Downtown Vancouver land set aside for office space only

By Kelly Sinoski, Vancouver Sun
Published: May 06, 2009

The City of Vancouver has agreed to set aside land in the downtown core for future office space, despite predictions by analysts that the growing recession will boost office vacancy rates.

At the same time, Metro Vancouver has struck a deal to buy Metrotown Place III in Burnaby for $14.25 million, saying it was an attractive price and will ease a space crunch for the regional district.

The move comes as Metro Vancouver’s office vacancy rate climbs toward seven per cent and sublease rates are rising as companies lay off people or put off expansion plans.

Vancouver city planning director Brent Toderain said the economy wasn’t a factor in the city’s decision, which enforces a 2004 interim city policy aimed at protecting the expanding central business district from “excessive residential” development.

Read the rest of the story at Vancouver Sun.