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Technology and Digital Firms Are Dominating Vancouver’s Downtown Office Sector
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(Posted on May 6, 2016 at 04:10PM by Michelle Bogle)
Technology and digital firms are the dominating tenant pool in Vancouver’s downtown office sector. World-class firms, including giants like Microsoft and Amazon, are now the principal lease clients with approximately 740,000 square feet of space.
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In fact, these types of firms account for four out of 10 tenants that hold 50,000 square feet or more and make up 34.2% of all office space this year. This surpasses law firms, who were once the dominant players, but now only account for 10.3% of downtown leases.Â
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To date, more than 100,000 technological professionals work in the province of British Columbia, with about 75% of them residing in Vancouver’s core. They generate more than $23 billion in revenue and $15 billion in gross domestic product, but use less office space than comparable businesses in more traditional fields, such as law.
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This is largely due to the open-concept environments that these digital businesses employ.
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As the tech sector continues to expand across Vancouver, so does the need for flexible office space to accommodate tech firms and other start-ups as they set-up shop.
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For information and investment guidance regarding this growing sector, including its impact on Vancouver’s commercial real estate market, please contact our team of advisors for more.Â
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