bcbusiness.ca october 2015 BCBusiness 71
rate of more than 17 per cent within the
next two years). But Norm Taylor says
CBRE's analysis shows the market fully
absorbing all the new room—helped
by steady growth among existing busi-
nesses and the arrival of big new high-
tech tenants. Microsoft, Amazon and
Sony have absorbed 300,000 square
feet—that's net new space—just this year.
And even old buildings, well man-
aged, are holding their own. Slotman
says that with the pace of renovations
and current commitments, the Royal
Bank building will be 95 per cent full
by December. And Mark Rahal of Equi-
table Properties says their four C-class
structures, with a combined total of
310,000 square feet, currently have a
vacancy rate of just 2.5 per cent. Some
of that can be explained by location and
a historic allure: the Equitable portfolio
includes the Vancouver Block across from
Nordstrom and the Rogers Building at
Granville and Pender. But Rahal says the
Duncan Building, on West Pender kitty-
corner from Tinseltown, "has been zero
per cent for some time"—bustling with
high-tech start-ups rather than estab-
lished majors.
Ofices are no longer just a place
where people come to work; they are
increasingly a critical part of sta– attrac-
tion and retention. When showing build-
ings, Uptown's Bart Slotman says he
used to tour around the
CEO or CFO. Not
these days. "Now we're seeing the head
of HR. It's not just real estate anymore.
You really need the right environment to
be successful."
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OLD IS NEW (From left) The old Royal Bank
building has been reinvented with a
renovation; the future of Telus Garden
