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Navigating Economic Shifts and Office Market Trends: Q1 2024 Overview

In our Q1 snapshot we delve into critical economic events shaping the landscape in 2024 and analyze the latest trends in the Metro Vancouver office market. Economic Overview The Bank of Canada has maintained its key policy interest rate at 5% amidst stalling economic growth and inflation hovering near the upper end of the control range. Anticipation of rate cuts looms, with market predictions suggesting...

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Analyzing the Pulse of Downtown Vancouver Office Market

May 2023 | Mark Kurkdjian and Sukh Pannu May 2023 Edition: Downtown Vancouver Office Space Trends and Insights Navigating the Downtown Vancouver commercial real estate terrain demands understanding its ever-evolving landscape. As May 2023 unravelled, big changes from April underscored the need to understand the dynamics of available, leased, and off-market spaces. These changes outlined the importance...

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Restoration Clauses: One last kick in the teeth

When a commercial lease ends, many tenants see an opportunity to relocate to better premises - larger, cheaper, fancier, more conveniently located, etc. Often, the tenant expects that they will return the premises to the Landlord empty, clean, and in good condition, normal wear and tear excepted. Unfortunately, many tenants are faced with the costly reality that their lease contains a more onerous...

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Weathering an Unanticipated Crisis as a Tenant

Over the past month, we have watched as businesses are forced to deal with an unprecedented crisis. If you have ever done a SWOT analysis of your business, you run different models and analyze different threats and results. What if sales fell to 50%, what if the competition cut their prices, or your biggest competitor moved next door or developed a new technology, how would you pivot? What if you lost...

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The Operating Cost (Gross-Up) Clause

Why is the Landlord insisting that they can increase costs they will recover as part of their additional rent? Generally, leases are drafted to protect Landlords, and it may be a challenge to know what you can negotiate and what you may have to live with in a standard lease. Missing a critical clause can be costly in the future. We always recommend you have a lawyer, preferably one who deals...

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In Review: BOMA 2017 Office Standards

It has been one year since the release of BOMA 2017 Office Standard, the dominant standard that defines how to measure and calculate the rentable area in office buildings in Canada. Today, we’ll go over the various changes made in the 2017 edition and the overall impact it has on the calculation of rentable square footage in office buildings. Quick overview: BOMA Standard for Office...

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The Line Between Industrial & Office Space Becomes Blurred

Over the past few months I’ve had more inquiries regarding industrial listings and/or properties than all other sectors combined. Not to mention my last few completed deals (a mix of sales and leasing) were all industrial type properties. Why? What is the big attraction these days to this asset class? Well, if you’re looking in and around the Greater Vancouver area, the lease rates for industrial...

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Shared Spaces: What Are They & How Are They Affecting The Market?

What Are They & How Are They Affecting The Market? Packaged office is a concept that’s been around for decades in some form or another. The idea is simple: break up vacant space into small, short-term rentals; charge a premium on the rent; and, if you can keep it occupied, you have a business. Over the last several years Vancouver has witnessed a consolidation in this sector with Regus being the...

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