| Vancouver market offers choices to high-tech firms The Globe and Mail December 11, 2000 The Greater Vancouver area has been the scene of exciting growth in home-grown knowledge-based companies in recent years, and that growth has been reflected in activity in the region's real estate market. The area is also experiencing an influx of high-tech companies from outside BC, who are eager to take advantage of the unique advantages offered by Vancouver to high-tech firms compared to other parts of North America. Colin Scarlett and Kayvon Besharat, high-tech real estate specialists in the Vancouver office of Colliers International Inc., say an important advantage is a large future supply of relatively inexpensive real estate that is ideal for high-tech tenants. Scarlett and Besharat, who work with tenant clients to provide them with real estate solutions, say there are many excellent locations in the Lower Mainland for high-tech companies. "To name just three, there are Willingdon Business Park and Canada Way Business Park, in Burnaby, and Crestwood Business Park in Richmond," Scarlett says. "And that doesn't include new developments taking place in the city and the suburbs." Redback Networks Inc., a large Silicon Valley based high-technology company, found the space it was looking for at the $200-million Broadway Tech Centre at Broadway and Renfrew on Vancouver's east side. Redback recently signed a 10-year lease agreement for about 13,100 square metres of office space, with an option to renew for another 10 years. When completed in seven phases in the next three to five years, the 17-acre Broadway Tech Centre will comprise more than 65,000 square metres of office space in seven new low-rise buildings as well as 23,000 square metres of existing warehouse and production space. Vancouver-based 360networks is also taking space in the business park under development at the old Eaton's warehouse site. Bentall Corporation is providing development and leasing services for the project on behalf of Penreal Capital Management, which is providing advisory services on the project on behalf of a major institutional client. Dave Macadam, Bentall Real Estate Services' director of leasing, says Broadway Tech Centre amenities will include recreational and fitness facilities, food services and a Renfrew Street Skytrain station, just south of the site. Penreal Senior vice-president, Jake Silberberg, says one of Broadway Tech Centre's biggest advantages is its location. "We're a good alternative to downtown and the suburbs, and the site has good connection to both," he says. Frank Came, executive director of the Vancouver Economic Development Commission, says Broadway Tech Centre is one of three parcels of land in the city of Vancouver that are available for development by high-tech tenants. The others are the False Creek Flats and the nearby Concord Pacific lands, which were the site of Expo '86. Both parcels are just east of Vancouver's central business district. Vancouver commercial real estate developer Schroeder Properties Ltd. is also betting on an influx of high-tech companies to the city. Schroeder Properties, in a joint venture with ING Realty Partners LP, is developing a $500-million technology park called Tech-park.com on a parcel of land on the False Creek Flats. It will accommodate up to 15,000 employees. |