There are today an estimated 1.4 million tech workers now in Canada, who deliver a national economic impact north of $110 billion, or over 5% of the country’s output.
One of the hottest concentrations of tech workers is the southwestern pocket of B.C., where high-rises in downtown Vancouver house headquarters for locals (such as Telus, Kabam, and Animal Logic) as well as international offices for multinational titans (Amazon is one obvious example).
Vancouver boasts Canada’s third largest metropolitan area by tech employment, with a workforce 150,000 strong—and growing, fast.
Indeed, techies make up 9% of the city’s total workforce—the second highest rate in Canada behind Toronto (10%).
But while techies didn’t take a huge hit during the Pandemic lockdowns—the power of operating a career from a laptop was never illustrated more vibrantly than during work-from-home mandates—physical offices certainly did.
Vancouver has 4,500 local tech companies, with many internationals also claiming significant space in the city. Since the Pandemic, however, Vancouver’s total office vacancy steadily increased, returning to levels seen a decade ago.
Even with the Pandemic squarely in the rearview mirror, the lingering potency of remote and hybrid work models (combined with two years of rolling layoffs) has twisted the supply-demand balance of physical office spaces.
Yet, despite cost-of-living concerns and cut-throat competition from nearby Seattle and Silicon Valley, the West Coast city has been bucking the national trend of sky-high vacancy rates for tech offices.
While enduring a state of flux, Vancouver retains the lowest vacancy rate market in Canada, and a new lease by business advisory giant Grant Thornton LLP at the downtown Vancouver Centre II tower signals continued momentum for the city.
Grant Thornton will occupy 30,000 square feet on the 19th and 20th floors of the tower, GWL Realty Advisors announced recently, bringing the building to more than 80% leased.
“GWL Realty Advisors is thrilled that Grant Thornton has chosen Vancouver Centre II,” stated Robert Kavanagh, Senior Vice President at GWL Realty Advisors.
“With its exceptional tenant amenities, advanced technology infrastructure, and direct connection to two transit lines, it’s no surprise that VCII has attracted tenants from a wide cross-section of industries, including business consulting, real estate, mining, and tech,” the SVP continued.
Located at 733 Seymour, the LEED Platinum certified VCII offers its tenants access to an array of amenities, including the 29th floor Skyline Rooftop Deck; a state-of-the-art fitness facility and yoga studio; and end-of-trip cycling facilities.
The building claims “industry leading technology infrastructure designed to improve building operations and maximize tenant experience.” It may not be all boast: In 2023, VCII won the Realcomm IBCon’s Digie Award for the Most Intelligent Office Building, and has been certified as SmartScore Platinum and WiredScore Gold.
Mark Iwanaka, a regional Managing Partner with Grant Thornton, anticipates the new office “will offer a collaborative workspace for our colleagues and a welcoming atmosphere for our clients.”
“We’re delighted to continue to support local businesses and a thriving economy here in Vancouver,” Iwanaka said.
Alongside new tenants Pan American Silver and Transca Real Estate Development, Grant Thornton joins existing VCII tenants Kabam Games, PI Financial, Owen Bird Law Corporation, Sandstorm Gold, and TSX Venture Exchange.
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