Why Vancouver Downtown Condo Supply Will Diminish and Office Space will Increase
by Maggie Chandler on June 20, 2008
in Downtown
Vancouver City Hall is considering a ban on residential development in favour of commercial and higher density for office towers
This plan will radically reshape the Downtown business district core and keep condos at bay, so says a recent article by Frances Bula in the Vancouver Sun. The City is proposing a 20-40% higher density for office towers and Developers will be encouraged to build as high as possible without blocking designated views. There is a problem for capacity for job space in the City.
The City is also proposing that all conversions from office to condos in buildings over 50,000 square feet will be discouraged throught the new central business district, which will stretch from Bute to Beatty and Robson to Cordova.
Similarly, conversion buildings over 30,000 square feet in Yaletown, Chinatown and Gastown will be discouraged. The change is welcomed by the business community which has been raising the alarm about the way office development has been losing out to residential and the effect that will have on the business market downtown in the future. Only sites that have an element of Heritage or residential-hotel preservation will be allowed to include residential.
City planners have estimated that the Downtown needs about 6 million square fee more of office space to accommodate an increase from the 120,000 jobs that now exist downtown Vancouver. The City is also proposing a Metro Core that extends more of 16th avenue from Clark to Arbutus, to create more job space.
The office vacancy rate Downtown Vancouver has dropped to a record low.
As we have mentioned many times before, the Downtown is getting built out and there are only a few small sites left. It is my opinion that this will add pressure to the prices. More office space will result in more Downtown jobs and with the inevitable rising cost of gas, more people will want to walk, bike or bus to work.
Do you live and work Downtown Vancouver? Is it a positive lifestyle experience for you?
Did you know you can search for Downtown condos on this site?
Buying or selling a Downtown condo and need some expert advice? Fill out my contact form.
this site is updated regularly, subscribe via RSS or email
Tagged as:
condos and office supply,
Downtown,
Vancouver Real Estate
Post by
WELCOME! And thanks for checking out my site, and wanting to know a little bit about me.
I LOVE what I do, and that’s helping home buyers and home sellers in the waterfront condo neighbourhoods of Vancouver and I’ve been doing just that for nearly 30 years, so I’ve really gotten to know this market like the back of my hand. In fact I’ve seen Vancouver’s neighbourhoods of Coal Harbour, Downtown, Kitsilano, False Creek North, the West End and now the Olympic Village being built and I have an in depth knowledge of these neighbourhoods. My interest in Vancouver’s history combines with my interest in the changes and growth of its waterfront neighbourhoods. If you see me walking on the seawall, playing tennis or boating, say hello!
The city of Vancouver and its neighbourhoods of Coal Harbour, Downtown, Kitsilano, False Creek North, the Olympic Village and the West End have been put on the world map with its dynamic growth, international immigration, hosting the 2010 Winter Olympics, amazing world class restaurants, geographical beauty and quality of life. Consistently voted the Best City in the World to live, you can find great shopping, sports and entertainment in Vancouver.
I assist first time and trade up home buyers, investors and vacation home buyers, as well as first time and trade up home sellers, investors and vacation home sellers with the purchase and sale of houses, townhouses and condominiums.
I come armed with stats and graphs and an extensive knowledge of market activity, with attention to detail that will give you piece of mind that I’m working in your best interest, I am a hard working, detail oriented, diligent individual with strong interpersonal skills, patience and a high level of integrity . My goal is to make the home buying and the home selling a fun trip with low stress and I use today’s technology to make every real estate transaction as smooth as possible by clearly answering your questions, providing expertise and offering a savvy opinion.
Providing trustworthy real estate services in the Vancouver area for over 30 years
has written 2060 articles.
You must log in to post a comment.