Bosa Development has purchased Sperling Plaza, a 4-storey office complex located near Highway 1 and Canada Way in Burnaby. The 130,000 sq ft complex is located on a 3.3 acre site. The purchase price was $33,300,000.

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.