appraisal intelligence inc. · office market summary metro vancouver historical performance and...

Accelerating success.

Metro VancouverOffice MarketReportFIRST QUARTER 2015

office market summary

MetRO VancOuVeR

Historical Performance and forecast

market overview

Vacancy increased by 0.6 percent as Metro Vancouver’s inventory begins its expansion with 262,915 square feet of office space completed in the first quarter of 2015. With some tenants not yet occupying their larger spaces in the new supply and large spaces becoming vacant in the suburbs, absorption was negative overall at negative 91,633 square feet. Broadway Corridor kept the lowest vacancy across all submarkets at 3.3 percent, resulting from little leasing activity and few spaces becoming available. Richmond saw the largest decrease in vacancy, dropping from 17.7 percent to 15.6 percent due to its ability to meet requirements for large spaces, particularly for technology and digital media businesses and a range of manufacturing businesses.

Anticipating the release of more than 1.3 million square feet of Class A and Class AAA office space downtown next quarter, including TELUS Garden and 725 Granville, lower class buildings are seeing changes as their amenities are upgraded to remain competitive. In addition, landlords across all submarkets are offering progressively creative inducements such as cash allowances and bonus square feet as they are pressured to reduce net effective rates to attract tenants. As a larger range of spaces become available in the market from the business parks of the suburbs to the new construction and upgraded buildings downtown, tenants can now explore a range of options to maximize the efficiency of their office’s size and location.

The vivacity of the sublease market further extends tenants’ options by providing temporary spaces for businesses exploring the market, as well as an option for those looking to occupy new space before the end of their lease. With overall sublease availability decreasing from 13.4 percent to 11.7 percent of total available space, the market saw an uptake in demand that indicates the value of subleases in tenants’ real estate strategies. Spaces available for sublease range from 500 square feet to multiple floors totaling up to 89,000 square feet, offering a variety of options throughout all building classes.

cUrrent tenant reqUirements

While the number of tenants seeking space has decreased from 88 to 82 this quarter, demand remains strong, increasing by 465,500 square feet. More tenants are seeking larger spaces with five tenants requiring space between 100,000 square feet to 300,000 square feet. Although technology and digital media businesses still have the highest square feet of requirements, consumer goods saw the biggest increase in businesses requiring space, moving from 14.87 percent to 22.44 percent of total demand.

2,321,500 Square Feet

Technology & Digital Media

Consumer Goods

Financial Services

Professional Services

Insurance

Other*

* Other includes entertainment & leisure, logistics, education, government, accounting, legal services, health services, energy & natural resources and financial services.

(2,000,000)

(1,500,000)

(1,000,000)

(500,000)

-

500,000

1,000,000

1,500,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1

Net Absorption (SF) New Supply (SF) Vacancy Rate (%)

tenant reqUirements marcH 2015

investment market

Despite slow transaction activity this quarter, the Metro Vancouver Investment market remains an attractive choice for investors. Off-market transactions continue to compress capitalization rates with many owners receiving unsolicited offers of purchase. As capitalization rates decrease Downtown and in the Broadway Corridor, permit application for office product is increasing. A second wave of office developments is in planning with projects such as Jim Pattison Developments and Reliance Properties’ Burrard Place and BlueSky Properties’ Broadway and Oak looking to start construction at the end of this year.

2014 q4 2015 q1 trend

Office Inventory* (SF) 54,661,599 54,924,514

Net Absorption (SF) 351,864 (91,633)

Vacancy Rate 9.0% 9.6%

Average Asking Net Rent** $22.57 $22.28

Average Additional Rent $13.56 $13.85

*There are 762 office buildings surveyed in Metro Vancouver ** Average Asking Net Rent is calculated using a weighted average

30.99%

22.44%9.00%

7.28%

6.33%

23.95%

The Metro Vancouver market began 2015 cautiously as it anticipates the release of more than 2.1 million square feet of office space this year. As the market receives an abundance of high-quality space, tenants are adapting to their new environment by taking advantage of increasingly high inducements to consider previously unattainable spaces.

market sUmmaries

Vancouver – Downtown 1

Vancouver – Broadway Corridor 2

North Shore 3

Burnaby 4

New Westminster 5

Richmond 6

Surrey 7

Langley 8

glossary 9

forecast assUmPtions 11

table of

cOntents

FIRST QUARTER 2015


VancOuVeR – dOwntOwn

The Downtown market is beginning to see effects from the 1.7 million square feet of office space entering the market in 2015. Tenant activity is cautious as companies explore the most efficient use of space for their business needs, with subleasing an effective tool for expanding leasing options. Vacancy is expected to continue to increase this year as the market adjusts to the new supply.

◊ Oxford Properties’ MNP Tower at 1021 West Hastings Street was the first tower to complete in 2015, adding 263,000 square feet of office space to the market. It is currently 93 percent leased.

◊ Manulife’s 980 Howe Street, delivering 240,000 square feet of office space in the second quarter of 2015, is now 60 percent leased with ACL Software securing four floors totalling 70,000 square feet this quarter.

GeorgeWainborn

Park

Granville

City Centre

Yaletown/Roundhouse

Waterfront

Burrard

Stadium/Chinatown

1A

1A

99

99

99

1A

Alberni St

Haro St

May & LorneBrown Park

Barclay St

Nelson St

Comox St

Pendrell StDavie StBurnaby St

Harwood St

W. Georgia St

Alberni StHaro St

Comox St

W. Georgia St

Nicola

St

Carde

ro St

Bidwell

St

Denman

St

Gilford

StChilco

StPark Ln

Lagoon Dr

Jervi

s St

Bute St

Brough

ton St

Nicola

StCarde

ro StBidw

ell St

Brough

ton St

Thurl

ow St

Burrard

St

Hornby

St

Howe S

tGran

ville

St

Seymou

r St

Richard

s St

Homer

St

Bute St

Thurl

ow St

Burrard

St

Hornby

St

Seymou

r St

Richard

s St

Homer

St

Hamilto

n St

Hamilto

n St

Granvil

le Brid

ge

Burrard Bridge

Mainlan

d St

Cambie

St

Beatty

St

Cambie Bridge

Expo

Blvd

Melville St

Dunsmuir StW. Georgia StRobson St

Smithe StNelson StHelmcken St

St.Paul’sH

Davie StDrake St

Paci�c Blvd

Beach Ave

Paci�c Blvd

Paci�c B

lvd

Pender St

Hastings St

Cordova St

Canada

PlaceCanada Pl

E. Commissioner

Water St

Pender St

Keefer St

Pender St

Expo BlvdGeorgia Viad

Dunsmuir Viad

Abbott St

Carrall St

Columbia St

1 Ave

1 Ave

2 Ave

1 Ave1 Ave

Point Grey Rd

2 Ave2 Ave

3 Ave3 Ave3 Ave

Quebec StQuebec St

Cypress St

Maple St

Vine St

Balsam St

Larch St

Trafalgar St

Stephens St

Yew St

W. Commissioner St

Beach Ave

Beach Ave

SunsetBeach

ScienceWorld

Olympic Village

English Bay

Coal Harbour

VanierPark

Lost Lagoon

Beaver Lake

DevonianHarbour Park

Stanley Park

HarbourGreen Park

GranvilleIsland

Powell StStanley Park Causeway

Stanley Park Dr

Stanley P

ark Dr

Pipeline Rd

Stanley Park Dr

N Lagoon Dr

Stanley Park Dr

Avison Way

False Creek

Kitsalano Beach

BC PlaceStadium

RogersArena

David LamPark

Cartwright Street

Johnston Street

Old B

ridge

Stre

et

Bidwell

St

Pendrell St

Pendrell St

notable lease transactions

tenant tyPe address aPProX.size (sf)

1. ACL Services Ltd. Headlease 980 Howe Street 70,000

2. Lululemon Athletica Headlease 1380 Burrard Street 40,000

3. Unbounce Headlease 401 West Georgia Street 25,000

trends and HigHligHts

2014 q4 2015 q1 trend






UPcoming new sUPPly address class floors total office area (sf) develoPer

A. TELUS Garden - 510 W. Georgia Street AAA 22 450,000 TELUS / Westbank

B. 745 Thurlow Street AAA 20 365,000 bcIMC / Bentall Kennedy

C. Manulife Building - 980 Howe Street AAA 15 250,000 Manulife

D. The Exchange - 475 Howe Street AAA 30 400,000 Credit Suisse

E. 725 Granville Street A 4 280,000 Cadillac Fairview

notable sale transactions

PUrcHaser Price address aPProX.size (sf)

4. Westbank Projects Corp. $47,000,000 1550 Alberni Street 100,000

5. Avigilon Corporation $42,000,000 555 Robson Street 135,000

Notable Lease Notable Sale New Supply


*There are 224 office buildings surveyed in the Downtown region ** Average Asking Net Rent is calculated using a weighted average

(400,000)

(200,000)

-

200,000

400,000

600,000

800,000

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1


4

AC

BD

E1

2

35

2


VancOuVeR - BROadway cORRidOR

Broadway Corridor continues to have the lowest vacancy rate in Metro Vancouver. With only four buildings with space available of more than 10,000 square feet, large tenants looking to expand or enter the market are exploring new development options and expanding their search beyond the traditional Broadway Corridor core. Vacancy rates will remain low for 2015 as no new supply will complete before the end of the year.

