Office Vacancy Rates up in Downtown Vancouver – Except for One Booming Area

Vancouver’s office market is being shaken up by tech companies’ desire to live in character-rich, heritage-storied buildings, according to a new report from Colliers International.

Consequently, traditional downtown areas of Vancouver are seeing rising vacancy rates, the highest since 2005. But Gastown—a small, waterfront section of the city’s core home to hipsters, pigeons, and most of Vancouver’s older structures—is apparently booming.

“These tenants tend to prefer office space in heritage buildings found in locations like Gastown or Railtown that offer a distinctive ‘retro’ feel or new modern buildings close to amenities and rapid transit,” Maury Dubuque, managing director for Colliers Vancouver, told BCBusiness.

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