Downtown Vancouver USA has one of the hottest commercial office markets in the country. As of Q1, 2023 vacancy sat at a crispy 5.8% which is a hot market even pre-pandemic! Post pandemic the numbers are unreal! Portland citywide sits at 11.1% and Downtown they are suffering an office depression at more than 27% vacancy. Vancouver has a high-rise office project under construction now as well as another high rise office tower proposed.
A robust commercial market is good for the residents Downtown as well. Office tenants spend money in the city center at lunch and before and after work. This helps support local shops and restaurants that residents can enjoy as well. It also gives the city a little daytime buzz of activity that makes things lively and exciting.
I will outline some of the larger office projects in the Downtown area including those under construction or in the pipeline. I am mostly focused on Class A space in modern buildings but some other notable properties will be included as well. Typical lease rates in Downtown for Class A office space are running in at $26-$30 per foot annually.
The newest part of Downtown Vancouver offers mostly luxury apartments and condos as well as a generous helping of hotels and restaurants. The area is comprised of three different development zones. The first is at the west end and it is the 20 block Waterfront with master developer Gramor overseeing development. This master planned neighborhood was designed to be built out at city densities and all structures are required to have at least six floors above ground except the already built restaurant buildings on Blocks 9 and 12. The next area to the east is Terminal One which is owned by the Port of Vancouver. This is also a high density master planned community. The last area is actually part of the greater Columbia Shores area and is currently under development by Kirkland Development Partners.
- The Murdock, 2018. 7 stories above ground 2 levels underground parking. Class A. Waterfront Block 4.
- Block 1, proposed estimated delivery 2026, 10 stories, Class A & structured parking. Waterfront Block 1
- ZoomInfo HQ, under construction delivery Q1-2025. 10 & 9 stories, Class A & structured parking. Terminal One Blocks A & C
- Hurley Tower, 2020. 37000 SF, 6 stories with first level structured parking. Class A Office Condominiums. Roughly 7500 SF per floor. Columbia & 3rd.
- Waterfront Gateway, proposed estimated delivery Q4-2026. 7 stories Class A. Esther & Phil Arnold.
- The Heritage Building, 1912. 5 stories, Class C. 6th & Main
- 500 Broadway, 2001. 70,350 SF, 6 stories, top 2 floors residential, Class A & structured parking. Broadway & 6th
- The Hudson, 2015. 3.5 stories (first level has full height mezzanine) Class B. 6th & Main.
- City Hall, 2011. 6 stories, Class B 6th & Esther
- Murdock Executive Plaza, 1982. 7 stories structured parking on first 4 levels. Class A. 7th & Broadway
- Vancouvercenter 3, 2004. 108,250 SF, 11 stories, Class A, top 4 floors residential, 3 levels underground parking. 700 Washington
- Holland HQ, 2022. 6 stories, first 2 levels structured parking. Class A. Washington & 8th
- Riverview Tower, 1991. 230,000 SF, 11 stories, 4 levels structured parking, 2 levels residential, top floors Class A. Evergreen & Washington
- The Quinn, Renovated 2021, 3 stories, Class B, Evergreen & Main
- Elks Building, 1910. 3 stories, Class C. Evergreen & Main.
- Pacific Tower, 1974. 4 stories, Class B. Evergreen & Broadway
- 805 Broadway, 1984. 207,200 SF, 10 stories, Class A 1 level underground parking. 8th & Broadway
- 1111 Main Place, 1990. 80,700 SF, 7 stories structured parking, Class A. 11th & Main
- The Arts Building, 1928. 7 stories, plus basement, Class C. 11th & Main
- 1220 Main Place, 1979, renovated 2019. 70,000 SF, 5 stories, Class A & structured parking. 12th & Main
- IQ Credit Union, 1962. 4 stories, Class B. Mill Plain and Broadway
- Old City Hall, 1966, renovated in 2013. 4 stories Class A with structured parking. 13th & Broadway
- Angelo 400 Mill Plain, 2009. 60,830 SF, 5 stories Class B. 400 E. Mill Plain
- Angelo Office. Proposed delivery estimated 2024, 37,100 SF, 3 stories. Class B. 15th & C
- 2300 Main, 1940’s? 2 stories, Class B, 23rd & Main