◊ Bluesky Properties and Bosa Properties’ development at the corner of Broadway and Oak is approved, with demolition beginning in late 2015. Construction is expected to complete in mid to late 2017, adding 90,000 square feet to the market.

◊ Five tenants are actively seeking space with a total of 512,000 square feet of requirements. This is a shift from Broadway Corridor’s tradition of attracting smaller tenants, as larger tenants look to enter and expand in the market.

CapilanoLake

Indian

Arm

BuntzenLake

Pitt Lake

Hatzic Lake

Stave Lake

English Bay

Burrard Inlet

Strait Of Georgia

Mud Bay

Fraser River

CultusLake

Harrison Lake

Harrison Bay

Fraser

River

Fraser River

C.P

.R.

C.N.R.

C.P.R.

C.N.R.

VIA RAIL

SOUTHERN

RAILWAY

C.N

.R.

B.C. RAIL

C.N.R.

C.P.R.

C.P.R

.

C.N

.R.

C.N.R.

C.N.R.

SOUTHERN RAILWAY

B.N.R.

B.N.R.

SOUTHERN RAILWAY

BC RAIL

C.N

.R.

1

1

1

99

CANADAU.S.A.

CANADAU.S.A.

University of British Columbia

1

1

1

CANADAU.S.A.

Sout

h Fr

aser

Per

imet

er R

oad

17A

10

99

91

91

99

99

99

7A

7

7

7

7

91A

99A

15

17

10

13

1A

1111

11

1A

9

9

7

7

17

7

7

17

17

VANCOUVERINTERNATIONAL

AIRPORT

BC FERRIESTERMINAL

TSAWWASSEN

BOUNDARY BAYAIRPORT

LANGLEYAIRPORT

PITT MEADOWSAIRPORT

ABBOTSFORD INTERNATIONAL

AIRPORT

Albion Ferry

Burquitlam

Kyle-Queens Port Moody Ioco-MorayFalcon

LincolnWCE

Coquitam

Burquitlam


LincolnWCE

Coquitam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport

VancouverCity Centre

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


Commercial

RupertRenfrew

Gilmore BrentwoodTown Centre

Holdom

Sperling/Burnaby Lake

Lake City WayProduction Way/University

Braid

Sapperton

LougheedTown Centre

VCC/Clark

Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds

22nd StNewWestminster

ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

Waterfront

Delta

Surrey

Port Moody

Burnaby

WestVancouver

NorthVancouver

Richmond

White Rock

Vancouver

LangleyLangley

Port Coquitlam

Coquitlam

PittMeadows

MapleRidge

Mission

Abbotsford

George Massey Tunnel

Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

Rd

McC

allu

m R

d

Marshall Rd

Huntington Rd

Peard

onvil

le Rd

King Rd

Ross

Rd

296t

h St

328t

h St

320t

h St

304t

h St

Mt.

Lehm

an R

d Clea

rbro

ok R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bell

Rd

56th Ave

Clayburn Rd

Rive

rsid

e Rd

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Glad

win

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

r St

Farm

s Rd

Spra

tt Rd

Stav

e La

ke R

d

Hurd

St

Wre

n St

Clay

St

Dewdney Trunk Rd

Keystone Ave

Tyler

Wils

on S

t

Hayw

ard

St

Duke R

d280t

h St

80th Ave

McTavish Rd

Satc

hell

St

Harris Rd

Townshipline Rd

Downes Rd

Brad

ner R

d28

8th

St

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave

272n

d St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

248t

h St

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

Fern

Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

207t

h St

Gold

en E

ars

Brid

ge

208t

h St

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

ay

40th Ave 40th Ave

160t

h St

160t

h St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave

S Fraser Perimeter Rd

Woo

lridg

e Rd

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

r Dr

Coas

t Mer

idia

n Rd

Kingsway Ave

Broa

dway

St

Shau

ghne

ssy S

t

Woo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

Rive

r Rd

Dewdney Trunk Rd

Harr

is R

d

Richardson Rd

McNeil Rd

East Rd

Sunn

ysid

e Rd

Ioco Rd

April

Rd

Heritage Mountain Blvd

Clarke

Rd

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gate

nsbu

ry R

d

Austin Ave

Marine DrNorth Blu� Rd

128t

h St

20th Ave124t

h St

Bayv

iew

St

24th Ave

28th Ave

140t

h St

Cres ce

nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Stat

ion

Rd

58th Ave 148t

h St

148t

h St

64th Ave 68th Ave

72nd Ave

76th Ave76th Ave

Scot

t Rd

120t

h St

80th Ave

Kitson Pkwy

72nd Ave 140t

h St

144t

h St

152n

d St

84th Ave

128t

h St

112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

r Rd

Deep

Cov

e Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

Ave

Deer Lake Pkwy

Gille

y Av

e

Roya

l Oak

Ave

Imperial St

Rumble St

Nels

on A

ve

Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Boun

dary

Rd

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave64

th S

t

16th Ave

Boundary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy

53rd

St

Arth

ur D

r

34B Ave

Cause

way

Rive

r Rd W

62B

St

No. 6

Rd

No. 7

Rd

No. 8

Rd

Nels

on R

d

No. 9

Rd

Vulc

an W

y

Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Shel

l Rd

Railw

ay A

ve

Westham Island Rd

Robe

rtso

n Rd

Dyke Rd

Gilb

ert R

d

No. 2

Rd

No. 1

Rd

Moncton St

Russ Baker W

y

Grant McConachie Wy

W 70th Ave N Kent AveSE Marine Dr

Twigg Pl

Sprott StWinston StRu

pert

St

Hold

om S

t

Berk

ley

Rd

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave

W 57th Ave W 57th Ave

49th Ave E

Kerr

St

Ellio

t S

t

Vict

oria

Dr

Clar

k Dr

Knig

ht S

t

Fras

er S

t

Mai

n St

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denman

St

Davie St

Paci�c St

W 33rd Ave

Cam

bie

St

Oak

St

Arbu

tus

StW

Bou

leva

rd

W 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr

Cornwall StPoint Grey Rd

Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens D

r

Queens AveSouth

boro

ugh

Dr

Capi

lan

o Rd

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E 29th St

E Gr

and

Blvd

Broo

ksba

nkAv

e

Mountain Hw

yE Esplanade Main St W Riverside Dr

E Riv

ersid

e Dr

W Esplanade

Lons

dale

Ave

Ches

ter�

eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n Hw

y

Lynn V

alley R

d

Lillo

oet R

d

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd

Harbourside DrHarbourside Pl

Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n St

Stav

e La

ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd

Trans Canada Highway

Lougheed Highway

Simon FraserUniversity

Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

e Br

idge

Queensborough Bridge

Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rairi

e Rd

Boun

dary

Rd

Inte

rpro

vinc

ial H

wy

Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

erho

use

Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd

Watson Rd Promontory Rd

Chilliwack Central Rd

1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd

Chi l l iw ackRiver Rd

Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South

Nicomen Island Trunk Rd


John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd

Upper Sumas Mountai n Rd

Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway


56th Ave

176t

h St

Paci

�c H

ighw

ay

Lougheed Highway

South Fraser Way

Mission-abbotsford Highw

ay

264t

h St

Alde

rgro

ve -

Bel

lingh

am H

ighw

ay

Trans C

anada Hwy

North P

arallel

South

Parallel

Sumas Way

Trans Canada Hwy

Harr

ison

Hot

Spr

ings

Rd

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay

Richmond Annacis Highway

Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave


2014 q4 2015 q1 trend


Net Absorption (SF) 201,186 314




UPcoming new sUPPly address class floors total office area (sf) develoPerA. Marine Gateway - 450 SW Marine Drive A 14 249,817 PCI Group

B. Broadway and Oak - 988 W. Broadway A 8 82,000 BlueSky Properties

C. Renfrew Business Centre A 6 160,000 Blackwood Partners

D. 7 East 6th Avenue A 2 12,000 Rendition Development



*There are 127 office buildings surveyed in the Broadway Corridor region ** Average Asking Net Rent is calculated using a weighted average



1. Smart Design Group Headlease 1150 Station Street 6,600

2. Nurse Next Door Headlease 1788 West 5th Avenue 6,000

(400,000)

(300,000)

(200,000)

(100,000)

-

100,000

200,000

300,000

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1



PUrcHaser Price address aPProX.size (sf)

3. Austeville Properties Ltd. $16,125,000 1867 West Broadway 29,700

A

B31

D C2

FIRST QUARTER 2015


nORth shORe

The North Shore market remains stable with availability decreasing by 0.2 percent to 6.3 percent. While Lower Lonsdale continues to attract tenants with its proximity to transit, there has been an uptake in activity in business parks. Local businesses, primarily professional services and health care, are the main drivers of the market resulting in vacancy expected to stay within the 5.0 percent to 6.0 percent range for 2015.

