Vancouver developer Reliance Properties is has sped up construction on a new $80-million office tower downtown betting on continued growth in B.C.’s tech sector.
The building, part of Reliance’s bigger Burrard Place development, has been on the books for a few years, but CEO Jon Stovell said Wednesday that they were able to “pick our timing,” and decided to start now trying to cash in on steady growth in the tech sector ahead of other developments underway.
HQ2 aside, Amazon unveils plans to double-down on Vancouver operations
Tech and retail giant Amazon made a splash last November announcing that it had pre-leased 150,000 square feet of space in a yet-to-be-built high-tech office at 402 Dunsmuir Street being developed by Oxford Properties.
Reliance Properties launches construction on $80 million office tower betting on continued growth in tech sector. pic.twitter.com/ZFago1Be2W
— Derrick Penner (@derrickpenner) February 14, 2018
Now, Reliance is looking for some of the spotlight being cast on the tech-related commercial real estate sector vowing to have its Burrard Place office building completed by 2020, and the company is embarking without the backing of an anchor tenant.
“Space to meet the growth projections of large companies currently doesn’t exist in Vancouver,” Stovell said in a news release. “This is an era when developers like Reliance can build offices without any pre-lease agreements.”
With an office vacancy rate of 5.2 per cent, downtown Vancouver companies have ever shrinking options to expand, said Maury Dubuque, managing director of Colliers International in Vancouver and leasing agent for the Burrard Place building.
“An average tenant in the downtown core looks for approximately 5,000 to 6,000 square feet of office space,” Dubuque said, “but today’s demand is driven by tenants looking for multiple floors, with some needing as much as 150,000 square feet.”
The Offices at Burrard Place, which is aiming …read more
Source:: Vancouver Sun