According to BIV,Residential construction all along the Canada rapid transit line is steadily transforming downtown Richmond from a strip of shopping malls into an urban core with cosmopolitan flair. Part and parcel of many developments is space for professional offices.
But most of the new construction has been strata space sold to local owner-occupiers or investors like so many of the surrounding residential units. Mo Yeung International Enterprise Ltd.’s International Trade Centre development at Versante, a mixed-use project with 97,846 square feet of strata office space at 8477 Bridgeport Road, is but the latest case in point.
The situation is about to change, however, with the 343,000 square feet of leasehold office space set to start with completion by the end of 2020. The largest is Yuanheng Holdings Ltd.’s plan for 237,832 square feet of office space at 3311 No. 3 Road, which began the development permit process last year.
An additional 105,420 square feet is proceeding without pre-lease commitments at iFortune Centre, which iFortune Homes Inc. is building at 6860 No. 3 Road. The lack of commitments underscores the tight nature of the market. Avison Young reports that vacancies in Richmond as a whole ended 2017 at less than 10 per cent for the first time in 10 years, but those in the core along No. 3 Road are closer to two per cent.
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