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In a village of La Mancha, the name of which I have no desire to call to mind, there lived not long since one of those gentlemen that keep a lance in the lance-rack, an old buckler, a lean hack, and a greyhound for coursing.

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Floorspace is proud to present our Q3 2024 update on notable office leasing activity in Vancouver, British Columbia.&nbsp;

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.&nbsp;

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

1. Glencore Canada at 595 Burrard Street&nbsp;

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<li>New lease for approximately 31,112 square feet on the 27th and 28th floors.&nbsp;</li>

<li>Glencore Canada, headquartered in Toronto, is a leading global diversified natural resource company that produces and trades over 90 different commodities.&nbsp;</li>

<li>Glencore is expanding in Canada by acquiring a 77% stake in Teck Resources' coal mines located in British Columbia, including the Elk Valley.&nbsp;</li>

<li>595 Burrard Street, also known as Bentall 3, is owned and managed by Hudson Pacific Properties.&nbsp;</li>

<ul class="wp-block-list"><li>New lease for approximately 31,112 square feet on the 27th and 28th floors.&nbsp;</li><li>Glencore Canada, headquartered in Toronto, is a leading global diversified natural resource company that produces and trades over 90 different commodities.&nbsp;</li><li>Glencore is expanding in Canada by acquiring a 77% stake in Teck Resources' coal mines located in British Columbia, including the Elk Valley.&nbsp;</li><li>595 Burrard Street, also known as Bentall 3, is owned and managed by Hudson Pacific Properties.&nbsp;</li></ul>

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<figure class="wp-block-image size-large"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2024/11/BENTALL_8032_Dog-Park-1-1024x683.jpeg" alt="" class="wp-image-4252"/><figcaption class="wp-element-caption">Recently Glencore Canada leased 31,112 square feet at Bentall Centre which is home to amenities such as a dog park. (Photo: Bentall Centre)</figcaption></figure>

2. Whitelaw Twinning at 200 Granville Street&nbsp;

<li>Renewal for approximately 25,293 square feet on the 24th and 25th floors.&nbsp;</li>

<li>Whitelaw Twining is a Vancouver-based litigation law firm with over 150 professionals in Vancouver and Calgary, specializing in insurance, commercial litigation, construction, personal injury, and alternative dispute resolution.&nbsp;</li>

<li>Whitelaw Twining, part of DWF Group, was recognized in the 2025 Canadian edition of Best Law Firms™, highlighting its excellence in legal services. </li>

<li>200 Granville Street, also known as Granville Square, is owned and managed by Cadillac Fairview.</li>

<ul class="wp-block-list"><li>Renewal for approximately 25,293 square feet on the 24th and 25th floors.&nbsp;</li><li>Whitelaw Twining is a Vancouver-based litigation law firm with over 150 professionals in Vancouver and Calgary, specializing in insurance, commercial litigation, construction, personal injury, and alternative dispute resolution.&nbsp;</li><li>Whitelaw Twining, part of DWF Group, was recognized in the 2025 Canadian edition of Best Law Firms™, highlighting its excellence in legal services. </li><li>200 Granville Street, also known as Granville Square, is owned and managed by Cadillac Fairview.</li></ul>

<figure class="wp-block-image size-large"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2024/11/Office-Waterfront-Properties-200-Granville-Interior-Hallway-1024x682.webp" alt="" class="wp-image-4190"/><figcaption class="wp-element-caption">Expansive lobby of 200 Granville Street, now home to Whitelaw Twinning. (Photo: Cadillac Fairview)</figcaption></figure>

3. Waypoint Insurance at 733 Seymour Street&nbsp;

<li>New sublease for approximately 16,509 square feet on the 27th floor.&nbsp;</li>

<li>With over 150 years of experience, Waypoint is a top insurance and risk management brokerage in British Columbia, offering tailored solutions and expert advice for business, specialty, and individual insurance needs across Canada.&nbsp;</li>

<li>Waypoint recently merged with Allwest Insurance and Harbord Insurance to enhance its capabilities in personal lines and commercial lines sectors. </li>