◊ Larger tenant activity has primarily been from the non-profit sector such as the North Shore Multicultural Society currently seeking more than 15,000 square feet.

◊ Business park activity increased this quarter with the Capilano Business Park leasing 19,000 square feet to a variety of existing tenants in the market.

CapilanoLake

Indian

Arm

BuntzenLake

Pitt Lake

Hatzic Lake

Stave Lake

English Bay

Burrard Inlet

Strait Of Georgia

Mud Bay

Fraser River

CultusLake

Harrison Lake

Harrison Bay

Fraser

River

Fraser River

C.P

.R.

C.N.R.

C.P.R.

C.N.R.

VIA RAIL

SOUTHERN

RAILWAY

C.N

.R.

B.C. RAIL

C.N.R.

C.P.R.

C.P.R

.

C.N

.R.

C.N.R.

C.N.R.

SOUTHERN RAILWAY

B.N.R.

B.N.R.

SOUTHERN RAILWAY

BC RAIL

C.N

.R.

1

1

1

99

CANADAU.S.A.

CANADAU.S.A.


1

1

1

CANADAU.S.A.

Sout

h Fr

aser

Per

imet

er R

oad

17A

10

99

91

91

99

99

99

7A

7

7

7

7

91A

99A

15

17

10

13

1A

1111

11

1A

9

9

7

7

17

7

7

17

17


AIRPORT

BC FERRIESTERMINAL

TSAWWASSEN

BOUNDARY BAYAIRPORT

LANGLEYAIRPORT

PITT MEADOWSAIRPORT


AIRPORT

Albion Ferry

Burquitlam


LincolnWCE

Coquitam

Burquitlam


LincolnWCE

Coquitam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

Waterfront

Delta

Surrey

Port Moody

Burnaby

WestVancouver

NorthVancouver

Richmond

White Rock

Vancouver

LangleyLangley

Port Coquitlam

Coquitlam

PittMeadows

MapleRidge

Mission

Abbotsford


Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

Rd

McC

allu

m R

d

Marshall Rd

Huntington Rd

Peard

onvil

le Rd

King Rd

Ross

Rd

296t

h St

328t

h St

320t

h St

304t

h St

Mt.

Lehm

an R

d Clea

rbro

ok R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bell

Rd

56th Ave

Clayburn Rd

Rive

rsid

e Rd

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Glad

win

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

r St

Farm

s Rd

Spra

tt Rd

Stav

e La

ke R

d

Hurd

St

Wre

n St

Clay

St

Dewdney Trunk Rd

Keystone Ave

Tyler

Wils

on S

t

Hayw

ard

St

Duke R

d280t

h St

80th Ave

McTavish Rd

Satc

hell

St

Harris Rd

Townshipline Rd

Downes Rd

Brad

ner R

d28

8th

St

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave

272n

d St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

248t

h St

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

Fern

Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

207t

h St

Gold

en E

ars

Brid

ge

208t

h St

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

ay

40th Ave 40th Ave16

0th

St16

0th

St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave


Woo

lridg

e Rd

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

r Dr

Coas

t Mer

idia

n Rd

Kingsway Ave

Broa

dway

St

Shau

ghne

ssy S

t

Woo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

Rive

r Rd

Dewdney Trunk Rd

Harr

is R

d

Richardson Rd

McNeil Rd

East Rd

Sunn

ysid

e Rd

Ioco Rd

April

Rd


Clarke

Rd

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gate

nsbu

ry R

d

Austin Ave


128t

h St

20th Ave124t

h St

Bayv

iew

St

24th Ave

28th Ave

140t

h St

Cres ce

nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Stat

ion

Rd

58th Ave 148t

h St

148t

h St

64th Ave 68th Ave

72nd Ave

76th Ave76th Ave

Scot

t Rd

120t

h St

80th Ave

Kitson Pkwy

72nd Ave 140t

h St

144t

h St

152n

d St

84th Ave

128t

h St

112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

r Rd

Deep

Cov

e Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

Ave

Deer Lake Pkwy

Gille

y Av

e

Roya

l Oak

Ave

Imperial St

Rumble St

Nels

on A

ve Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Boun

dary

Rd

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave

64th

St

16th Ave

Boundary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy

53rd

St

Arth

ur D

r

34B Ave

Cause

way

Rive

r Rd W

62B

St

No. 6

Rd

No. 7

Rd

No. 8

Rd

Nels

on R

d

No. 9

Rd

Vulc

an W

y

Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Shel

l Rd

Railw

ay A

ve

Westham Island Rd

Robe

rtso

n Rd

Dyke Rd

Gilb

ert R

d

No. 2

Rd

No. 1

Rd

Moncton St

Russ Baker W

y

Grant McConachie Wy


Twigg Pl


pert

St

Hold

om S

t

Berk

ley

Rd

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave


49th Ave E

Kerr

St

Ellio

t S

t

Vict

oria

Dr

Clar

k Dr

Knig

ht S

t

Fras

er S

t

Mai

n St

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denman

St

Davie St

Paci�c St

W 33rd Ave

Cam

bie

St

Oak

St

Arbu

tus

StW

Bou

leva

rd

W 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr


Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens D

r

Queens AveSouth

boro

ugh

Dr

Capi

lan

o Rd

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E 29th St

E Gr

and

Blvd

Broo

ksba

nkAv

e

Mountain Hw


E Riv

ersid

e Dr

W Esplanade

Lons

dale

Ave

Ches

ter�

eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n Hw

y

Lynn V

alley R

d

Lillo

oet R

d

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd


Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n St

Stav

e La

ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd


Lougheed Highway


Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

e Br

idge


Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rairi

e Rd

Boun

dary

Rd

Inte

rpro

vinc

ial H

wy

Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

erho

use

Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd



1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd


Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South



John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd


Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway


56th Ave

176t

h St

Paci

�c H

ighw

ay

Lougheed Highway

South Fraser Way


ay

264t

h St

Alde

rgro

ve -

Bel

lingh

am H

ighw

ay

Trans C

anada Hwy

North P

arallel

South

Parallel

Sumas Way

Trans Canada Hwy

Harr

ison

Hot

Spr

ings

Rd

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay


Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave


tenant tyPe address aPProX. size (sf)

1. YWCA Headlease 980 West 1st Street 9,000

2. Imtech Marine Canada Inc. Headlease 949 West 3rd Ave 7,500

2014 q4 2015 q1 trend


Net Absorption (SF) (72,590) 11,968





A. 1308 Lonsdale Avenue A 4 80,000 Onni Group of Companies



*There are 63 office buildings surveyed in the North Shore region **Average Asking Net Rent is calculated using a weighted average

(100,000)

(50,000)

-

50,000

100,000

150,000

200,000

250,000

300,000

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1




PUrcHaser Price address aPProX. size (sf)

3. G.H. Macmillan Land Corporation $6,400,000

100 East 1st Street130 East 1st Street

120 Lonsdale Avenue18,875

1&2A

3

4


BuRnaBy

Burnaby’s deal velocity remains languid despite an uptake in touring activity. Buildings off transit are seeing increased interest as tenants are willing to forgo proximity to transit for more financially attractive spaces. However, this does not offset the slow absorption of new developments, resulting in gradually rising vacancy rates and creative inducements to attract tenants.

◊ Burnaby continues to offer opportunities for tenants seeking large office spaces with three tenants from a range of industries each searching for space in excess of 100,000 square feet.

◊ While face rates remain relatively stable, there has been an unprecedented level of inducements with some landlords offering cash allowances, as well as the more traditional free rent and tenant improvement allowances.

