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New Vancouver office towers to spur action from existing landlords
Vancouver, July 3, 2012 ` Although Metro Vancouver`s office market remained relatively stable during the second quarter of the year with average vacancy rates inching marginally lower from 7.7 per cent at the beginning of the year to the current 7.6 per cent, the impending arrival of new buildings in the market is a signal for landlords to act now in an effort to retain existing clients and attract new ones. New developments under construction in downtown Vancouver ` Telus Garden, 745 Thurlow and MNP Tower ` will create a more competitive environment, warranting landlords to meet shifting tenant demands to maintain occupancy levels.
`The office market is steady right now, but landlords need to avoid complacency,` says Maury Dubuque, Manager of Sales Development, Tenant Advisory Services with Colliers International in Vancouver. `With new buildings being added to the office inventory in a couple years, now is the time for landlords to re-invest in their properties and focus on meeting tenants` evolving requirements. The last thing a landlord wants to be doing is major building work like fixing elevators after the new buildings come online.`
Read the full article here.
Vancouver, July 3, 2012 ` Although Metro Vancouver`s office market remained relatively stable during the second quarter of the year with average vacancy rates inching marginally lower from 7.7 per cent at the beginning of the year to the current 7.6 per cent, the impending arrival of new buildings in the market is a signal for landlords to act now in an effort to retain existing clients and attract new ones. New developments under construction in downtown Vancouver ` Telus Garden, 745 Thurlow and MNP Tower ` will create a more competitive environment, warranting landlords to meet shifting tenant demands to maintain occupancy levels.
`The office market is steady right now, but landlords need to avoid complacency,` says Maury Dubuque, Manager of Sales Development, Tenant Advisory Services with Colliers International in Vancouver. `With new buildings being added to the office inventory in a couple years, now is the time for landlords to re-invest in their properties and focus on meeting tenants` evolving requirements. The last thing a landlord wants to be doing is major building work like fixing elevators after the new buildings come online.`
Read the full article here.