<li>733 Seymour Street, also known as Vancouver Centre II, is owned by GWL Realty Advisors.&nbsp;</li>

<ul class="wp-block-list"><li>New sublease for approximately 16,509 square feet on the 27th floor.&nbsp;</li><li>With over 150 years of experience, Waypoint is a top insurance and risk management brokerage in British Columbia, offering tailored solutions and expert advice for business, specialty, and individual insurance needs across Canada.&nbsp;</li><li>Waypoint recently merged with Allwest Insurance and Harbord Insurance to enhance its capabilities in personal lines and commercial lines sectors. </li><li>733 Seymour Street, also known as Vancouver Centre II, is owned by GWL Realty Advisors.&nbsp;</li></ul>

<figure class="wp-block-image size-large"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2024/11/Rooftop.01-1024x684.jpg" alt="" class="wp-image-4208"/><figcaption class="wp-element-caption">Common roof top area at 733 Seymour Street, the new home of Waypoint Insurance. (Photo: Floorspace)</figcaption></figure>

4. Weir Motion Metrics at 1140 West Pender Street&nbsp;

<li>New lease for approximately 10,648 square feet in Unit 1100.&nbsp;</li>

<li>Weir Motion Metrics is a Canadian technology company leveraging artificial intelligence and computer vision to enhance mine safety and energy efficiency.&nbsp;</li>

<li>The company is a significant player in the global mining market, with around 95% of its revenue coming from exports. Founded in 1999 and based in Vancouver, the company has expanded internationally, with offices in Australia, Brazil, Chile, South Africa, Kazakhstan, and Mexico. </li>

<li>1140 West Pender Street, also known as Sun Life Financial Centre, is owned by BentallGreenOak and managed by Concert Properties.&nbsp;</li>

<ul class="wp-block-list"><li>New lease for approximately 10,648 square feet in Unit 1100.&nbsp;</li><li>Weir Motion Metrics is a Canadian technology company leveraging artificial intelligence and computer vision to enhance mine safety and energy efficiency.&nbsp;</li><li>The company is a significant player in the global mining market, with around 95% of its revenue coming from exports. Founded in 1999 and based in Vancouver, the company has expanded internationally, with offices in Australia, Brazil, Chile, South Africa, Kazakhstan, and Mexico. </li><li>1140 West Pender Street, also known as Sun Life Financial Centre, is owned by BentallGreenOak and managed by Concert Properties.&nbsp;</li></ul>

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

1. Aspect Biosystems at 2131 Manitoba Street&nbsp;

<li>New sublease for approximately 48,026 square feet.&nbsp;</li>

<li>Aspect Biosystems is a biotech company pioneering bioprinted tissue therapies to transform treatments for diseases like type 1 diabetes and liver disorders using advanced bioprinting and cell engineering.&nbsp;&nbsp;</li>

<li>Aspect Biosystems has secured a $200 million partnership with Governments of Canada and British Columbia to advance bioprinted tissue therapies, enhancing treatment for chronic diseases and strengthening healthcare innovation.&nbsp;</li>

<li>2131 Manitoba Street is owned and managed by Third Space Properties.&nbsp;</li>

<ul class="wp-block-list"><li>New sublease for approximately 48,026 square feet.&nbsp;</li><li>Aspect Biosystems is a biotech company pioneering bioprinted tissue therapies to transform treatments for diseases like type 1 diabetes and liver disorders using advanced bioprinting and cell engineering.&nbsp;&nbsp;</li><li>Aspect Biosystems has secured a $200 million partnership with Governments of Canada and British Columbia to advance bioprinted tissue therapies, enhancing treatment for chronic diseases and strengthening healthcare innovation.&nbsp;</li><li>2131 Manitoba Street is owned and managed by Third Space Properties.&nbsp;</li></ul>

<figure class="wp-block-image size-large"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2024/11/20210422_untitled_NMouellic_3676-Edit-Edit-1024x683.jpg" alt="" class="wp-image-4186"/><figcaption class="wp-element-caption">Aspect expands significantly in Vancouver with a new four-storey office in Mount Pleasant. (Photo: Third Space)</figcaption></figure>