CapilanoLake

Indian

Arm

BuntzenLake

Pitt Lake

Hatzic Lake

Stave Lake

English Bay

Burrard Inlet

Strait Of Georgia

Mud Bay

Fraser River

CultusLake

Harrison Lake

Harrison Bay

Fraser

River

Fraser River

C.P

.R.

C.N.R.

C.P.R.

C.N.R.

VIA RAIL

SOUTHERN

RAILWAY

C.N

.R.

B.C. RAIL

C.N.R.

C.P.R.

C.P.R

.

C.N

.R.

C.N.R.

C.N.R.

SOUTHERN RAILWAY

B.N.R.

B.N.R.

SOUTHERN RAILWAY

BC RAIL

C.N

.R.

1

1

1

99

CANADAU.S.A.

CANADAU.S.A.


1

1

1

CANADAU.S.A.

Sout

h Fr

aser

Per

imet

er R

oad

17A

10

99

91

91

99

99

99

7A

7

7

7

7

91A

99A

15

17

10

13

1A

1111

11

1A

9

9

7

7

17

7

7

17

17


AIRPORT

BC FERRIESTERMINAL

TSAWWASSEN

BOUNDARY BAYAIRPORT

LANGLEYAIRPORT

PITT MEADOWSAIRPORT


AIRPORT

Albion Ferry

Burquitlam


LincolnWCE

Coquitam

Burquitlam


LincolnWCE

Coquitam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

Waterfront

Delta

Surrey

Port Moody

Burnaby

WestVancouver

NorthVancouver

Richmond

White Rock

Vancouver

LangleyLangley

Port Coquitlam

Coquitlam

PittMeadows

MapleRidge

Mission

Abbotsford


Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

Rd

McC

allu

m R

d

Marshall Rd

Huntington Rd

Peard

onvil

le Rd

King Rd

Ross

Rd

296t

h St

328t

h St

320t

h St

304t

h St

Mt.

Lehm

an R

d Clea

rbro

ok R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bell

Rd

56th Ave

Clayburn Rd

Rive

rsid

e Rd

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Glad

win

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

r St

Farm

s Rd

Spra

tt Rd

Stav

e La

ke R

d

Hurd

St

Wre

n St

Clay

St

Dewdney Trunk Rd

Keystone Ave

Tyler

Wils

on S

t

Hayw

ard

St

Duke R

d280t

h St

80th Ave

McTavish Rd

Satc

hell

St

Harris Rd

Townshipline Rd

Downes Rd

Brad

ner R

d28

8th

St

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave

272n

d St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

248t

h St

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

Fern

Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

207t

h St

Gold

en E

ars

Brid

ge

208t

h St

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

ay

40th Ave 40th Ave

160t

h St

160t

h St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave


Woo

lridg

e Rd

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

r Dr

Coas

t Mer

idia

n Rd

Kingsway Ave

Broa

dway

St

Shau

ghne

ssy S

t

Woo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

Rive

r Rd

Dewdney Trunk Rd

Harr

is R

d

Richardson Rd

McNeil Rd

East Rd

Sunn

ysid

e Rd

Ioco Rd

April

Rd


Clarke

Rd

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gate

nsbu

ry R

d

Austin Ave


128t

h St

20th Ave124t

h St

Bayv

iew

St

24th Ave

28th Ave

140t

h St

Cres ce

nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Stat

ion

Rd

58th Ave 148t

h St

148t

h St

64th Ave 68th Ave

72nd Ave

76th Ave76th Ave

Scot

t Rd

120t

h St

80th Ave

Kitson Pkwy

72nd Ave 140t

h St

144t

h St

152n

d St

84th Ave

128t

h St

112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

r Rd

Deep

Cov

e Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

Ave

Deer Lake Pkwy

Gille

y Av

e

Roya

l Oak

Ave

Imperial St

Rumble St

Nels

on A

ve

Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Boun

dary

Rd

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave

64th

St

16th Ave

Boundary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy

53rd

St

Arth

ur D

r

34B Ave

Cause

way

Rive

r Rd W

62B

St

No. 6

Rd

No. 7

Rd

No. 8

Rd

Nels

on R

d

No. 9

Rd

Vulc

an W

y

Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Shel

l Rd

Railw

ay A

ve

Westham Island Rd

Robe

rtso

n Rd

Dyke Rd

Gilb

ert R

d

No. 2

Rd

No. 1

Rd

Moncton St

Russ Baker W

y

Grant McConachie Wy


Twigg Pl


pert

St

Hold

om S

t

Berk

ley

Rd

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave


49th Ave E

Kerr

St

Ellio

t S

t

Vict

oria

Dr

Clar

k Dr

Knig

ht S

t

Fras

er S

t

Mai

n St

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denman

St

Davie St

Paci�c St

W 33rd AveCa

mbi

e St

Oak

St

Arbu

tus

StW

Bou

leva

rd

W 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr


Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens D

r

Queens AveSouth

boro

ugh

Dr

Capi

lan

o Rd

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E 29th St

E Gr

and

Blvd

Broo

ksba

nkAv

e

Mountain Hw


E Riv

ersid

e Dr

W Esplanade

Lons

dale

Ave

Ches

ter�

eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n Hw

y

Lynn V

alley R

d

Lillo

oet R

d

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd


Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n St

Stav

e La

ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd


Lougheed Highway


Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

e Br

idge


Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rairi

e Rd

Boun

dary

Rd

Inte

rpro

vinc

ial H

wy

Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

erho

use

Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd



1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd


Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South



John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd


Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway


56th Ave

176t

h St

Paci

�c H

ighw

ay

Lougheed Highway

South Fraser Way


ay

264t

h St

Alde

rgro

ve -

Bel

lingh

am H

ighw

ay

Trans C

anada Hwy

North P

arallel

South

Parallel

Sumas Way

Trans Canada Hwy

Harr

ison

Hot

Spr

ings

Rd

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay


Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave



1. Arista Networks Headlease 9200 Glenlyon Parkway 34,000

2. Coastal Contacts Headlease 2955 Virtual Way 22,000

3. Active Network Sublease 2925 Virtual Way 12,500


2014 q4 2015 q1 trend







A. SOLO District Office A 12 230,000 Appia Group

B. Renfrew Centre - 2665 Renfrew Street A 7 161,611 AIMCo/Blackwood Partners

C. Eastlake Campus - 8335 Eastlake Drive Flex up to 3 138,671 Adera

D. Silver - 4832 & 4394 Beresford Street A 2 10,200 Intracorp



(800,000)

(600,000)

(400,000)

(200,000)

-

200,000

400,000

600,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1


*There are 138 office buildings surveyed in the Burnaby region ** Average Asking Net Rent is calculated using a weighted average

notable sale transactions There were no significant sale transactions this quarter in the Burnaby submarket.

B A

1

D

2&3 C

FIRST QUARTER 2015


new westMinsteR

New Westminster’s vacancy rate was steady with slow deal activity matched by few spaces becoming available for lease. Activity from smaller tenants remains in the Class B market with no change in absorption in the Class A market, where vacancy is substantially higher. This trend is expected to continue as the market faces challenges absorbing new supply.

◊ Future office development projects will be limited as the $28 average asking rate of new Class A buildings is not financially feasible for tenants when Class B buildings offer more affordable rates at a $15.71 average.

◊ Tenant demand remains driven by local professional and medical businesses servicing the New Westminster community.

CapilanoLake

Indian

Arm

BuntzenLake

Pitt Lake

Hatzic Lake

Stave Lake

English Bay

Burrard Inlet

Strait Of Georgia

Mud Bay

Fraser River

CultusLake

Harrison Lake

Harrison Bay

Fraser

River

Fraser River

C.P

.R.

C.N.R.

C.P.R.

C.N.R.

VIA RAIL

SOUTHERN

RAILWAY

C.N

.R.

B.C. RAIL

C.N.R.

C.P.R.

C.P.R

.

C.N

.R.

C.N.R.

C.N.R.

SOUTHERN RAILWAY

B.N.R.

B.N.R.

SOUTHERN RAILWAY

BC RAIL

C.N

.R.

1

1

1

99

CANADAU.S.A.

CANADAU.S.A.


1

1

1

CANADAU.S.A.

