The new 7-storey building will add 160,000 square feet of Class A office space designed for the digital media and creative sectors and will be the first new multi-tenant office building in the area in 18 years.
“This is big news for a city that now has the second lowest downtown office vacancy rate in North America and limited new supply coming to market,” says Blair Quinn, Executive Vice President at CBRE Canada. “This adds significant supply to an emerging neighborhood that has been endorsed by the global and local creative and tech companies, including the first tenants into this new building.”
The building is already 72% pre-leased with tenants including Samsung, Blackbird Interactive, and Cat products supplier Finning International which returns to False Creek Flats; it was formerly the area’s largest landowner and will move its headquarters from downtown Vancouver.
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A development the equivalent of 10% of Vancouver’s downtown office space will bring several big names to the city’s False Creek Flats area.