Telus Tower in Downtown Vancouver Beginning of Resurgence in Vancouver Office Market

Telus Tower in Downtown Vancouver Beginning of Resurgence in Vancouver Office Market

Ian Gillespie's WestbankHoldings To Team Up With Gregory HenriquezArchitects and Peterson Investment Group to Build the Vancouver Landmark.

While Calgary and Toronto have been enjoying vibrant office markets, Vancouver has not seen a new office project start since 2007. With office vacancy rates at almost half that of the national average, Vancouver developers are drawing up plans for new office projects.

Telus'snew project will be located at 520 West Georgia street and willconsist of a 22 storey office tower and 43 story residential tower on the same downtown block. For years Vancouver developers have been able to make far more money selling condominiums than leasing office space in the downtown core. The Vancouver condo market has been hot for years but that trend seems to be slowing.

Worried about a complete condo takeover, city councillors made zoning changes two years ago to provide for more office/industrial space in Vancouver's downtown core. Several other developers have commercial office space projects on the drawing board. Oxford Properties group has two towers planned, BentallProperties is in the permitting process for a single large tower and the well knownAquiliniGroup is looking to build a 22 storey office complex near to their hockey arena.

Gregory Henriquez, project architects for the proposed Telusproject is well-knownfor designing the Woodwardsprojects in Vancouver's downtown eastside. Woodwardsis a mixed use development consisting of high-end condos, commercial retail, social housing and a university art school.

The increasing demand for new office space in downtown Vancouver is a healthy signal for a city long dominated by luxury condos. The increase in office inventory should put Vancouver in a good position to attract head office relocations for some of Canadas largest companies.

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