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Demand for offices spaces is expected to spike as big companies lease large amounts of space.
The temporary effect of the pandemic on the office is coming to a close, and demand for office space continues to rise. Businesses have now had the opportunity to adapt to the post-pandemic workplace, and office is poised to outperform the residential housing market due to high housing prices and continued interest rates hikes. The federal budget released in April proposed a ban on foreign investment in residential real estate, which means investors are shifting their focus to strata office properties.
The New Future.
In the early days of the pandemic, when video conferences, online classes and work-from-home arrangements were necessary, stock investments in companies like Zoom Video, Peloton and DocuSign were climbing—but not anymore. As restrictions in North America are now lifted, a new hybrid form of working has emerged as people enjoy the flexibility of working from home while also needing the collaboration, culture and innovation the in-office environment provides.
With investors bearish on work-from-home stocks, it is a lucrative time to invest in office space. Amazon has pre-leased all 1.1 million square feet of office space at The Post in downtown Vancouver, which is slated for completion in 2023. Last month, Lululemon announced it has leased 120,000 square feet of office space in Burrard Place as it expand its office locations across the city. As these and other large companies are buying or leasing up large spaces, investors are using this as an indicator on the strength of the office market.
What does this mean for demand for office space? According to reports, CBRE Canada is anticipating a huge spike in demand, not just to meet immediate and short-term needs, but in an economic environment that is looking two or three years into the future.
Enter: Capital Point, a strata office opportunity in Downtown Metrotown. Whether a company is bringing the entire operation back to the office or embracing a hybrid model, now more than ever, people need modernized spaces designed with amenities and flexibility in mind.
Capital Point includes a top-tier amenity campus spanning over 25,000 square feet and designed for the business of people. As the only pure-play AAA office ownership opportunity, it offers a premium location in the region’s second largest business district. According to JLL’s 2022 Q1 Office Insight Report, high-quality space remains in demand as AAA and Class A buildings continue to see low vacancy rates. Class A space comprises 48% of the Metro Vancouver office inventory, but in Q1, accounted for 75% of the total quarterly absorption.
The development demonstrates developer Slate’s confidence in the BC market and its positive outlook on Metrotown’s. Capital Point offers future-proofed prestige, especially since the average projected appreciation of Metrotown strata office is 15% per year. With that comes the privileges associated with ownership, which include cost control, financial stability, and the chance to build equity with the security of a long-term asset. In other words, it is time to control your own destiny and lavish in the security of investment in a rising asset class.
Locally connected. Globally significant.
Metrotown’s booming population is set to double in the next 20 years, and the neighbourhood is ready to handle it with easily accessible Skytrain stations and bus routes, and key transportation arteries. It is also a key retail destination—just one block away from Capital Point is the largest mall in BC, Metropolis at Metrotown, and Greater Vancouver’s second downtown core. Businesses and employees can enjoy a robust customer base without paying the high rent costs of Downtown Vancouver.
Changing Greater Vancouver Forever.
Besides its unparalleled offering to owners, Capital Point promises a stunning transformation of an iconic Metrotown landmark, changing the city skyline and resetting our expectation of what office space can be. Iconic and timeless architecture by Dialog can’t help but elevate the status of your business with a statement to Metrotown—and the world.
Just a peek at the features includes an expansive double height lobby with concierge services, new facades, elevators, washrooms, common areas, mechanical and electrical systems, seismic upgrade, and a focus on sustainability—it will be the first office tower in Burnaby designed to Step Code 3 energy standards, making it one of the most energy and cost-efficient office spaces in Metrotown.
Now is the best time to own. Stable low vacancy rates and special promotional pricing combine with Metrotown’s booming activity level to make Capital Point the only choice.
Learn more | capitalpointmetrotown.com/
Phone Number | 604 568 9888
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