When it comes to office space Vancouver is a tight squeeze
According to a recent study in Scotiabank Economics, finding office space in Vancouver is not easy. A great sign of a roboust economy. But we can help you find a place. Check out our listings.
“A recent report by Scotiabank Economics said British Columbia will lead Canadian economic growth this year at 2.5 per cent and will tie Alberta in 2019 as the top-performing economy in the country with an additional growth of 2.5 per cent.
The CBRE report listed the following as the most expensive prime office markets in the world in the first quarter of this year:
1) Hong Kong (Central), $403.30 per square foot;
2) London (West End), $309.20;
3) Beijing (Finance Street), $264.33;
4) Hong Kong (Kowloon), $249.44;
5) Beijing (Central Business District), $249.28.
The CBRE report said the dominant trend among the top-20 markets with rising prime occupancy costs is strong demand from the finance, technology and e-commerce sectors. Momentum also is building in markets linked to resource-based economies such as Canada, Norway and South Africa, due to rising commodity prices. Norm Taylor, executive VP and managing director for CBRE Vancouver, said Vancouver’s increase in rental rates means local tenants and businesses need to look ahead and budget respectively for the next three years when new supply will begin to provide some relief. “For investors, these increases offer a great opportunity because we expect rental rates to continue to increase as demand shows little sign of retreat and there is no new supply expected until 2021. We have a robust office market that is short on supply, heavy on demand and a strong provincial economy. The fundamentals are solid for investors buying office buildings in Vancouver,” said Taylor in a statement.”
The time is now to invest in Vancouver and we can help you do it! Call us today!