Sout

h Fr

aser

Per

imet

er R

oad

17A

10

99

91

91

99

99

99

7A

7

7

7

7

91A

99A

15

17

10

13

1A

1111

11

1A

9

9

7

7

17

7

7

17

17


AIRPORT

BC FERRIESTERMINAL

TSAWWASSEN

BOUNDARY BAYAIRPORT

LANGLEYAIRPORT

PITT MEADOWSAIRPORT


AIRPORT

Albion Ferry

Burquitlam


LincolnWCE

Coquitam

Burquitlam


LincolnWCE

Coquitam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

Waterfront

Delta

Surrey

Port Moody

Burnaby

WestVancouver

NorthVancouver

Richmond

White Rock

Vancouver

LangleyLangley

Port Coquitlam

Coquitlam

PittMeadows

MapleRidge

Mission

Abbotsford


Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

Rd

McC

allu

m R

d

Marshall Rd

Huntington Rd

Peard

onvil

le Rd

King Rd

Ross

Rd

296t

h St

328t

h St

320t

h St

304t

h St

Mt.

Lehm

an R

d Clea

rbro

ok R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bell

Rd

56th Ave

Clayburn Rd

Rive

rsid

e Rd

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Glad

win

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

r St

Farm

s Rd

Spra

tt Rd

Stav

e La

ke R

d

Hurd

St

Wre

n St

Clay

St

Dewdney Trunk Rd

Keystone Ave

Tyler

Wils

on S

t

Hayw

ard

St

Duke R

d280t

h St

80th Ave

McTavish Rd

Satc

hell

St

Harris Rd

Townshipline Rd

Downes Rd

Brad

ner R

d28

8th

St

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave

272n

d St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

248t

h St

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

Fern

Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

207t

h St

Gold

en E

ars

Brid

ge

208t

h St

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

ay

40th Ave 40th Ave

160t

h St

160t

h St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave


Woo

lridg

e Rd

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

r Dr

Coas

t Mer

idia

n Rd

Kingsway Ave

Broa

dway

St

Shau

ghne

ssy S

t

Woo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

Rive

r Rd

Dewdney Trunk Rd

Harr

is R

d

Richardson Rd

McNeil Rd

East Rd

Sunn

ysid

e Rd

Ioco Rd

April

Rd


Clarke

Rd

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gate

nsbu

ry R

d

Austin Ave


128t

h St

20th Ave124t

h St

Bayv

iew

St

24th Ave

28th Ave

140t

h St

Cres ce

nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Stat

ion

Rd

58th Ave 148t

h St

148t

h St

64th Ave 68th Ave

72nd Ave

76th Ave76th AveSc

ott R

d12

0th

St

80th Ave

Kitson Pkwy

72nd Ave 140t

h St

144t

h St

152n

d St

84th Ave

128t

h St

112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

r Rd

Deep

Cov

e Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

Ave

Deer Lake Pkwy

Gille

y Av

e

Roya

l Oak

Ave

Imperial St

Rumble St

Nels

on A

ve

Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Boun

dary

Rd

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave

64th

St

16th Ave

Boundary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy

53rd

St

Arth

ur D

r

34B Ave

Cause

way

Rive

r Rd W

62B

St

No. 6

Rd

No. 7

Rd

No. 8

Rd

Nels

on R

d

No. 9

Rd

Vulc

an W

y

Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Shel

l Rd

Railw

ay A

ve

Westham Island Rd

Robe

rtso

n Rd

Dyke Rd

Gilb

ert R

d

No. 2

Rd

No. 1

Rd

Moncton St

Russ Baker W

y

Grant McConachie Wy


Twigg Pl


pert

St

Hold

om S

t

Berk

ley

Rd

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave


49th Ave E

Kerr

St

Ellio

t S

t

Vict

oria

Dr

Clar

k Dr

Knig

ht S

t

Fras

er S

t

Mai

n St

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denman

St

Davie St

Paci�c St

W 33rd Ave

Cam

bie

St

Oak

St

Arbu

tus

StW

Bou

leva

rd

W 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr


Mac

dona

ld S

tMarine Dr

15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens D

r

Queens AveSouth

boro

ugh

Dr

Capi

lan

o Rd

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E 29th St

E Gr

and

Blvd

Broo

ksba

nkAv

e

Mountain Hw


E Riv

ersid

e Dr

W Esplanade

Lons

dale

Ave

Ches

ter�

eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n Hw

y

Lynn V

alley R

d

Lillo

oet R

d

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd


Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n St

Stav

e La

ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd


Lougheed Highway


Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

e Br

idge


Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rairi

e Rd

Boun

dary

Rd

Inte

rpro

vinc

ial H

wy

Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

erho

use

Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd



1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd


Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South



John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd


Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway


56th Ave

176t

h St

Paci

�c H

ighw

ay

Lougheed Highway

South Fraser Way


ay

264t

h St

Alde

rgro

ve -

Bel

lingh

am H

ighw

ay

Trans C

anada Hwy

North P

arallel

South

Parallel

Sumas Way

Trans Canada Hwy

Harr

ison

Hot

Spr

ings

Rd

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay


Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave


2014 q4 2015 q1 trend






UPcoming new sUPPly



*There are 40 office buildings surveyed in the New Westminster region ** Average Asking Net Rent is calculated using a weighted average

(200,000)

(150,000)

(100,000)

(50,000)

-

50,000

100,000

150,000

200,000

250,000

300,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1


notable sale transactions There were no significant sale transactions this quarter in the New Westminster submarket.

There are no approved new office developments for the New Westminster submarket.



1. Sea to Sky Law Corporation Headlease 625 Agnes Street 6,000

2.Burnaby Square Orthopaedic & Sport Centre Inc

Headlease 610 6th Street 3,176

1

2

6


RichMOnd

The Richmond market experienced moderate activity this quarter with vacancy at its lowest since 2009. Business parks continue to retain tenants through high inducements and attractive amenity packages. While vacancy is decreasing, transactions remain primarily with existing tenants expanding and relocating, resulting in expected stable vacancy in 2015.

◊ While vacancy remains substantially lower in buildings along No. 3 Road with access to the Canada Line, shuttle services have helped attract tenants for business parks off transit lines.

◊ 6500 River Road is slated for demolition for Aspac’s Phase II development of Rivergreen in 2016, furthering the evolution of the highest and best use of land in Richmond.

CapilanoLake

Indi

an A

rm

BuntzenLake

Pitt Lake

Hatzic Lake

Stave Lake

English Bay

Burrard Inlet

Strait O

f Georgia

Mud Bay

Fraser River

CultusLake

Harrison Lake

Harrison Bay

Fraser

River

Fraser River

C.P

.R.

C.N.R.

C.P.R.

C.N.R.

VIA RAIL

SOUTHERN

RAILWAY

C.N

.R.

B.C. RAIL

C.N.R.

C.P.R.

C.P.R

.

C.N

.R.

C.N.R.

C.N.R.

SOUTHERN RAILWAY

B.N.R.

B.N.R.

SOUTHERN RAILWAY

BC RAIL

C.N

.R.

1

1

1

99

CANADAU.S.A.

CANADAU.S.A.


1

1

1

CANADAU.S.A.

