Q1 2010 Office Property Market Trends Downtown Vancouver - BC
Office market summary Q1 2010 Class All Classes A B C
Buildings 156 50 52 54
Inventory (sq ft) 20,493,095 12,426,036 5,305,242 2,761,817
Total Vacant (sq ft) 722,913 271,074 261,464 190,375
Direct and sublet vacancies
Sublet Vacant (sq ft) 299,339 179,692 97,871 21,776
Total vacancy rate (%) 5.5 3.6 8.6 7.9
Q1 2010 average asking face rates and additional rent costs
7
$70.00
Sublet Vacancy Direct Vacancy
6
$60.00 $50.00
5
$40.00
(%)
4
$30.00
3
$20.00
2 $10.00
1 $0.00 All Classes
0 Q4 2008
Q1 2009
Q2 2009
Q3 2009
Q4 2009
A
B
C
Average TMI ($/Sq ft) Average Asking Face Rate ($/Sq ft)
Current
Downtown Vancouver Office Lease Transactions 2009 - 2010
Unit 1350 2 200 B102 3023 1470 206
Address Georgia Street West, 1090 Water Street, 155 Hamilton Street, 1224 Howe Street, 325 Burrard Street, 595 Georgia Street West, 701 Burrard Street, 970
Total Sq.Ft. 4,681 800 4,776 1,391 1,865 1,549 1,733
Lease Extension Lease SubLease Lease Lease Lease Lease
Lease Rate $ 20.00 $ 25.00 $ 16.71 $ 11.50 $ 30.00 $ 16.00 $ 36.81
Start Date 1/1/2011 5/1/2009 5/1/2009 3/1/2009 2/1/2009 2/1/2009 1/1/2009
Purchaser / Tenant Amex Canada Inc. Revolutive Design Inv. Bigbadboo Animation Citilogistics Inc. Powertech Uranium Corp Canasia Industries Corp. The Adelphia Management
Term (months) 11 24 19 36 27 30 36
CAM Rate $ 15.02 $ $ $ $
8.42 11.95 18.72 19.43
Data Overview - Sources: - Altus InSite Office Market - Available Space History (3/23/2010) - Altus InSite Office Market - Occupancy Costs History (3/23/2010) - This document should not be relied upon as a basis for entering transactions without seeking specific, qualified advice. Whilst facts have been rigorously checked, DTZ Barnicke can take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this document.
Q1 2010 Office Property Market - Downtown Vancouver
DTZ Barnicke Vancouver Limited
800 - 475 West Georgia Street, Vancouver, B.C. V6B 4M9 Tel: (604) 684 7117 Fax: (604) 684 1017 www.dtzbarnicke.com/vancouver
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Downtown Vancouver Office - Current Space Availabilities Survey Prepared By: Hide Contact Information:
United Kingdom Building 409 Granville Street, Vancouver, British Columbia Suite
Lease Type
Area
1402
Office Sublease
1,020 s.f.
Divisible
Full Floor
Improved
No
Yes
Suite
Lease Type
Area
Office Sublease
1,419 s.f.
Divisible
Net Max
Taxes
$18.00
$23.00
$13.03
Available
Verified
11/24/2009
3/17/2010
475 Howe St. 475 Howe Street, Vancouver, British Columbia
1022
Net Min
Net Min
Net Max
Taxes
$18.00
$21.00
$16.55
Full Floor
Improved
Available
Verified
No
Yes
1/1/2010
3/14/2010
Bentall One
Net Min
Net Max
Taxes
505 Burrard Street, Vancouver, British Columbia
$24.00
$37.00
$19.71
Suite
Lease Type
Area
1010
Office Sublease
1,312 s.f.
Divisible
Full Floor
Improved
Available
Verified
No
No
1/6/2010
3/15/2010
535 Thurlow Street
Net Min
Net Max
Taxes
535 Thurlow Street, Vancouver, British Columbia
$13.00
$15.00
$12.85
Suite
Lease Type
Area
500
Office Sublease
1,500 s.f.
Divisible
Full Floor
Improved
Available
Verified
No
No
1/14/2010
1/15/2010
Bower Building 543 Granville Street, Vancouver, British Columbia Suite
Lease Type
Area
7th_fl
Office Sublease
2,000 s.f.
Divisible
Net Min
Net Max
Taxes
$31.00
$39.00
$14.84
Full Floor
Improved
Available
Verified
No
No
12/7/2009
12/7/2009
Harbour Centre
Net Min
Net Max
Taxes
555 West Hastings Street, Vancouver, British Columbia
$27.00
$33.00
$19.32
Suite
Lease Type
Area
2770
Office Sublease
2,000 s.f.
Divisible
Full Floor
Improved
No
No
Available
Verified
12/17/2009
3/12/2010
The Churchill Building
Net Min
Net Max
Taxes
570 Dunsmuir Street, Vancouver, British Columbia
$20.00
$25.00
$10.90
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Q1 2010 Office Property Market - Downtown Vancouver
3/24/2010
Q1 2010 Office Property Market Trends Page 2 of 4 Downtown Vancouver - BC
Altus Insite | 409 Granville Street, Vancouver, British Columbia
570 Dunsmuir Street, Vancouver, British Columbia
Suite
Lease Type
Area
Divisible
Full Floor
Improved
Available
Verified
No
Yes
1/22/2010
1/22/2010
5th_fl Office-Sublease 1,209 s.f. Availabilities Downtown Vancouver Office Current Space
Bentall Three
Net Min
Net Max
Taxes
595 Burrard Street, Vancouver, British Columbia
$25.00
$47.00
$19.29
Suite
Lease Type
Area
453
Office Sublease
1,465 s.f.
Divisible
Full Floor
Improved
Available
Verified
No
No
3/2/2010
3/3/2010
The Station 601 Cordova Street, Vancouver, British Columbia Suite
Lease Type
Area
140
Office Sublease
1,009 s.f.
Divisible
Net Min
Net Max
Taxes
$25.00
$35.00
$17.43
Full Floor
Improved
Available
Verified
No
No
2/8/2010
2/8/2010
Vancouver Centre
Net Min
Net Max
Suite
Lease Type
Area
780
Office Sublease
1,200 s.f.
Divisible
Full Floor
Improved
No
No
Available
Verified
11/17/2009
3/2/2010
Vancouver Centre
Net Min
Net Max
Suite
Lease Type
Area
Office Sublease
1,428 s.f.
Divisible
Full Floor
Improved
Available
Verified
No
No
1/14/2010
3/2/2010
Park Place 666 Burrard Street, Vancouver, British Columbia Suite
Lease Type
Area
200
Office Sublease
2,000 s.f.
Divisible
Net Min
Suite
Lease Type
Area
Office Sublease
2,000 s.f.
Divisible
Full Floor
Improved
Available
Verified
No
No
5/6/2009
3/10/2010
Net Min
Full Floor
Improved
Available
Verified
No
Yes
1/1/2010
3/23/2010
Net Min
700 West Pender Street, Vancouver, British Columbia
$22.00
Suite
Lease Type
Area
Office Sublease
1,290 s.f.
Divisible
Full Floor
Improved
No
Yes
Q1 2010 Office Property Market - Downtown Vancouver
Taxes
Net Max
Taxes $18.81
Pender Place I, Pacific Centre
1407
Net Max
$18.81
Park Place 666 Burrard Street, Vancouver, British Columbia
1100
Taxes $18.86
650 West Georgia Street, Vancouver, British Columbia
1040
Taxes $18.86
650 West Georgia Street, Vancouver, British Columbia
Net Max
Taxes $17.86
Available
Verified
10/29/2008
1/6/2010