Gold, and TSX Venture Exchange.</li>

<li>733 Seymour Street, also known as VCII, is managed by GWL Realty Advisors.</li>

<ul><li>New lease for approximately 31,000 square feet.</li><li>Grant Thornton LLP is a Canadian accounting and business advisory firm specializing in audit, tax, and advisory services.</li><li>Read more about this new project <a href="https://renx.ca/grant-thornton-new-vcii-lease-positive-sign-vancouver-office-market">here</a>.</li><li>The new tenants join Kabam Games, PI Financial, Owen Bird Law Corporation, Sandstorm Gold, and TSX Venture Exchange.</li><li>733 Seymour Street, also known as VCII, is managed by GWL Realty Advisors.</li></ul>

<figure class="wp-block-image size-large"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2024/05/Lounge.03-2-1024x683.jpg" alt="" class="wp-image-3419"/><figcaption class="wp-element-caption">Rooftop common lounge at 733 Seymour Street, future home of Grant Thornton LLP (Photo: GWLRA)</figcaption></figure>

<h4 class="wp-block-heading">4. PDF Solutions at 555 West Hastings Street</h4>

<li>New sublease for approximately 12,000 square feet.</li>

<li>Founded in 1991, PDF Solutions utilizes a combination of software, hardware, IP, and services to address the challenges present in semiconductor development and manufacturing. </li>

<li>555 West Hastings Street, also known as Harbour Centre, is owned by Polaris Realty and managed by Harbour Centre Complex Ltd.</li>

<ul><li>New sublease for approximately 12,000 square feet.</li><li>Founded in 1991, PDF Solutions utilizes a combination of software, hardware, IP, and services to address the challenges present in semiconductor development and manufacturing. </li><li>555 West Hastings Street, also known as Harbour Centre, is owned by Polaris Realty and managed by Harbour Centre Complex Ltd.</li></ul>

<h4 class="wp-block-heading">5. Ryan LLC at 320 Granville Street</h4>

<li>New lease for an entire floor (13,500 square feet), with Ryan LLC relocating from 1050 West Pender Street.</li>

<li>Ryan LLC is a company specializing in integrated tax services.  The are based in Dallas Texas and holds a team of 4,700 professionals with 29,000 clients in 75 countries. Ryan won #54 in Fortune 100 Best Companies to Work For® 2024.</li>

<li>320 Granville Street, also known as Bosa Waterfront, is largely a strata building with select units owned and managed by the developer.</li>

<ul><li>New lease for an entire floor (13,500 square feet), with Ryan LLC relocating from 1050 West Pender Street.</li><li>Ryan LLC is a company specializing in integrated tax services.  The are based in Dallas Texas and holds a team of 4,700 professionals with 29,000 clients in 75 countries. Ryan won #54 in Fortune 100 Best Companies to Work For® 2024.</li><li>320 Granville Street, also known as Bosa Waterfront, is largely a strata building with select units owned and managed by the developer.</li></ul>

<figure class="wp-block-image size-large"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2024/05/BosaDev_320Granville_1885-1024x576.jpg" alt="" class="wp-image-3433"/><figcaption class="wp-element-caption">Bosa Development's 320 Granville Street common rooftop (Photo: Bosa Development)</figcaption></figure>

<h4 class="wp-block-heading">6. PBX Engineering at 815 West Hastings Street</h4>

<li>Lease for approximately 8,000 square feet on the 9th floor.</li>

<li>PBX is a firm specializing in electrical and systems engineering consulting services, dedicated to enhancing infrastructure, enterprises, and communities. Notably, PBX has earned recognition among Canada's Top 100 Small and Medium Employers for 2023.</li>

<li>815 West Hastings Street is owned and managed by West Pender Property Group.</li>

<ul><li>Lease for approximately 8,000 square feet on the 9th floor.</li><li>PBX is a firm specializing in electrical and systems engineering consulting services, dedicated to enhancing infrastructure, enterprises, and communities. Notably, PBX has earned recognition among Canada's Top 100 Small and Medium Employers for 2023.</li><li>815 West Hastings Street is owned and managed by West Pender Property Group.</li></ul>

<figure class="wp-block-image size-large"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2024/05/220719-098-1-1-1024x681.jpg" alt="" class="wp-image-3425"/><figcaption class="wp-element-caption">Interior shot of the 9th floor at 815 West Hastings, PBX Engineering's new office (Photo: Floorspace)</figcaption></figure>

<h4 class="wp-block-heading">7. RBC at 200 Burrard Street</h4>

<li>Renewal for approximately 53,000 square feet.</li>

<li>This location is home to RBC Global Asset Management - PH&amp;N Institutional team.</li>

<li>During this past quarter (March 28th), RBC officially completed their acquisition of HSBC Canada. HSBC Canada's branches and offices opened for business on April 1st as newly branded RBC locations.  Read more about the acquisition <a href="https://www.rbc.com/newsroom/news/article.html?article=125885">here</a>.</li>

<li>200 Burrard Street also known as the Waterfront Centre and is managed by Cadillac Fairview.</li>

<ul><li>Renewal for approximately 53,000 square feet.</li><li>This location is home to RBC Global Asset Management - PH&amp;N Institutional team.</li><li>During this past quarter (March 28th), RBC officially completed their acquisition of HSBC Canada. HSBC Canada's branches and offices opened for business on April 1st as newly branded RBC locations.  Read more about the acquisition <a href="https://www.rbc.com/newsroom/news/article.html?article=125885">here</a>.</li><li>200 Burrard Street also known as the Waterfront Centre and is managed by Cadillac Fairview.</li></ul>

