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Seattle & Northwest  + Pacific Northwest  + Office  | 

Vancouver CRE Punches Above Weight

The Vancouver, B.C. commercial real estate market has been punching above its weight, despite global instability. Record-low office and industrial vacancy has led to steadily rising rents, and domestic and global capital is descending on the West Coast in pursuit of long-term growth opportunities, reports CBRE.

CBRE’s Jason Kiselbach kicked off the Vancouver Real Estate Strategy & Leasing Conference saying, “Safe to say that the Vancouver market has exceeded expectations in 2019.”

He told attendees at a market outlook breakfast that Vancouver’s downtown office vacancy rate is the second-lowest in North America, dropping to 2.4% in Q3, and the amount of available industrial space across Metro Vancouver is at a near-record low of 2.5%. New supply in both markets is being snapped up quickly, and declining vacancy is causing rental rates to rise steadily.

Kiselbach points out that Vancouver commercial real estate investment returns rival those of other global cities. Investor hunger for Vancouver properties stems from robust population growth, a thriving tech sector and rapid expansion in logistics and distribution due to the continued rise of e-commerce.

CBRE notes the trends to watch in 2020 and beyond include: vacancy or rent relief are not expected, though CBRE is not forecasting office or industrial vacancies to rise in either segment in 2020; the lack of available space and rising rents will impact local and regional operators the most; the first multi-story logistics fulfillment centers are expected to be built in Canada; and capital will be attracted to the market as a result of rising rents.

Connect Seattle is set for November 7th at Coterie Worklounge. Plan to join us for the afternoon of CRE conversations and networking. You can find out more information and register on this link.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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