In the last two years Vancouver has witnessed exponential development in the downtown core, specifically commercial buildings which seem to be getting approved by the City almost every week. More and more commercial tenants are moving from the suburban office market into the downtown core because of this and many of the new buildings are more than 50% pre-leased. In case you get lost in all the development news, the map below features downtown Vancouver's biggest towers which are currently under construction or will commence construction in the near future.
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Mapping Downtown Vancouver's Office Tower Boom
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Telus Garden
Westbank and Telus teamed up to develop the biggest project downtown Vancouver has seen in awhile. Taking up over an entire city block, Telus Garden will have a 465,000 sf office tower with retail at grade (Yyoga has leased space here, yoga lovers). In addition, there will be a 53-storey residential tower. They are aiming for a Q2 2015 completion date.
MNP Tower
Oxford Properties MNP Tower is currently in construction right now and will have over 275,000 sf of office space spreading out over 35-storeys located in the financial district. Meyers Norris Penny got naming rights after pre-leasing 72,000 sf. A few other big lease deals have also been completed. Oxford is hoping for a Q4 2014 completion date.
725 Granville Street
One of the most high profile sites is the redevelopment of the former Sears building located at 725 Granville Street by Cadillac Fairview. Nordstrom is opening their first Canadian store and taking over 230,000 sf with the remaining 300,000 sf being converted into AAA class office space. Scheduled completion is Q4 2014.
745 Thurlow
Construction of 745 Thurlow Street has been in full swing for awhile. Developed by Bentall Kennedy, the tower will have 365,000 sf of office space which is 80% pre-leased. Scheduled completion is Q4 2014.
The Exchange
Credit Suisse AG's office tower will incorporate Vancouver's Old Stock Exchange at ground level. The tower will consist of 369,000 square feet spread out over 31-storeys and will be Vancouver's first LEED Platinum building. Scheduled completion is Q4 2016.
Arena Towers
Aquilini is developing three towers in the arena district. The developer is planning to lease 90,000 sf in the west tower leaving the east tower with 110,000 sf of commercial space. There will also be a south tower which is rumored to be all rental apartments. The west tower has a Q3 2014 completion date. The remaining two towers will be completed in 2016.
564 Beatty
Developed by Reliance Properties, the tower includes a five-storey, 22,000 sf addition atop an existing six-storey 34,000 heritage building. Two tenants have each pre-leased two floors.
Mason Robson Centre
Another recently completed project at one of downtown's busiest intersections at Granville and Robson Street. The building has added 20,000 sf of office space to the market and an additional 13,000 sf of retail space, which Old Navy has leased.
980 Howe Street
Manulife is developing this 16-storey office tower at 980 Howe Street which is scheduled for completion Q2 2015. The tower will have 250,000 sf of office space with retail on the ground level. BGC Engineering has pre-leased 65,000 sf over four floors.
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