A 36-storey office tower touted by its developers as the tallest commercial building in Vancouver to date will feature the latest innovations to meet the “net zero carbon” emissions standard – a major step in Canada’s long-term program to combat the worst effects of global climate change.
The 161.5-metre Stack tower by Oxford Properties Group will be among Canada’s very first buildings to pilot the new standard, a move that is anticipated to magnetize a greater volume of high-quality investment, according to head of real estate management Andrew McAllan.
“There’s a convergence of interests in sustainable building. Some are altruistic and some are just good, old-fashioned capitalism,” McAllan told The Globe and Mail.
Scheduled for completion by 2022, the complex will offer 540,000 square feet of office space. That volume of commercial space operating to the specifications of the most advanced green standards will cement Canada’s place as a worldwide leader in sustainable development, Oxford said.
Read more: Vancouver office sector to see good inventory, falling vacancy
The building is the latest in Canada’s drive towards illustrating that environmental consciousness and high-class commercial spaces are a package deal. The Canada Green Building Council estimated that since 2004, it has certified over 3,600 LEED buildings nationwide and registered over 7,600.
“Overall, Canada ranks very high in terms of green building construction,” Starlight Investments building automation and energy specialist Trevor McLeod stated. “More than ever, sustainability is now in the conversation with regard to building design or retrofits, so things are moving in the right direction.”
Record investment in this sector will continue in 2019
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate