Article courtesy of Real Estate Board of Greater Vancouver, Commercial Market News, February 2012

The BCREA Commercial Leading Indicator (CLI) rose for the second consecutive quarter, advancing 1.1 points to an index level of 111. On a fourth-quarter over fourth-quarter basis, the CLI moved 1.6 per cent higher in 2011. While this is a marked slowing from the 5.2 percent surge in 2010, the index picked up considerable momentum in the third and fourth quarter of the year, more than making up for a weak first half of 2011.


The trend in the CLI turned up slightly as early softness in economic activity was smoothed out by a stronger second half of the year. This change in trend indicates a positive economic environment for the BC commercial real estate sector in 2012. “Improving economic data provided a strong tailwind for the CLI in the second half of 2011,” said Brendon Ogmundson, BCREA Economist. “However, growing anxiety surrounding the global economy could constrain the economic environment for commercial real estate this year.”The full BCREA Commercial Leading Indicator index is available at: www.bcrea.bc.ca/docs/economics-forecasts-and-presentations/clireport.pdf

Francine Tracey

604-961-6550

 
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Vancouver  Office and Industrial News July 2012 – Source Colliers International News Service

 

Office:  Metro Vancouver Vacancy rates have inched marginally lower from 7.7 % to 7.6% during 2012 with net absorption this quarter at 51,000 square feet.   Downtown Vancouver vacancy rates remain low at 3.5%.  This is expected to change when HSBC moves into its new location. 

 

There are a number of developments under construction including 745 Thurlow, Telus Garden, and the MNP tower, which will be creating competition in this marketplace.

 

The market is steady at the moment, however landlords need to be aware of the impeding supply and be sure that their tenants are locked up before they go shopping for new terms including potentially significant inducements to move. 

 

When shopping for space, tenants are looking for green buildings, and amenities like bike lockers, showers and fitness facilities.

 

Industrial: Vancouver’s industrial market showed a slight decline in leasing activity.  Following a strong start to the year, the second quarter of 2012 saw vacancy rate move upwards from 3.8% to 4.0 %. 

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