According to Colliers’ Q2 2012 Metro Vancouver Office Market Report, the Metro Vancouver office market maintained its stability once again this quarter, with the
vacancy rate decreasing minimally from 7.7 percent last quarter to 7.6 percent this quarter.

Q2 highlights:

• The Metro Vancouver vacancy rate decreased minimally from 7.7 percent in Q1 2012 to 7.6 percent in Q2 2012
• The Downtown Vancouver vacancy rate decreased to 3.5 percent this quarter, down from 3.8 percent last quarter
• Investment activity Downtown was reasonably strong, with the sale of Bentall V and several significant firms deals in place
• The Suburban vacancy rate remained unchanged from last quarter at 11.2 percent and the market as a whole was relatively slow
• Broadway Tech Centre Building 6 commenced construction this quarter after it was revealed that Golder Associates preleased approximately 130,000 square feet

David Taylor and Simon Lim of Colliers International have acted on behalf of the Vendor in the sale of 5970 East Boulevard, a 9,600 sq ft office and apartment building located in the prestigious Kerrisdale are of Vancouver. The property is zoned C-2 and was fully leased at the time of sale. The purchase price was $3,500,000, representing $347 per sq ft.

Next week’s rezoning hearing on Tuesday July 10th has a large roster of applications and will be sure to keep Vancouver City Council busy well into the evening.  There are a total of 10 items on the agenda for the July 10 public hearing which begins at 7:30 pm at City Hall.

Some of the more notable applications include:

800 Griffiths Way (Rogers Arena Towers by Aquilini Development)

1388 Continental Street (Neon by Cressey)

4837-4861 Cambie Street (Mosaic)