2. Vancouver Film School at 198 West Hastings Street&nbsp;

<li>Renewal of around 47,500 square feet for the entire seven-storey building.&nbsp;</li>

<li>Vancouver Film School (VFS) is a premier institution offering intensive, hands-on training in film, animation, game design, and more, producing industry-ready graduates. For the eighth consecutive year, Hollywood trade publication Variety has recognized Vancouver Film School as one of North America's top schools. </li>

<li>198 West Hastings Street, also known as The Province Building, is owned by a private Vancouver family.</li>

<ul class="wp-block-list"><li>Renewal of around 47,500 square feet for the entire seven-storey building.&nbsp;</li><li>Vancouver Film School (VFS) is a premier institution offering intensive, hands-on training in film, animation, game design, and more, producing industry-ready graduates. For the eighth consecutive year, Hollywood trade publication Variety has recognized Vancouver Film School as one of North America's top schools. </li><li>198 West Hastings Street, also known as The Province Building, is owned by a private Vancouver family.</li></ul>

<figure class="wp-block-image size-large"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2024/11/2961307_orig-1024x682.jpg" alt="" class="wp-image-4206"/><figcaption class="wp-element-caption">Vancouver Film School recently underwent a renewal of around 47,500 square feet at their campus at 198 West Hastings Street. (Photo: Vancouver Film School)</figcaption></figure>

3. Sanctuary AI at 285 West 5th Avenue&nbsp;

<li>New sublease for approximately 32,288 square feet.&nbsp;</li>

<li>Founded in 2018, Sanctuary AI is based in Vancouver and aims to develop human-like robots that enhance safety, efficiency, and sustainability in the workforce to tackle labor challenges.&nbsp;</li>

<li>The Sanctuary AI team includes experts from startups and major tech companies such as Amazon, Microsoft, and Softbank Robotics.&nbsp;</li>

<li>285 West 5th Avenue, also known as The Nickel, is owned by Nicola Wealth Real Estate and managed by Warrington PCI Management.</li>

<ul class="wp-block-list"><li>New sublease for approximately 32,288 square feet.&nbsp;</li><li>Founded in 2018, Sanctuary AI is based in Vancouver and aims to develop human-like robots that enhance safety, efficiency, and sustainability in the workforce to tackle labor challenges.&nbsp;</li><li>The Sanctuary AI team includes experts from startups and major tech companies such as Amazon, Microsoft, and Softbank Robotics.&nbsp;</li><li>285 West 5th Avenue, also known as The Nickel, is owned by Nicola Wealth Real Estate and managed by Warrington PCI Management.</li></ul>

<figure class="wp-block-image size-large"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2024/11/285-West-5th_0071-1024x768.jpg" alt="" class="wp-image-4198"/><figcaption class="wp-element-caption">The Nickel at 285 West 5th Avenue, subleased by Sanctuary AI. (Photo: MCM Architects)</figcaption></figure>

4. Hydrogen Technology and Energy Corp. (HTEC) at 2985 Virtual Way&nbsp;

<li>New sublease for approximately 29,000 square feet on the 4th floor.&nbsp;</li>

<li>Hydrogen Technologies and Energy Corp. (HTEC), based in Vancouver, focuses on creating and managing hydrogen energy solutions to help the transportation sector transition to a low-carbon future.&nbsp;</li>

<li>The company is actively working on a $1 billion hydrogen transportation ecosystem in British Columbia, set to revolutionize the energy landscape and accelerate the shift toward sustainable solutions.&nbsp;</li>

<li>2985 Virtual Way, also known as Broadway Tech Centre Building 3, is owned and managed by QuadReal Property Group.&nbsp;</li>

<ul class="wp-block-list"><li>New sublease for approximately 29,000 square feet on the 4th floor.&nbsp;</li><li>Hydrogen Technologies and Energy Corp. (HTEC), based in Vancouver, focuses on creating and managing hydrogen energy solutions to help the transportation sector transition to a low-carbon future.&nbsp;</li><li>The company is actively working on a $1 billion hydrogen transportation ecosystem in British Columbia, set to revolutionize the energy landscape and accelerate the shift toward sustainable solutions.&nbsp;</li><li>2985 Virtual Way, also known as Broadway Tech Centre Building 3, is owned and managed by QuadReal Property Group.&nbsp;</li></ul>

