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The Canadian city of Vancouver is expecting to see something of an office space renaissance over the coming months and years as new commercial towers emerge along the local skyline.
Office building activity has been relatively sluggish since 2007, even as Toronto and other major Canadian cities have continued to build, but this all looks set to change.
Reports from the city suggest that a number of major new construction projects are now expected to get started as developers aim to take advantage of strong demand for rented office space and relatively low vacancy rates.
Among the buildings along the road to construction are a tower designed as the new headquarters of the Telus communications company, which will be a 22-storey development on the main Vancouver peninsula.
Raymond Louie, a local city councillor, told the Globe and Mail newspaper: “The [Telus] application shows a strong confidence in the direction this council has been taking for business.”
Meanwhile, Oxford Properties, among other major investors, is seeking the right opportunities to make the most of the resurgence in commercial real estate that is already well under way in what is one of Canada’s most prosperous cities.
Oxford Properties recently agreed a deal that will see it work with British Land on the development of a 47-storey skyscraper in the City of London, with 610,000 sq ft of prime office space set to be made available as a result.