Sou

th F

rase

r Pe

rim

eter

Roa

d

17A

10

99

91

91

99

99

99

7A

7

7

7

7

91A

99A

15

17

10

13

1A

1111

11

1A

9

9

7

7

17

7

7

17

17


AIRPORT

BC FERRIESTERMINAL

TSAWWASSEN

BOUNDARY BAYAIRPORT

LANGLEYAIRPORT

PITT MEADOWSAIRPORT


AIRPORT

Albion Ferry

Burquitlam


LincolnWCE

Coquitam

Burquitlam


LincolnWCE

Coquitam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

Waterfront

Delta

Surrey

Port Moody

Burnaby

WestVancouver

NorthVancouver

Richmond

White Rock

Vancouver

LangleyLangley

Port Coquitlam

Coquitlam

PittMeadows

MapleRidge

Mission

Abbotsford


Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

Rd

McC

allu

m R

d

Marshall Rd

Huntington Rd

Pear

donv

ille R

d

King Rd

Ros

s R

d29

6th

St

328t

h S

t

320

th S

t

304t

h S

tM

t. Le

hman

Rd C

lear

broo

k R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bel

l Rd

56th Ave

Clayburn Rd

Riv

ersi

de R

d

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Gla

dwin

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ced

ar S

t

Farm

s R

d

Spr

att R

d

Sta

ve L

ake

Rd

Hur

d S

t

Wre

n S

tC

lay

St

Dewdney Trunk Rd

Keystone Ave

Tyle

r

Wils

on S

t

Hay

war

d St

Duke

Rd

280

th S

t

80th Ave

McTavish Rd

Sat

chel

l St

Harris Rd

Townshipline Rd

Downes Rd

Bra

dner

Rd

288t

h S

t

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d S

t

8th Ave

256t

h S

t

248t

h S

t

272n

d S

t

56th Ave

272n

d S

t

280

th S

t

112th Ave

100th Ave

112th Ave

256t

h S

t25

6th

St

264t

h S

t

248t

h S

t

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240

th S

t

128th Ave128th Ave

232n

d S

t

227t

h S

t

224t

h S

t

Glov

er R

d

Wilson Cr

80th Ave

240

th S

tB

row

n R

d

72nd Ave

Tele

graph Tr

Fern

Cr

132nd Ave

144 th St

Nea

ves

Rd

Laity

St

216t

h S

t

River Rd

203r

d S

t

207t

h S

t

Gol

den

Ear

s B

ridg

e

208t

h S

t

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h S

t

T

opha

m R

d

200

th S

t

72nd Ave 72nd Ave

208t

h S

t

216t

h S

t

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h S

t

53rd Ave

203r

d S

t

Grade Cr

200

th S

t

208t

h S

t

216t

h S

t

32nd Ave

240

th S

t

24th Ave 24th Ave

224t

h S

t

232n

d S

t

16th Ave

176t

h S

t

0 Ave Boundary Rd

176t

h S

t

172n

d S

t

Campbell River Rd

16th Ave

168t

h S

t

8th Ave

Buena Vista Ave

152n

d S

t 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h S

t

188t

h S

t

192n

d S

t

20th Ave

Colebrook Rd

Pac

i�c

Hig

hway

40th Ave 40th Ave

160

th S

t16

0th

St

60th Ave

64th Ave

168t

h S

t

184t

h S

t

192n

d S

t

80th Ave

88th Ave

Harvie

Rd

160

th S

t

92nd Ave

96th Ave

104th Ave

156t

h S

t

108th Ave


Woo

lrid

ge R

d

Victoria Dr

Bur

ns R

d

Prairie Ave

Ced

ar D

r

Coa

st M

erid

ian

Rd

Kingsway Ave

Bro

adw

ay S

t

Shau

ghne

ssy

St

Woo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne D

r

Pin

etre

e W

y

Mary Hill Bypass

Pitt

Riv

er R

d

Dewdney Trunk Rd

Har

ris

Rd

Richardson Rd

McNeil Rd

East Rd

Sun

nysi

de R

d

Ioco Rd

Apr

il Rd


Clar

ke R

d

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gat

ensb

ury

Rd

Austin Ave


128t

h S

t

20th Ave124t

h S

tBa

yview

St

24th Ave

28th Ave

140

th S

t

Cres ce

nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Sta

tion

Rd

58th Ave 148t

h S

t14

8th

St

64th Ave 68th Ave

72nd Ave

76th Ave76th Ave

Sco

tt R

d12

0th

St

80th Ave

Kitson Pkwy

72nd Ave 140

th S

t

144t

h S

t

152n

d S

t

84th Ave

128t

h S

t

112t

h S

t

84th Ave

No

rdel

Wy

140

th S

t

Annacis

Highw

ay

88th Ave

92nd Ave

96th Ave

132n

d S

t

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

veno

r Rd

116th Ave

Hartley Ave

Mt S

eym

our R

d

Dee

p C

ove

Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Ger

ald

Ave

Spe

rlin

g S

t

Nor

th R

d

Canada Wy

6th St

10th Ave

8th Ave

6th Ave

Queen

s Ave

Deer Lake Pkwy

Gill

ey A

ve

Roy

al O

ak A

ve

Imperial St

Rumble St

Nel

son

Ave

Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Bou

ndar

y R

d

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave

64th

St

16th Ave

Bo

undary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy53

rd S

tA

rthu

r D

r

34B Ave

Caus

eway

Rive

r Rd

W

62B

St

No.

6 R

d

No.

7 R

d

No.

8 R

d

Nel

son

Rd

No.

9 R

d

Vul

can

Wy

Bridgeport Rd

Knight St B

ridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gar

den

City

Rd

No.

4 R

d

She

ll R

d

Rai

lway

Ave

Westham Island Rd

Rob

erts

on R

d

Dyke Rd

Gilb

ert R

d

No.

2 R

d

No.

1 R

d

Moncton St

Russ Baker W

y

Grant McConachie Wy


Twigg Pl

Sprott StWinston StR

uper

t St

Hol

dom

St

Ber

kley

Rd

McGill St

Dundas St

Ren

frew

St

1st Ave

Venables St

Nan

aim

o S

t

E 41st Ave


49th Ave E

Kerr

St

Ellio

t S

t

Vic

tori

a D

r

Cla

rk D

rKn

ight

St

Fras

er S

t

Mai

n S

t

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denm

an S

t

Davie St

Paci�c St

W 33rd Ave

Cam

bie

St

Oak

St

Arb

utus

St

W B

oule

vard

W 49th Ave

Ble

nhei

m S

t

Dun

bar

St

Cro

wn

St

W 10th Ave

Wesbrook M

all

W 4th Ave

NW Marine Dr


Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens

Dr

Queens AveSout

hbor

ough

Dr

Capi

lan

o R

d

Edgemont Blvd

Welch St

Larso

n Rd

Del

broo

k

E 29th St

E G

rand

Blv

d

Bro

oksb

ank

Ave

Mountain H

wyE Esplanade Main St W

Riverside D

r

E Ri

vers

ide D

r

W Esplanade

Lons

dale

Ave

Che

ster

�eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n H

wy

Lynn V

alley R

d

Lillo

oet

Rd

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd


Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n S

t

Sta

ve L

a k

e St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd


Lougheed Highway


Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann B

ridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lion

s Ga

te B

ridge


Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rair

ie R

d

Bou

ndar

y R

d

Inte

rpro

vinc

ial H

wy

Col

e R

d

McD

erm

ott R

d

Mar

ion

Rd

Dix

on R

dPo

wer

hous

e R

d

Cha

dsey

Rd

Sinclair Rd

Hop

edal

e R

d

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd



1st Ave

Castleman Rd

Ann

is R

dC

hapm

an R

d

McG

rath

Rd

Ford

Rd

Gib

son

Rd

Pre

st R

d

Youn

g R

d

Ban

ford

Rd

Campbe

ll River Rd


Gill

ande

rs R

d

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eag

le R

d

River Rd South



John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas M

tn Rd


Limbert Rd

McCallum Rd

Cam

eron

Rd

Bri

dge

Rd

Arthur L

aing

B

ridge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbi

a St

Brunette Ave

Newton Rd

192n

d S

t

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Frase

r Wy

North

Com

mer

cial

Dr

Ear

les

St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gra

nvill

e S

tree

t

W Broadway

King

Geo

rge

Hig

hway

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway


56th Ave

176t

h S

tP

aci�

c H

ighw

ay

Lougheed Highway

South Fraser Way

Mission-abbotsford H

ighway

264t

h S

tA

lder

grov

e -

Bel

lingh

am H

ighw

ay

Trans

Canada

Hwy

North P

arallel

South

Paralle

l

Sumas Way

Trans Canada Hwy

Har

riso

n H

ot S

prin

gs R

d

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay


Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No.

5 R

d

Steveston Hwy

No.

3 R

d

Canada Wy

Gilm

ore

Ave



1. FedEx Trade Networks Transport & Brokerage Inc. Expansion 13777 Commerce

Parkway 10,900

2. RockTenn Headlease 13160 Vanier Place 10,100

3. MNP LLP Sublease 13777 Commerce Parkway 8,400


2014 q4 2015 q1 trend






UPcoming new sUPPly



*There are 78 office buildings surveyed in the Richmond region **Average Asking Net Rent is calculated using a weighted average

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

-

100,000

200,000

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

24.0%

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1


There are no approved new office developments for the Richmond submarket.

notable sale transactions There were no significant sale transactions this quarter in the Richmond submarket.

2

1&3

FIRST QUARTER 2015


suRReyStrong touring activity sustained Surrey’s leasing market from a variety of smaller tenants seeking office space and increased activity in business parks. Successful landlords offered high inducements to secure tenants resulting in low net effective rates. Vacancy rates continue 2014’s trend between 20.0 percent to 21.5 percent and are expected to remain stable until the release of new developments.

◊ Strata sales are strong in Surrey, as exemplified by City Centre 1 at 90% sold, 3 Civic Plaza at 60% pre-sold, and the Croydon Business Centre which is now 90 percent sold after Cloverdale Paint’s purchase of the top floor this quarter.

◊ MNP’s acquisition of KNV LLP will result in the consolidation of the two offices into the newly constructed Southpointe 99 Business Park.

CapilanoLake

Indian

Arm

BuntzenLake

Pitt Lake

Hatzic Lake

Stave Lake

English Bay

Burrard Inlet

Strait Of Georgia

Mud Bay

Fraser River

CultusLake

Harrison Lake

Harrison Bay

Fraser

River

Fraser River

C.P

.R.