<h4 class="wp-block-heading">8. MAG Silver at 815 West Hastings Street</h4>

<li>New lease for approximately 8,200 square feet.</li>

<li>MAG Silver is a North America silver producer with projects in Mexico, Utah and Ontario.</li>

<li>The landlord is delivering a fully built-out space to align with the company's timeline for relocation. M Moser was engaged early in the process to create mock-ups of the future workspace.</li>

<li>815 West Hastings is owned and managed by West Pender Property Group.</li>

<ul><li>New lease for approximately 8,200 square feet.</li><li>MAG Silver is a North America silver producer with projects in Mexico, Utah and Ontario.</li><li>The landlord is delivering a fully built-out space to align with the company's timeline for relocation. M Moser was engaged early in the process to create mock-ups of the future workspace.</li><li>815 West Hastings is owned and managed by West Pender Property Group.</li></ul>

<figure class="wp-block-image size-large"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2024/05/220719-269-1024x681.jpg" alt="" class="wp-image-3446"/><figcaption class="wp-element-caption">Rooftop views from MAG Silver's future home at 815 West Hastings Street (Photo: Floorspace)</figcaption></figure>

<h2 class="wp-block-heading">Notable Office Leasing in Vancouver Suburban</h2>

<h4 class="wp-block-heading">9. Scott Construction at 4621 Canada Way</h4>

<li>New sublease for approximately 20,000 square feet.</li>

<li>Scott Construction is a seasoned player in the construction industry. Some notable projects for Scott Construction include Capilano Student Housing, Volkswagen Chilliwack Dealership, SFU Student Housing and BCIT Downtown Campus Renovation.</li>

<li>4621 Canada Way is part of the Canada Way Business Park and is managed by Warrington PCI.</li>

<ul><li>New sublease for approximately 20,000 square feet.</li><li>Scott Construction is a seasoned player in the construction industry. Some notable projects for Scott Construction include Capilano Student Housing, Volkswagen Chilliwack Dealership, SFU Student Housing and BCIT Downtown Campus Renovation.</li><li>4621 Canada Way is part of the Canada Way Business Park and is managed by Warrington PCI.</li></ul>

<figure class="wp-block-image size-full"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2024/05/230508-781.jpg" alt="" class="wp-image-3427"/><figcaption class="wp-element-caption">Interior shot of 4621 Canada Way, Scott Construction's new floorspace. (Photo: Floorspace)</figcaption></figure>

<h4 class="wp-block-heading">10. Rambus Canada at 2925 Virtual Way</h4>

<li>Approximately 11,000 square feet lease</li>

<li>Rambus is a leader in high-performance memory subsystems, providing chips, IP, and innovations to enhance performance and security in data-intensive systems. Notably, Rambus has a history of advancements in memory technology, including XDR DRAM used in devices like the PlayStation 3.</li>

<li>2925 Virtual Way is part of the Broadway Tech Centre (Building 1) and is managed by Quadreal.</li>

<ul><li>Approximately 11,000 square feet lease</li><li>Rambus is a leader in high-performance memory subsystems, providing chips, IP, and innovations to enhance performance and security in data-intensive systems. Notably, Rambus has a history of advancements in memory technology, including XDR DRAM used in devices like the PlayStation 3.</li><li>2925 Virtual Way is part of the Broadway Tech Centre (Building 1) and is managed by Quadreal.</li></ul>

<h4 class="wp-block-heading">11. LMI Technologies at 9200 Glenyon Parkway</h4>

<li>Approximately 90,550 square feet renewal</li>

<li>LMI Technologies specializes in 3D scanning and inspection. </li>

<li>The building was originally designed by Christopher Bozyk Architects for Nokia Canada as their product creation centre.</li>

<li>9200 Glenyon Parkway, also known as the Nokia Building, is managed by Bentall Green Oak</li>

<ul><li>Approximately 90,550 square feet renewal</li><li>LMI Technologies specializes in 3D scanning and inspection. </li><li>The building was originally designed by Christopher Bozyk Architects for Nokia Canada as their product creation centre.</li><li>9200 Glenyon Parkway, also known as the Nokia Building, is managed by Bentall Green Oak</li></ul>

<figure class="wp-block-image size-large"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2024/05/9200-glenlyon-parkway-1-1024x464.jpg" alt="" class="wp-image-3428"/><figcaption class="wp-element-caption">The Nokia Building at 9200 Glenyon Parkway, renewed by LMI Technologies. (Photo: TrueNorth REIT)</figcaption></figure>

<p>As per CBRE's most recent report, Metro Vancouver's overall office vacancy rate experienced an increase of 10 basis points, settling at 9.5% (compared to 9.4% in Q4 2023). This comes after the first decrease in Vacancy that Vancouver had seen in Q4 of 2023 since 2022. During the last quarter, around 1,043,267 square feet of space in Downtown Vancouver was absorbed on a net basis, with 1,153,561 square feet of new supply introduced to the Downtown market. Notably, there is approximately 1,959,407 square feet currently under construction, with all the construction located outside of the Downtown core.</p>

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<p>The information above was obtained from sources deemed reliable (including quarterly reports from CBRE, Colliers, Cushman Wakefield &amp; NAI), however, its accuracy cannot be guaranteed. All figures, including square footage are approximate.</p>

First Movers Q1 2024 – 11 Notable Office Lease Transactions

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First Movers Q1 2024 – 11 Notable Office Lease Transactions

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