Vancouver, B.C., Welcomes $200 Million Investment in Downtown
Recently, Vancouver Mayor Gregor Robertson and Credit Suisse announced Credit Suisse will break ground on a $200 million LEED Platinum office tower in the downtown core.
Credit Suisse, one of the top 10 largest private real estate investors in the world, has received a development permit for Credit Suisse’s 31-story office tower, The Exchange, in the heart of the financial district.
Video: The Exchange office tower in Vancouver by Credit Suisse Real Estate Asset Management
Independent market analysts expect The Exchange will be substantially leased before completion. “As the global economy recovers, Vancouver is one of the strongest office markets in North America,” says Mark Chambers, senior vice president, Cushman & Wakefield. “The downtown Vancouver office market currently sits at near-record low vacancy rates, with mounting pressure on availability of quality space.”
In the last four years, the city of Vancouver has approved as much office space as in the entire preceding decade.
“We are excited that a global giant like Credit Suisse has chosen Vancouver for its first ground-up development in North America,” Robertson says. “Not only will The Exchange add critical new office and job space, but it will hit the highest green standards and deliver a major economic benefit to our city. The Exchange supports a number of our economic and greenest city policies and initiatives, and it is great to have Credit Suisse put down roots in Vancouver.”
Exchange images courtesy of Credit Suisse
Source: Credit Suisse Real Estate Asset Management