The area is proving especially attractive to technology and life science sectors
Significant opportunities remain for developers and investors in the Vancouver Innovation District, which is currently shaping up to be one of the region’s premier commercial property destinations, according to Avison Young.
“This [district] has attracted significant interest from developers focused on providing technology and life science-ready office space,” Avison Young said.
A major driver of intensified demand in the area is the 1.7-million-square-feet St. Paul’s Hospital and health campus, currently under development in False Creek Flats and scheduled for completion in 2027.
“Many medical technology companies and educational institutions prefer to be close to the hospital and its associated research centre, the Clinical Support and Research Centre (CSRC), which has decided to occupy space near the campus,” Avison Young said.
These sectors are at the core of the area’s rejuvenation, and are expected to play a crucial role in the overall market over the next few years. Total office space slated for completion within the next four years will amount to nearly 1.5 million square feet.
“Developments on underutilized industrial land will provide much-needed investment to the area and act as a catalyst for new market activity,” Avison Young said. “These developments will aid in extending Downtown beyond the peninsula, further solidifying False Creek Flats and Mount Pleasant as a key consideration for occupiers looking for centrally located space.”
Adam Mitchell of Low Tide Properties, one of the leading developers in the district, is highly optimistic when it comes to the region’s prospects.
“Our investment strategy targets neighbourhoods in Vancouver and Seattle where we feel there is a strong likelihood that rent growth will outpace the general market, spurred by the community building and tenant curation we do,” Mitchell told Avison Young.
“British Columbia has a clear value proposition for life science companies from a talent standpoint. Our post-secondary institutions produce job ready individuals, we have open immigration funneling global talent into the market, and we are expanding interest in STEM programming with traditionally underrepresented groups.”
