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.

The City of Vancouver is holding an open house for 320 Granville Street, a proposed 32-storey office building with a density of 25.5 FSR and 380,000 sq. ft.

The Open House will be a “drop-in” event where you can view the proposal. City staff and the applicant team will be available to answer your questions and receive your comments.

Community Open House
Date: Thursday, July 12, 2012
Time: 5 – 8 pm
Place: The Landing (atrium)
375 Water Street

Burnaby NewsLeader – Nokia to close Burnaby R&D facility.

Finnish cellphone company Nokia plans to close its Burnaby research and development facility.

It’s part of plans announced Thursday to cut up to 10,000 jobs around the world by the end of 2013.

http://www.burnabynewsleader.com/news/159077585.html

A 3-storey office and retail building located on Johnston Road in downtown White Rock has sold for $3,650,000. The building totals 10,550 SF, equating to $350 / SF, and is anchored by HSBC, who has a total of approximately 4,000 SF. The site area totals 8,520 SF. The property had been listed for sale by Dean Baumann of RE/Max at $3,995,000. Click here for a brochure.