Project to inject some sorely needed supply in the city’s tight office market
Last week, Oxford Properties Group today announced the launch of The Stack, a 530-foot office tower that will be offering 540,000 square feet.
The AAA class development situated at 1133 Melville in the downtown core is set to become the city’s tallest commercial tower.
“With The Stack now launched, we’re adding significant and much-needed new supply to Vancouver’s extremely tight office market and to accommodate the city's economic growth,” Oxford’s vice president of office Chuck We said.
The new supply will be injected to the market in the wake of Vancouver’s office segment reaching a vacancy rate of 4.7% – the second lowest in North America – as of Q2 2018.
Read more: Vancouver commercial investment accelerates to possible record year
Oxford said that three heavyweight firms – namely, Ernst & Young LLP, Blakes, and DLA Piper – have already acquired pre-leases at the stack, taking a total of 207,000 square feet.
“The Stack is one of the most-forward thinking office projects in Vancouver. Not only does it break new ground by incorporating employee wellness into the fabric of its design through its use of natural light, outdoor space and cycling amenities, we're future-proofing the building with the adoption of Smart Building technology and multi-modal transportation options,” We added.
