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New Coworking Office Coming to Vancouver’s Gastown
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(Posted on Jan 3, 2017 at 08:17PM by Michelle Bogle)
Regus, one of the largest providers of office space in the world, is opening a new coworking office in Gastown, catering to the unique needs of freelancers and start-ups in Metro Vancouver.
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Regus has leased the Ormidale Block at 151 West Hastings and is currently underway with a full rebuild of the six-storey structure, retaining only the existing façade. Under the brand name Spaces, Regus is hoping to open their doors by summer of this year, making it the first Canadian location with Toronto soon to follow.Â
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The office space, which can accommodate up to 450 people, will include a mix of team rooms, open format coworking stations and individual desks, as well as a business club and large rooftop patio, which will be available to paying members 24 hours a day.Â
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Aside from daily workspace, Regus is also hoping to build a sense of community with Spaces. As such, they have designed a large open community space on the top floor. “Our plan is to hold many networking events, bring in keynote speakers and bring in people from the community that we can really build into the Gastown and Vancouver market,†says Wayne Berger, executive vice-president with Regus Canada.
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This type of space is sure to be a welcome addition to Vancouver’s commercial office market, especially as the number of self-employed Canadians is encroaching towards the two million worker mark, according to Stats Canada. A large portion of these freelancers reside in the Lower Mainland within the tech and start-up community, as well as the creative design community.
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To learn more about Spaces or other coworking office developments across British Columbia, please feel free to contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate associate. You can also view our current listings by clicking here.
City Seeks Higher Density for Mount Pleasant Heights' Tech Sector
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(Posted on Dec 30, 2016 at 02:00PM by Michelle Bogle)
According to a recent Vancouver Sun article, the City of Vancouver is planning to allow increased density of four city blocks in the Mount Pleasant industrial zone, which is home to some of the Lower Mainland's most successful tech firms.Â
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Earlier this month, council voted to refer the plan to a public hearing in the new year. If approved, the move would allow higher office buildings in the four blocks facing Quebec Street from East 2nd Avenue to East 6th Avenue to accommodate companies in the innovation sector.
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Kent Munro, the city’s Assistant Director of Planning for Midtown, said much of the change reflects the catching-up of municipal zoning to a rapidly evolving industry.Â
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The zoning changes proposed by the city will allow buildings on most of the blocks to keep their I-1 industrial zoning on the ground floor, but to also account for an increase of office/tech-use space on the higher floors.
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Currently, buildings in the zoning are only allowed to have a floor area double that of the area that the land sits on, with a maximum height of 32.9 metres. Under the new plan, buildings along most of the strip in the proposal would be allowed a floor area five times the parcel size, with some at a maximum height of 45.7 metres.
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This change would allow many companies to operate in one place, which is currently not the norm right now. Many firms, such as Hootsuite (Vancouver’s largest tech firm), are spread across multiple offices and sites, which can be a challenge for daily operations and future growth.
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Our team at Marcus & Millichap Vancouver is keeping a close eye on the plans for Mount Plesant’s industrial zone and how it will impact our booming tech sector. For more information or insight, please feel free to contact us to speak with a commercial real estate advisor.
6 Reasons It’s Time to Find a New Office
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(Posted on Oct 26, 2016 at 01:00PM by Michelle Bogle)
Deciding to move your office doesn’t always come down to expanding or downsizing – it’s so much bigger than that.Choosing an office location is as much a part of your overall business strategy as is setting your yearly goals and objectives – it’s a process that must fit your company’s fiscal, human resources, brand and cultural objectives. Simply put, it’s an important factor in the overall success of your venture.
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Having said that, here are six reasons why it might be time to find a new office:
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Your operations have outgrown your current space
Whether you have five employees or 500, your office must comfortably accommodate all of your workforce. And, if you’ve been fortunate to experience growth throughout your operations, then you likely need more space – and fast.Â
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As a general rule of thumb, most industries allocate approximately 175 of rentable square feet (RSF) per employee or perhaps even more. If you have 50 employees, you should designate at least a minimum of 8750 RSF for your new office space.
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Your office space is too large
On the flip side, you may find that you have too much office space, which can put a strain on your bottom line, as well as your employees’ productivity and morale. If you find yourself in this situation and have no plans of expanding your operations in the near future, it might time to consider a downsize.Â
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You’re having issues with building management
Just like with a residential rental property, a bad landlord or building manager can really hurt your overall experience. If you find that your current office is in disrepair, neglected or constantly having issues, like with the HVAC system, washrooms and elevators, it might be time to move on to greener pastures. After all, if you and your employees are frustrated with these issues, you clients are likely picking up on them too.Â
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Your office is stuck in another era
Thanks to a change in work styles, mobile technology and the growing presence of Millennials in the workplace, offices are changing – and for the better. Closed off layouts are now a thing of the past with open floor plans and collaborative areas springing up in their place.Â
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And, prospective employees are on the look-out for these types of office spaces – which is why it might be time to consider an office move, so you can create a vibrant workplace environment and culture that attracts and retains talent and clients too.Â
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Your location is poor
Choosing the location of your office is likely more difficult than selecting a neighbourhood to live in because you have more people to factor into the equation – like your management team, employees, vendors, clients and maybe even your competition. And, perhaps, when you first selected your site location, it made sense for you and your business. But, what if your business objectives have changed? If your current location is hindering these goals and objectives, it may be time to consider a move to a better location.
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You are tired of paying monthly office rental expenditures
In terms of investment potential, rental office spaces offer businesses zero gains – the only players that benefit are the landlord or asset owner. If you are tired of paying monthly office rental costs, it might be time to consider another option: strata office.Â
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This asset class is becoming increasingly popular with smaller professional services firms or self-employed entrepreneurs who are seeking an alternative from rental spaces that offer zero gains. Low interest rates, strong price-per-square-foot growth, increasing lease rates and opportunities to build equity are all key perks of strata office.
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If you can relate to the six reasons listed above, then perhaps it’s time you get serious about planning your next office relocation. And, at Marcus & Millichap Vancouver, we can help.Â
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We have several highly skilled office and industrial asset specialists on our team who can help you understand your space requirements and find you an office location that suits your needs and your bottom line.Â
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To learn more, please contact us here or visit our Property Search portal for active commercial real estate listings across British Columbia.
Strata Office is Quietly Outperforming the Strata Apartment Market
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(Posted on May 26, 2016 at 06:00PM by Michelle Bogle)
Move over apartment market – there is a new hot performer in Vancouver’s bustling real estate market and that’s strata office.Â
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With $280 million worth of sales in the last two years, office condos are quietly outperforming the apartment market. In fact, some office condos are even selling for more than their residential counterparts.Â
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In 2015, office strata sales totaled $120 million – that’s double the sales volume from five years earlier. Even though this number was down from the peak achieved in 2014, which saw $160 million of condo office sales, it wasn’t from lack of interest, but more from lack of inventory.Â
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This asset class is becoming increasingly popular with small professional services firms and self-employed entrepreneurs, such as doctors, who are seeking an alternative from rental spaces that offer zero gains. Low interest rates, strong price-per-square-foot growth, increasing lease rates and opportunity to build equity are driving factors behind this growing trend.
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Much like home ownership, strata office ownership is a solid investment in your financial future. To learn more about office condo developments within the Vancouver Metro Area, please contact us to speak with our office asset specialists.Â
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