C.N.R.

C.P.R.

C.N.R.

VIA RAIL

SOUTHERN

RAILWAY

C.N

.R.

B.C. RAIL

C.N.R.

C.P.R.

C.P.R

.

C.N

.R.

C.N.R.

C.N.R.

SOUTHERN RAILWAY

B.N.R.

B.N.R.

SOUTHERN RAILWAY

BC RAIL

C.N

.R.

1

1

1

99

CANADAU.S.A.

CANADAU.S.A.


1

1

1

CANADAU.S.A.

Sout

h Fr

aser

Per

imet

er R

oad

17A

10

99

91

91

99

99

99

7A

7

7

7

7

91A

99A

15

17

10

13

1A

1111

11

1A

9

9

7

7

17

7

7

17

17


AIRPORT

BC FERRIESTERMINAL

TSAWWASSEN

BOUNDARY BAYAIRPORT

LANGLEYAIRPORT

PITT MEADOWSAIRPORT


AIRPORT

Albion Ferry

Burquitlam


LincolnWCE

Coquitam

Burquitlam


LincolnWCE

Coquitam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

Waterfront

Delta

Surrey

Port Moody

Burnaby

WestVancouver

NorthVancouver

Richmond

White Rock

Vancouver

LangleyLangley

Port Coquitlam

Coquitlam

PittMeadows

MapleRidge

Mission

AbbotsfordGeorge Massey Tunnel

Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

Rd

McC

allu

m R

d

Marshall Rd

Huntington Rd

Peard

onvil

le Rd

King Rd

Ross

Rd

296t

h St

328t

h St

320t

h St

304t

h St

Mt.

Lehm

an R

d Clea

rbro

ok R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bell

Rd

56th Ave

Clayburn Rd

Rive

rsid

e Rd

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Glad

win

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

r St

Farm

s Rd

Spra

tt Rd

Stav

e La

ke R

d

Hurd

St

Wre

n St

Clay

St

Dewdney Trunk Rd

Keystone Ave

Tyler

Wils

on S

t

Hayw

ard

St

Duke R

d280t

h St

80th Ave

McTavish Rd

Satc

hell

St

Harris Rd

Townshipline Rd

Downes Rd

Brad

ner R

d28

8th

St

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave

272n

d St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

248t

h St

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

Fern

Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

207t

h St

Gold

en E

ars

Brid

ge

208t

h St

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

ay

40th Ave 40th Ave

160t

h St

160t

h St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave


Woo

lridg

e Rd

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

r Dr

Coas

t Mer

idia

n Rd

Kingsway Ave

Broa

dway

St

Shau

ghne

ssy S

t

Woo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

Rive

r Rd

Dewdney Trunk Rd

Harr

is R

d

Richardson Rd

McNeil Rd

East Rd

Sunn

ysid

e Rd

Ioco Rd

April

Rd


Clarke

Rd

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gate

nsbu

ry R

d

Austin Ave


128t

h St

20th Ave124t

h St

Bayv

iew

St

24th Ave

28th Ave

140t

h St

Cres ce

nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Stat

ion

Rd

58th Ave 148t

h St

148t

h St

64th Ave 68th Ave

72nd Ave

76th Ave76th Ave

Scot

t Rd

120t

h St

80th Ave

Kitson Pkwy

72nd Ave 140t

h St

144t

h St

152n

d St

84th Ave

128t

h St

112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

r Rd

Deep

Cov

e Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

Ave

Deer Lake Pkwy

Gille

y Av

e

Roya

l Oak

Ave

Imperial St

Rumble St

Nels

on A

ve

Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Boun

dary

Rd

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave

64th

St

16th Ave

Boundary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy

53rd

St

Arth

ur D

r

34B Ave

Cause

way

Rive

r Rd W

62B

St

No. 6

Rd

No. 7

Rd

No. 8

Rd

Nels

on R

d

No. 9

Rd

Vulc

an W

y

Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Shel

l Rd

Railw

ay A

ve

Westham Island Rd

Robe

rtso

n Rd

Dyke Rd

Gilb

ert R

d

No. 2

Rd

No. 1

Rd

Moncton St

Russ Baker W

y

Grant McConachie Wy


Twigg Pl


pert

St

Hold

om S

t

Berk

ley

Rd

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave


49th Ave E

Kerr

St

Ellio

t S

t

Vict

oria

Dr

Clar

k Dr

Knig

ht S

t

Fras

er S

t

Mai

n St

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denman

St

Davie St

Paci�c St

W 33rd Ave

Cam

bie

St

Oak

St

Arbu

tus

StW

Bou

leva

rd

W 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr


Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens D

r

Queens AveSouth

boro

ugh

Dr

Capi

lan

o Rd

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E 29th St

E Gr

and

Blvd

Broo

ksba

nkAv

e

Mountain Hw


E Riv

ersid

e Dr

W Esplanade

Lons

dale

Ave

Ches

ter�

eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n Hw

y

Lynn V

alley R

d

Lillo

oet R

d

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd


Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n St

Stav

e La

ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd


Lougheed Highway


Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

e Br

idge


Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rairi

e Rd

Boun

dary

Rd

Inte

rpro

vinc

ial H

wy

Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

erho

use

Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd



1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd


Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South



John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd


Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway


56th Ave

176t

h St

Paci

�c H

ighw

ay

Lougheed Highway

South Fraser Way


ay

264t

h St

Alde

rgro

ve -

Bel

lingh

am H

ighw

ay

Trans C

anada Hwy

North P

arallel

South

Parallel

Sumas Way

Trans Canada Hwy

Harr

ison

Hot

Spr

ings

Rd

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay


Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave



1. ATI Telecom International Co. Headlease Surrey Central

Business Park 25,000

2. Community Living Services Headlease Surrey Central

Business Park 10,000


2014 q4 2015 q1 trend

Office Inventory* (SF) 3,834,227, 3,834,227


Vacancy Rate1 21.0% 21.1%




A. King George Station (Phase A) A 9 160,000 PCI

B. Gateway Place - 13479 108th Avenue A 4 60,000 Bosa Properties

C. 3 Civic Plaza A 5 50,000 Century Group

D. 13769 104th Avenue A 3 12,880 Heighton Developments



*There are 69 office buildings surveyed in the Surrey region **Average Asking Net Rent is calculated using a weighted average 1Surrey Vacancy rate excluding 14178 104th Avenue was 15.3% in 2014 Q4 and 15.4% in 2015 Q1. 14178 104th Avenue remains fully vacant for the past 14 years and consists of 259,474 SF of space.

(200,000)

(150,000)

(100,000)

(50,000)

-

50,000

100,000

150,000

200,000

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1




3. Private Investor $10,500,000 10428 153 Street 27,098

4. Cloverdale Paint Real Estate Ltd. $5,868,798 Unit 400, 2630 Croydon

Drive 17,420

3

4

CB D

A

1&2

8


LangLey

Langley’s moderate leasing activity this quarter was offset by its strong strata sale activity. While vacancy rates rose, it is expected to return to its downward trend as no office developments are currently under construction and a range of tenants continue to seek a Fraser Valley presence.

◊ RDG Corporate Centre saw an uptake in interest this quarter with a rising demand for high-end strata office.

◊ Leasing demand is driven by tenants with requirements of 5,000 square feet and under, particularly from financial businesses and other professional services.

CapilanoLake

Indian

Arm

BuntzenLake

Pitt Lake

Hatzic Lake

Stave Lake

English Bay

Burrard Inlet

Strait Of Georgia

Mud Bay

Fraser River

CultusLake

Harrison Lake

Harrison Bay

Fraser

River

Fraser River

C.P

.R.

C.N.R.

C.P.R.

C.N.R.

VIA RAIL

SOUTHERN

RAILWAY

C.N

.R.

B.C. RAIL

C.N.R.

C.P.R.

C.P.R

.

C.N

.R.

C.N.R.

C.N.R.

SOUTHERN RAILWAY

B.N.R.

B.N.R.

SOUTHERN RAILWAY

BC RAIL

C.N

.R.

1

1

1

99

CANADAU.S.A.

CANADAU.S.A.


1

1

1

CANADAU.S.A.

