Industry Reports

Surrey to get highly needed office space in the near future

A new residential-commercial tower is in the pre-construction phase and will offer more than 100,000 square feet of office space. This is welcome news for a city with an office vacancy rate just a bit above 6%
Couple with agent looking at empty white office space condo
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New office space in Surrey has been an issue for many years now. According to Avison Young’s annual year-end report, Surrey’s office space vacancy rates dropped from 22% in 2014 to 6.5% in 2019 — and prompted report authors to warn of the “urgency” for office space in this Lower Mainland, B.C. city.

While demand for new office space in Surrey is high, the only recent major office development currently in Surrey is the Professional Centre at South Point. This complex offers around 71,000 square feet of new office space — already over 60% of the tower is pre-leased.

Thankfully, a new commercial development was recently announced. Concord Pacific, a condominium developer who is currently developing Park George Phase II, a 36-storey, 337-unit high rise located in Central Surrey with condos ranging from 529 to 1,697 square feet, will also offer approximately 110,000 square feet of highly sought-after high-tech office space.

Construction expected to be finished in 2022.

According to Grant Murray, Concord’s senior vice president of sales, the main purpose behind Park George is to attract entrepreneurs and tech startups looking for high quality, well located and well-equipped office space near Metro Vancouver. Better still, condo owners at Park George will be able to get to their offices by simply taking an elevator ride.

Murray also expects that the majority of Park George Phase II owners will not be investors, but residents. Though the tower will offer a variety of top of the line amenities, their focus will remain office-centric, rather than on social amenities that, according to Murray, hardly anyone uses.

Concord’s previous offering, Park George Phase I, is already 80% sold. And while Park George Phase II’s marketing was just recently launched early this year, around a fifth of its units have already been sold.

Misael Lizarraga
Misael Lizarraga

Misael started as an English teacher in Mazatlan, Mexico but his passion was in real estate. Now, he works with a handful of clients reporting on real estate news from across the world under his primary business: realestateguy.com

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