North Vancouver Shipyards – At the heart of Lonsdale, you’ll find the newly-developed Shipyards – a mixed-use development that aims to re-invigorate the area’s shipbuilding history by prioritising the heritage of the original machine shop building alongside additional new structures including a hotel, restaurants and the Shipyards Commons (where year-round markets, exhibitions, performances and festivals can take place). The Joey Restaurant Group is also getting in on the action with their announcement that they will be opening their first North Shore location here too – a two-level open-concept dining space to be dubbed the ‘JOEY Shipyards’. The Shipyards successfully North Vancouver’s waterfront circulation by connecting its transit routes, plazas and recreational spaces with the SeaBus, Lonsdale Quay Market as well as Polygon Gallery, and thus promises to be an attraction for years to come.
Office Space Vacancies – Metro Vancouver has just reached a record-low vacancy rate for office spaces with tech companies and prolonged development schedules squeezing the local supply of office space, according to Avison Young’s mid-year report on the local office market. The demand for space has skyrocketed, what with new developments downtown already fully leased (even though they will only reach completion in 2020) and a lot of the demand coming from international high-tech companies signing significant pre-lease deals for vast chunks of space. The result may be that businesses resort to office space markets outside of the downtown core – an exodus to the suburbs where vacancies are still available. Developers are doing their marked best to keep pace with the robust demand as an unprecedented 5.37 million square feet of office space under construction in Metro Vancouver – 3.5 million square feet of that is in downtown Vancouver with over half of that already leased or sold. Significant development is expected to increase in important areas connected to transit: the Broadway corridor, False Creek, Metrotown and more.
Lower Mainland Malls – The local retail market continues to grow apace in our region’s commercial property market as multiples retailers struggle to secure space within major shopping malls across the region. There are a number of contributing factors, not the least of which is the fact that B.C. economic growth is expected to outpace the national rate this year. West Vancouver’s Park Royal is now in the top five shopping centres in Canada with more than $1,300 a square foot in sales; not to be outdone, downtown Vancouver’s Pacific Centre and Metropolis at Metrotown reports similar productivity as they too experience rising sales per square foot.
McArthurGlen Outlet Centre – The McArthurGlen Vancouver Airport shopping centre’s expansion has now officially opened, four years after its original completion. This eastward expansion of the existing outdoor shopping complex adds 84,000 square feet of retail space, housing new retailers such as Adidas, The North Face and Jimmy Choo with just-confirmed retailers (including old Navy, Stuart Weitzman, Roots, Aldo and Starbucks) to open over the coming months.