<figure class="wp-block-image size-large is-resized"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2024/11/sports-courts-1024x768.jpg" alt="" class="wp-image-4203" style="width:840px;height:auto"/><figcaption class="wp-element-caption">2985 Virtual Way, now the home of Hydrogen Technology and Energy Corp. (HTEC), is located within the Broadway Tech Centre, a campus known for its extensive amenities, including multiple sports courts. (Photo: QuadReal)</figcaption></figure>

5. ICON Creative Studio at 21 Water Street&nbsp;

<li>New lease for approximately 22,959 square feet.&nbsp;</li>

<li>ICON Creative Studio, Canada’s largest independent CG animation studio in Vancouver’s historic Gastown, specializes in various aspects of animation, including design, storyboarding, modeling, rigging, lighting, and visual effects.&nbsp;</li>

<li>ICON Creative Studio has created animated series for top clients like Disney, Nickelodeon, Mattel, Netflix, Warner Bros, and Electronic Arts, highlighting their expertise in high-quality animation.&nbsp;</li>

<li>21 Water Street, also known as The Packing House, is owned and managed by Low Tide Properties.</li>

<ul class="wp-block-list"><li>New lease for approximately 22,959 square feet.&nbsp;</li><li>ICON Creative Studio, Canada’s largest independent CG animation studio in Vancouver’s historic Gastown, specializes in various aspects of animation, including design, storyboarding, modeling, rigging, lighting, and visual effects.&nbsp;</li><li>ICON Creative Studio has created animated series for top clients like Disney, Nickelodeon, Mattel, Netflix, Warner Bros, and Electronic Arts, highlighting their expertise in high-quality animation.&nbsp;</li><li>21 Water Street, also known as The Packing House, is owned and managed by Low Tide Properties.</li></ul>

<figure class="wp-block-image size-large"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2024/11/21-Water-2-1024x768.jpg" alt="" class="wp-image-4188"/><figcaption class="wp-element-caption">Converted from a heritage warehouse, this modern mixed-used building will house ICON Creative Studio's expanded operations. (Photo: Low Tide Properties)&nbsp;</figcaption></figure>

6. Provincial Health Services Authority (PHSA) at 1333 West Broadway&nbsp;

<li>New lease for approximately 17,000 square feet on the 5th and 10th floors.&nbsp;</li>

<li>PHSA collaborates with the BC Ministry of Health, five regional health authorities, and the First Nations Health Authority to provide B.C. residents with access to a coordinated network of high-quality specialized healthcare services.&nbsp;</li>

<li>1333 West Broadway is managed by Warrington PCI Management.</li>

<ul class="wp-block-list"><li>New lease for approximately 17,000 square feet on the 5th and 10th floors.&nbsp;</li><li>PHSA collaborates with the BC Ministry of Health, five regional health authorities, and the First Nations Health Authority to provide B.C. residents with access to a coordinated network of high-quality specialized healthcare services.&nbsp;</li><li>1333 West Broadway is managed by Warrington PCI Management.</li></ul>

According to CBRE's latest report, Vancouver's office market is shifting towards tenant rightsizing and a preference for higher-quality spaces, with the vacancy rate increasing significantly by 120 basis points to 10.9% (compared to 9.7% in Q2 2024). Downtown Vancouver recorded a negative absorption of about 269,541 square feet and no new supply, while suburban/periphery regions added 300,787 square feet, mainly at Discovery Buildings in Burnaby and Main Alley – M4 in Mount Pleasant. Increased leasing activity is expected to stabilize vacancy rates in the short term, with a potential contraction in 2025 before a new construction cycle begins.&nbsp;

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

First Movers Q3 2024 – 10 Notable Office Lease Transactions

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First Movers Q3 2024 – 10 Notable Office Lease Transactions

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