GWL Realty Advisors has begun construction on downtown Vancouver’s latest office tower, the 33-storey Vancouver Centre II.
The AAA-class, 371,000 sq ft. office tower will be constructed at 753 Seymour Street, on the site of the former Vancouver Centre parkade.
Interestingly, the project is proceeding without any major tenants lined up, with GWL confident the building will quickly attract interest from firms, particularly, high-tech, looking for space in downtown Vancouver.
Colliers International noted in their most recent market update that downtown office vacancy rates are at 5.1 per cent, compared with 6.9 per cent in 2016. Technology, advertising, media and information firms account for 47.8 per cent of all current office space demand in downtown Vancouver.
Westbank and Allied are in the approvals process for another office tower nearby at Georgia and Homer streets, across from the Vancouver Public Library, and more office space will also be added as part of the redevelopment of the former Canada Post building.
“With its premier location and exceptional design, we expect that Vancouver Centre II will attract considerable market interest,” said Paul Finkbeiner, president of GWL Realty Advisors. “The building has been designed for forward-thinking, industry-leading firms that want to attract top talent, nurture innovation, and deliver results.”
Floor plans are flexible and can be tailored to tenant’s specific needs. The building is targeting WELL Certification and a LEED Platinum standard, and was designed by Musson Cattell Mackey Partnership (MCM).
The new tower will be connected to the Scotia Tower at Georgia and Seymour with a glass atrium. Tenants of Vancouver Centre II will have access to a 29th floor rooftop deck with spectacular views, and a fitness facility with yoga studio, change rooms, showers and end-of-trip facilities for cyclists. Two rapid transit lines (Expo and Canada Line) can be accessed via the below-ground concourse.
Vancouver Centre II is slated to be complete in the summer of 2021.