Vancouver office landlords turn to show suites to stay competitive
Vancouver office landlords are adapting their leasing strategies to include show suites in response to high vacancy rates. This approach has proven effective for companies like PCI Developments, which has seen occupancy rates improve significantly. The shift reflects a broader trend where tenants now prefer move-in-ready spaces over traditional shell options.
- ▪Vancouver's office vacancy rate was reported at 9.5% in the first quarter of this year, the lowest among major Canadian cities.
- ▪PCI Developments has implemented a show suites strategy that has contributed to a mid-80% occupancy rate in their new office tower.
- ▪The design of show suites is based on educated guesses about potential tenant needs, focusing on creating a move-in ready experience.
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Open this photo in gallery:The 25-storey office tower at 601 West Hastings St. is steps away from downtown Vancouver’s Waterfront Station and is owned by PCI Developments, which has started using an alternative strategy that includes show suites to lease the space.PCI Developments & B+H Architects/SuppliedShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountVancouver landlords still recovering from the effects of the pandemic are trying to lower vacancy rates by shifting their leasing strategies to provide already-outfitted, move-in-ready show suites rather than shell spaces that tenants build out.While the city posted a 9.5-per-cent vacancy rate in the first quarter of this year – the only major Canadian market to report a single-digit percentage – developers…
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