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Soon there will be an addition to Vancouver's ever-expanding skyline. The Exchange, which just broke ground, will be Vancouver's second-tallest LEED Platinum office tower. (Until it catches No. 1, it'll be green with envy.)  It delivers late 2016. Mayor Gregor Robertson joined Credit Suisse for the $200M Exchange's groundbreaking. (That's $33M per shovel.) The towers are a change of course, as Credit Suisse normally invests in fully developed, leased properties. CS Real Estate Asset Management director Rainer Scherwey tells us now that demand for quality office space is outpacing supply in the core, it's building from the ground up.  CBRE CEO Mark Renzoni (whose firm is handling leasing) tells us the decision to go ahead with construction positions it for the next wave of lease expirations from 2016 through 2018. The city has one of the lowest vacancy rates in North America, "so this is an important investment in Vancouver's financial core, and it signals that global players are bullish on the future growth of the Vancouver economy,” he says.  CBRE has already seen strong interest and hopes to announce the first deal soon, Mark says. Prospective tenants want to see new builds under construction. “Then it's really a matter of who signs the first deals in order to position themselves in the top floors,” he says. (The child's game King of the Hill never really leaves our bones.) The building's energy consumption will be half of traditional office buildings; the neighbouring Old Stock Exchange building (the image is circa 1929, not Instagram) will be renovated and restored as part of the development. |
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Avison Young's New Property Pro While Avison Young provides property management through a number of North American offices, it's a new venture for Vancouver. So the firm has snapped up Craig Bradshaw to oversee the service line's growth and build the team. He brings more than 30 years of experience, most recently as biz dev VP in Western Canada for Arcturus Realty. He tells us there's no existing portfolio in B.C., but expects that to pick up quickly because of “pent-up demand” within AY's existing client base. (It's like Girl Guide cookies. Once you've had a taste, you're bound to come back.)  AY Vancouver principal and managing director Michael Keenan, above, says the firm's strategy is to create a more full-service, integrated approach to property management. (In short, that means leasing, investment, and property management units will operate cohesively.) |
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First Nation Projects Nab Anchors |
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 Walmart, Bass Pro Shops, and RONA are the first of several marquee retailers for the new Tsawwassen Mills, above, and Tsawwassen Commons, the first major developments being constructed on Tsawwassen First Nation Lands, scheduled to open spring 2016. (Ivanhoe Cambridge is developing Mills, while Property Development Group is developing Commons.) Lauding the project as a model of how B.C.'s treaty process can work, Aboriginal Relations and Reconciliation Minister John Rustad says the project will make a major contribution in creating jobs for the Lower Mainland. |
 Bass Pro Shops is taking 145k SF, while Walmart is leasing 108k SF and RONA 44k SF. Overall, Tsawwassen Mills will include 1.2M SF of retail, with 16 anchors—a mix of premium fashion brands, factory outlets, restaurants, and first-to-market retailers, as well as a 1,100-seat food court, above. Tsawwassen Commons will provide 550k SF of outdoor retail space, with a blend of national, regional, and independent retailers, restaurants, and financial services. |
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