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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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<p>Q4 2021 was a busy quarter in Metro Vancouver with leasing activity (absorption) of approximately 400,000 square feet downtown and 280,000 square feet in the suburbs - an increase since Q3 2021.</p>

<p>With this increase in activity, the office market saw its first decline in vacancy since the beginning of the pandemic. </p>

<p>Vancouver continues to hold its place as the office market with the lowest availability rate in Canada (around 7%), which is half of the Canadian national average, and considerably lower than many large US cities.</p>

<p>During the quarter, two new office towers were delivered – Burrard Place at 1280 Burrard Street (by Reliance and Pattison) and 601 West Hastings (by PCI Group). Additional space was brought to market, including a number of sublease spaces from other tenants – most notably Shopify’s ~70,000 square foot sublease at Bentall Centre.</p>

<p>Below is a summary of 10 notable leases that were completed in Metro Vancouver in the final quarter of 2021.</p>

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<h3>Notable Office Leases in Downtown Vancouver – Q4 2021</h3>

<h3>1.&nbsp; Tipalti at 505 Burrard Street / One Bentall Centre</h3>

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<ul><li>27,000 square feet of improved space across 2 floors</li><li>Fintech giant <a href="https://www.brex.com/">Brex</a> also subleased 8,400 square feet in the complex from Fujitsu</li><li>Bentall Centre has a newly renovated fitness space and rooftop dog park</li><li>Owned by Hudson Pacific and Blackstone Real Estate</li><li>Read more about the new development at Bentall Centre <a href="https://techoffice.io/blog/burrard-exchange-at-1025-dunsmuir-street">HERE</a></li></ul>

<h3>2.&nbsp; Owen Bird Law at 733 Seymour Street / Vancouver Centre II</h3>

<ul><li>Committed to 21,000 square feet (sublease from B2 Gold)</li><li>VCII is a new Class AAA building under construction&nbsp;</li><li>Tech Office full article <a href="https://techoffice.io/blog/vancouver-centre-ii-the-new-city-centre">HERE</a></li><li>Owned by Great West Life Realty Advisors (GWLRA) and Healthcare of Ontario Pension Plan (HOOPP)</li></ul>

<h3>3. Harrison Healthcare at 1280 Burrard Street / Burrard Place</h3>

<ul><li>14,450 square feet on the entire 5<sup>th</sup> floor</li><li>Brand new Class AAA building under construction</li><li>Top-tier amenities for office tenants and residents in the adjacent tower</li><li>Owned by Reliance Properties and the Pattison Group</li></ul>

<h3>4.&nbsp; Chard Development at 510 Burrard Street</h3>

<ul><li>7,600 square feet on the entire 14<sup>th</sup> floor of the building</li><li>Space will be fully renovated and includes a private outdoor space</li><li>Access to tenant amenities in the building</li><li>Owned and managed by Manulife</li></ul>

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<figure class="wp-block-image size-large"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2021/08/Dropbox_191220_210_Main-Atrium-V2_Final01-1024x788.jpg" alt="VCII Main-Atrium" class="wp-image-793"/><figcaption>Rendering of the lobby at VCII.  Owen Bird Law has committed to space in GWLRA &amp; HOOPP's downtown tower, which is currently under construction. (MCMP Architects/GWLRA)</figcaption></figure>

<h2>Notable Office Leases in Vancouver Periphery – Q4 2021</h2>

<h3>5.&nbsp; Bell Canada at 2980 Virtual Way / Broadway Tech Centre</h3>

<ul><li>30,000 in a large floor plate, campus environment near Renfrew Station</li><li>The property is owned and managed by Quadreal with numerous tenant amenities</li><li>Broadway Tech Centre is 1 block east from <a href="https://techoffice.io/blog/lasalle-college-canadas-1-game-design-school-breaks-ground-on-their-future-campus-in-vancouver">LaSalle College's Future Campus</a></li></ul>

<h3>6.&nbsp; Animal Logic at 110 East 5th Avenue / Main Alley M4</h3>

<ul><li>110,000 square feet across multiple floors</li><li>Brand new building, under construction in the Main Alley tech campus</li><li>Developed by Westbank, across an entire city block</li><li>Animal Logic leased an additional 28,000 square feet of temporary space adjacent to their 840 Cambie Street space in Q3 2021.&nbsp; See Tech Office’s First Movers Q3 report – <a href="https://techoffice.io/blog/first-movers-q3-2021-10-notable-office-leases-in-vancouver">HERE</a></li></ul>

<h3>7.&nbsp; Trulioo at 114 East 4<sup>th</sup> Avenue / Main Alley M2</h3>

<ul><li>41,000 square feet over 2 floors</li><li>Brand new building in the Main Alley tech campus with tenants including Zymeworks</li><li>Developed by Westbank, across an entire city block</li><li>Tech Office reported on the project - <a href="https://techoffice.io/blog/progress-at-main-alley-m2-at-114-east-4th-avenue">HERE</a></li></ul>

<h3>8.&nbsp; Sanctuary AI at 425 West 6<sup>th</sup> Avenue</h3>

<ul><li>25,000 square feet</li><li>Anchor tenant Best Buy completed a large lease earlier in the year</li><li>The Tech Office full story – <a href="https://techoffice.io/blog/best-buy-moves-from-burnaby-to-new-hq-in-at-425-west-6th-in-mt-pleasant">HERE</a></li><li>Owned and developed by Cressey</li></ul>

<h3>9.&nbsp; Bardel Entertainment at 425 West 6<sup>th</sup> Avenue</h3>

<ul><li>20,500 square feet</li><li>With Bardel, Best Buy and Sanctuary AI, the project is nearly 100% leased</li><li>Owned and developed by Cressey</li></ul>

<h3>10.&nbsp; Canfor at 161 East 4<sup>th</sup> Avenue / The Workshop</h3>

<ul><li>46,000 square feet across multiple floors</li><li>Newly constructed building, with a unique architectural style</li><li>Project is nearly 100% leased and nearing completion</li><li>The Tech Office full story – <a href="https://techoffice.io/blog/161-east-4th-avenue-the-workshop">HERE</a></li><li>Developed by the Mondivan Group</li></ul>

<figure class="wp-block-image size-large"><img src="https://wordpress-758785-2566078.cloudwaysapps.com/wp-content/uploads/2021/07/425-west-6th-avenue-vancouver-best-buy-1024x529.jpg" alt="Best Buy at 425 West 6th Avenue by Cressey" class="wp-image-459"/><figcaption>Sanctuary AI and Bardel Entertainment have committed to space in a new office tower being developed by Cressey on the northwest corner of Yukon and West 6th Avenue. (Rendering courtesy of Cressey)</figcaption></figure>

<p>Follow along with Tech Office as we highlight notable leases that are completed each quarter.</p>

<p><strong>FOR MORE UPDATES: Subscribe to our newsletter below or follow us on&nbsp;<a href="https://twitter.com/techofficeio">Twitter</a>,&nbsp;<a href="https://www.linkedin.com/company/techofficeio">LinkedIn&nbsp;</a>and&nbsp;<a href="https://www.instagram.com/techofficeio/">Instagram</a>.</strong></p>

<p>Notable leases above were listed in no specific order, in their respective sub-markets. The information above was obtained from sources deemed reliable (including quarterly reports from Cushman &amp; Wakefield, CBRE and NAI Commercial), however its accuracy cannot be guaranteed. Square footages are approximate.</p>

First Movers Vancouver – 10 Notable Office Leases in Q4 2021

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First Movers Vancouver – 10 Notable Office Leases in Q4 2021

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