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Credit Suisse, one of the top 10 real estate investors in the world, have announced they will build a $200 million 31-storey office tower on the old stock exchange building site in the 400-block of Howe Street.
As one of the top 10 real estate investors in the world, Credit Suisse is proud to make its first investment in British Columbia, Director of Credit Suisse Real Estate Rainer Scherwey said today.
That building will be LEED platinum certified. LEED is a rating system that categorizes green buildings.
There are also six other office buildings under construction in the city, but even these spaces will not satisfy the demand for office space in Vancouver.
The citys vacancy rate is currently at 5.5 per cent. Compare that to Midtown Manhattan, which is about 8 per cent and San Francisco, which is the tightest commercial market in the U.S., at 7.6 per cent.
Downtown Vancouver is now near the bottom of the vacancy rate of any major city in North America.
The demand for new buildings is rising very quickly,Mark Renzoni,CBRE Canada President and CEO, said. Tenants are looking for new sustainable environments for their work space.
Vancouver Mayor Gregor Robertson hopes these new buildings will help end the vacancy concerns.
The seven new towers that are still under construction will provide more than 2 million square feet of new office space.
Shaw Media, 2014
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New building in downtown Vancouver will help to ease office vacancy concerns
VANCOUVER -- A building boom downtown is creating much-needed office space in Vancouver, city officials say.
Vancouver Mayor Gregor Robertson helped break ground Thursday on The Exchange, a $200-million, 31-storey Credit Suisse office tower in the financial district, one of seven buildings now under construction downtown.
Robertson heralded the projects as an end to the citys business vacancy woes, as Vancouver remains one of North Americas tightest markets for office space.
Vancouvers vacancy rate for Class A office space sits at 5.3 per cent. That compares with 8.7 per cent in Montreal and 9.7 per cent in Edmonton. But according to Cushman and Wakefield, Vancouvers vacancy rate is projected to jump to 7.7 per cent this year and to 10.5 per cent in 2015.
When it comes to the strength of Vancouvers office market, weve come a long way in the last five years. Robertson said. A few years ago our economy was being held back by a lack of space, we had a critical shortage and its wonderful to see the market respond.
He said the city has approved as much office space in the last four years as in the previous decade. Up until recently, the city was projecting a critical shortage of office space by 2031 if land-use policies remained the same. Robertson said new zoning bylaws enacted in 2009 helped get the new towers off the ground. The seven towers under construction downtown will total 2.18-million square feet of new office space.
He said Credit Suisses decision to build from the ground up in Vancouver signals that international corporations realize the city is one of the strongest office markets in North America.
The Exchange, which will be joined with the old Stock Exchange building built in 1929 at 475 Howe St., will be the first LEED Platinum conversion of a heritage building in Canada. LEED Platinum is the highest designation for sustainable building design from the Canada Green Building Council.
It is the first B.C. venture for Credit Suisse and will provide 369,000 square feet of office space, or enough space for 1,700 workers.
The tower will not only add much-needed office space in the downtown core but also contribute to the citys goal of becoming the greenest city in the world, Robertson said..
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Building boom hopes to ease Vancouver's tight commercial real estate vacancy rate (with video)
COLUMBIA A six-story office building, 193 housing units and four new roads could be part of the first construction at the Discovery Park development unfolding on Columbias south side.
The Planning and Zoning Commission voted unanimously to recommend approval of two development plans and rezoning of 15 acres of Discovery Park's 185-acre total area. The Columbia City Council will vote on final approval.
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The proposal from Trittenbach Development, a company owned by the developers of the Brookside apartment complexes, would redraw the zoning lines within the property to meet the lot's current boundaries.
The development company plans a mix of shopping, office and housing at the site, which was annexed into the city in 2004.
The company plans to build:
The plan might not meet the city's requirement for stormwater drainage, city planner Pat Zenner said. The company must still submit final stormwater protection plans to the Public Works Department.
Mike Hall, the engineer overseeing the project, said construction is expected to begin this spring.
Supervising editor is Adam Aton.
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Columbia planning and zoning board approves Discovery Park development
Corvus Construction Is Seattle #39;s Go To Company For Kitchen Remodels
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Muskegon, Mich. (PRWEB) January 23, 2014
Smart Vision Lightsa leader in the design and manufacture of LED lights with internal current-control drivers for precision industrial, machine vision, and architectural applicationsis pleased to introduce the LHF series of LED linear lights for the direct replacement of fluorescent lights.
Like all Smart Vision Lights, the LHF series of fluorescent replacement lights comes with the industrys only internal driver capable of both continuous and strobed operation. The LHF series can use either NPN or PNP strobe triggers to control light pulse timing. Internal LED drivers also eliminate the need for additional wiring between the light and external drivers, simplifying installation. Furthermore, the LHF series is based on Smart Vision Lights Direct-Connect series of linear lights, which allows the user to snap together up to eight 300mm LHF300 lights for a consistent illumination source up to 2.4 meters long without any additional wiring. A T-slot built into every Direct-Connect LED light housing makes it easy to install and support our LED lights for virtually any application.
Each 24V DC LHF300 array utilizes 30 high-intensity LEDs, and features a diffuse lens cover designed to disperse the light in the same fashion as a fluorescent light of equivalent length.
The LHF series of linear lights is the brightest in the vision industry due to the heat dissipation of the housing, resulting in more consistent light output over a longer lifetime than competing solutions. To dissipate heat, Smart Vision Lights directly mounts high-current LEDs to an aluminum circuit board connected to an aluminum housing. This design efficiently transfers heat away from the high-powered LEDs, allowing users to run the light at a higher current, producing an increased output without reducing expected lifetime. In constant operation, the housing on Smart Vision Lights LHF series lights will run at 50C in an ambient temperature of 25C, overcoming ambient temperature limitations common to standard fluorescent lights. The LHF series of fluorescent replacements also eliminates mercury waste from fluorescent ballasts as well as fluorescent ballast buzz.
For more information on the LHF series of fluorescent replacements or Smart Vision Lights other industrial and machine vision LED light products, visit http://www.SmartVisionLights.com or contact Bobby Segraves at (231) 722-1199 or Bobby(at)SmartVisionLights(dot)com.
About Smart Vision Lights Smart Vision Lights (Muskegon, Mich.) is a leading designer and manufacturer of high-brightness LED lights for industrial applications, including machine vision. Smart Vision Lights come with universal, internal current-control drivers, offering constant or strobed operation, reduced wiring requirements, and easy installation. Smart Vision Lights also are the safest on the market thanks to our in-house IEC 62741 light-testing laboratory, guaranteeing conformity and compliance for your lighting systems regardless of where they are installed around the globe. Learn more at http://www.SmartVisionLights.com or by calling (231) 722-1199 in the U.S.
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Smart Vision Lights Introduces LHF Series LED Replacement for Fluorescent Industrial, Machine Vision, and ...
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