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As Metro Vancouver’s office vacancy rate plunges to near record-lows, a condo developer is adding thousands of square feet of gig-friendly work space to a four-tower complex in Central Surrey.
Concord Pacific is currently pre-selling Park George 2, a 337-unit, 36-storey high-rise as the last of the Park George development and it has designated much of the 110,000 square feet of amenity space into modern offices equipped with the latest in high-technology.
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Surrey’s office vacancy rate has nosedived from 22% in 2014 to a projected 6.5% this year, the lowest level since 2011, according to Avison Young. Despite the demand, only 71,000 square feet of new office space will be delivered this year – the Professional Centre at South Point – and 62% of that tower has already been pre-leased.
“The need for new construction to accommodate demand is mounting,” Avison Young warned in its annual year-end office report.
Cue Concord’s Park George project, where condo buyers will have access to a Triple A-class office campus an elevator ride away. The concept, according to Grant Murray, Concord’s senior vice-president, sales, is to attract tech startup and other entrepreneurs seeking flexible but well-equipped workspace. It is considered the first such project in Metro Vancouver.