Sout

h Fr

aser

Per

imet

er R

oad

17A

10

99

91

91

99

99

99

7A

7

7

7

7

91A

99A

15

17

10

13

1A

1111

11

1A

9

9

7

7

17

7

7

17

17


AIRPORT

BC FERRIESTERMINAL

TSAWWASSEN

BOUNDARY BAYAIRPORT

LANGLEYAIRPORT

PITT MEADOWSAIRPORT


AIRPORT

Albion Ferry

Burquitlam


LincolnWCE

Coquitam

Burquitlam


LincolnWCE

Coquitam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

Waterfront

Delta

Surrey

Port Moody

Burnaby

WestVancouver

NorthVancouver

Richmond

White Rock

Vancouver

LangleyLangley

Port Coquitlam

Coquitlam

PittMeadows

MapleRidge

Mission

Abbotsford


Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

Rd

McC

allu

m R

d

Marshall Rd

Huntington Rd

Peard

onvil

le Rd

King Rd

Ross

Rd

296t

h St

328t

h St

320t

h St

304t

h St

Mt.

Lehm

an R

d Clea

rbro

ok R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bell

Rd

56th Ave

Clayburn Rd

Rive

rsid

e Rd

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Glad

win

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

r St

Farm

s Rd

Spra

tt Rd

Stav

e La

ke R

d

Hurd

St

Wre

n St

Clay

St

Dewdney Trunk Rd

Keystone Ave

Tyler

Wils

on S

t

Hayw

ard

St

Duke R

d280t

h St

80th Ave

McTavish Rd

Satc

hell

St

Harris Rd

Townshipline Rd

Downes Rd

Brad

ner R

d28

8th

St

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave

272n

d St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

248t

h St

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

Fern

Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

207t

h St

Gold

en E

ars

Brid

ge

208t

h St

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

ay

40th Ave 40th Ave

160t

h St

160t

h St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave


Woo

lridg

e Rd

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

r Dr

Coas

t Mer

idia

n Rd

Kingsway Ave

Broa

dway

St

Shau

ghne

ssy S

t

Woo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

Rive

r Rd

Dewdney Trunk Rd

Harr

is R

d

Richardson Rd

McNeil Rd

East Rd

Sunn

ysid

e Rd

Ioco Rd

April

Rd


Clarke

Rd

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gate

nsbu

ry R

d

Austin Ave


128t

h St

20th Ave124t

h St

Bayv

iew

St

24th Ave

28th Ave

140t

h St

Cres ce

nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Stat

ion

Rd

58th Ave 148t

h St

148t

h St

64th Ave 68th Ave

72nd Ave

76th Ave76th Ave

Scot

t Rd

120t

h St

80th Ave

Kitson Pkwy

72nd Ave 140t

h St

144t

h St

152n

d St

84th Ave

128t

h St

112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

r Rd

Deep

Cov

e Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

Ave

Deer Lake Pkwy

Gille

y Av

e

Roya

l Oak

Ave

Imperial St

Rumble StNe

lson

Ave

Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Boun

dary

Rd

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave

64th

St

16th Ave

Boundary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy

53rd

St

Arth

ur D

r

34B Ave

Cause

way

Rive

r Rd W

62B

St

No. 6

Rd

No. 7

Rd

No. 8

Rd

Nels

on R

d

No. 9

Rd

Vulc

an W

y

Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Shel

l Rd

Railw

ay A

ve

Westham Island Rd

Robe

rtso

n Rd

Dyke Rd

Gilb

ert R

d

No. 2

Rd

No. 1

Rd

Moncton St

Russ Baker W

y

Grant McConachie Wy


Twigg Pl


pert

St

Hold

om S

t

Berk

ley

Rd

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave


49th Ave E

Kerr

St

Ellio

t S

t

Vict

oria

Dr

Clar

k Dr

Knig

ht S

t

Fras

er S

t

Mai

n St

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denman

St

Davie St

Paci�c St

W 33rd Ave

Cam

bie

St

Oak

St

Arbu

tus

StW

Bou

leva

rd

W 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr


Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens D

r

Queens AveSouth

boro

ugh

Dr

Capi

lan

o Rd

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E 29th St

E Gr

and

Blvd

Broo

ksba

nkAv

e

Mountain Hw


E Riv

ersid

e Dr

W Esplanade

Lons

dale

Ave

Ches

ter�

eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n Hw

y

Lynn V

alley R

d

Lillo

oet R

d

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd


Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n St

Stav

e La

ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd


Lougheed Highway


Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

e Br

idge


Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rairi

e Rd

Boun

dary

Rd

Inte

rpro

vinc

ial H

wy

Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

erho

use

Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd



1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd


Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South



John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd


Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway


56th Ave

176t

h St

Paci

�c H

ighw

ay

Lougheed Highway

South Fraser Way


ay

264t

h St

Alde

rgro

ve -

Bel

lingh

am H

ighw

ay

Trans C

anada Hwy

North P

arallel

South

Parallel

Sumas Way

Trans Canada Hwy

Harr

ison

Hot

Spr

ings

Rd

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay


Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave



1. First West Credit Union Headlease 20033 64th Avenue 4,800


2014 q4 2015 q1 trend






UPcoming new sUPPly


Historical Performance and forecast1

*There are 22 office buildings surveyed in the Langley region ** Average Asking Net Rent is calculated using a weighted average

1Colliers started tracking Langley office space in Q1 2013

(60,000)

(40,000)

(20,000)

-

20,000

40,000

60,000

80,000

100,000

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1


There are no approved new office developments for the Langley submarket.



2. Langley Memorial Hospital Auxiliary $2,500,000 20550 Fraser Highway

20560 Fraser Highway 15,086

1

FIRST QUARTER 2015


gLOssaRyclass aaa building: A subset of Class A buildings which are locally recognized as being the top tier, most prestigious buildings that command the highest rental rates in the area.

class a building: Prestigious buildings competing for premier office users with rents above average for the area. Buildings that have high-quality standard finishes, state-of-the-art systems, exceptional accessibility and a definite market presence. Characterized by: prime central location; first-class tenant improvements; on-site parking; state-of-the-art elevators and HVAC systems; concrete and steel construction; contemporary design and architecture; high quality of upkeep and maintenance.

absorption: The net statistical change in occupied space over a period of time. Positive absorption reflects an increase in occupied space while negative absorption reflects a decrease.

additional rent Operating costs and property taxes per annum, per square foot.

asking net rent: Base rent (net, face or contract) per annum, per square foot excluding operating costs.

class b building: Buildings competing for a wide range of users with rents in the average range for the area. Building finishes are fair to good for the area and systems are adequate, but the building does not compete with Class A at the same prices. Characterized by new buildings in non-prime locations and older buildings (including rehabilitated structures in prime locations); good-quality tenant improvements; may have on-site parking; elevators and HVAC served; built using a variety of construction methods; upkeep and maintenance is generally good.

class c building:Buildings competing for tenants requiring functional space at rents below the average for the area. Characterized by older structures, may or may not have been renovated; poor-to-average quality of tenant improvements; may not have elevators and air conditioning systems; generally no parking facilities; lower quality of upkeep and maintenance. May also include renovated heritage buildings with good-quality tenant improvements and upgraded building systems.

flex space:Single-storey buildings having 10-to-I8-foot ceilings with both grade and dock-height loading. Includes wide variation in office space utilization, ranging from retail and personal service through distribution, light industrial and occasional heavy industrial use.

10

Headlease: A lease directly from a landlord.

sublease: A lease given by one of the tenants in the building for the remaining portion of its lease term.

vacancy rate:The percentage rate derived by dividing the total inventory physically vacant as of the survey date including direct vacant and sublease space by the total inventory.

FIRST QUARTER 2015

We use a trailing eight-quarter average absorption for our forecast. We take into account incoming new supply and the amount of space pre-leased for each property in order to forecast the future vacancy rate.


FORecast assuMptiOns

This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2015. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Vancouver). *Personal Real Estate Corporation.

colliers international | vancoUver200 Granville Street, 19th Floor

Vancouver, BC V6C 2R6TEL +1 604 681 4111

FAX +1 604 661 0849www.collierscanada.com

maury dubuqueManaging Director | Vancouver Brokerage

DIRECT: +1 604 662 [email protected]

Hari minhas Director | Marketing and Market Intelligence

DIRECT: +1 604 692 1408 [email protected]

emily bennett Market Intelligence Coordinator | Vancouver

DIRECT: +1 604 661 0899 [email protected]

OFFICE TEAM

Kayvon Besharat*Matthew CarlsonRobert Chasmar*Graham DavidsonMarco DiPaolo*John Freyvogel*Dan Jordan*

Jeff Kincaid-Smith*Brian MacKenzieDerek MayStephen MoscovichPeter MuenchDevin RinghamDylan Sohi

Colin Scarlett*Jason Teahen*

appraisal intelligence inc. · office market summary metro vancouver historical performance and...

Documents