October 15, 2018
The Reality of the Commercial Real Estate Market for Vancouver Tech Companies
We sat down with CBRE’s High Technology Facilities Group (HTFG) to talk about what a growing tech company should know and can expect when thinking about real estate.
What is happening in the downtown office leasing market?
In short, and it should not come as a surprise, office rental rates are up and vacancy is down. Typically rents slightly go up year after year, however, in 2018 we are measuring rent increases by quarters even and month to month. This change has Vancouver ranked fourth globally for having the fastest growing office rental appreciation in the first three quarters of 2018. Perhaps it was long overdue and we are catching up, but this is now our new reality.
Depending on the size of your office (10-20, 30-50, 100+ employees) competition can be fierce. Landlords with move-in ready locations are the big winners, and market-ready firms that know their requirements need to execute quickly when they see the right space and want to secure it. Slow decision making or leaving the search until the last minute can cause companies to overpay, lose out on quality options, or even be forced to move.
Insights you might also like...
Millennials: Myths and Realities
As one of the largest generations in history, millennials are reshaping the global economy and influencing the built environment along the way.
2020 Tech Trends
In celebration of a new decade, we’re taking a closer look at 14 tech trend predictions from CBInsights. 2020 will be a big year for all facets of technology, particularly in health tech, business optimization, and political agendas.
Let’s Talk Flex
Once considered a niche offering, flexible office space has become a prominent component of building owners’ and corporate occupier’s real estate strategies. As such, it represents a structural shift in office leasing that will survive– and perhaps thrive– in an economic downtown.
Vancouver Office MarketView Q2 2020
Metro Vancouver experienced a substantial increase in overall office vacancy to 4.6%, 70 basis point (bps) more than in Q1 2020.
