Providing a high-quality product
The Good Earth Building at 595 Howe Street in Vancouver is a B Class office space located in the prime downtown financial district. The building was beginning to show its age, creating the need for renovations, improved operating efficiencies and capital improvements.
From a strategic perspective, the goal was to ensure that the building remained attractive for the existing tenants that had leasing contracts coming up for renewal, and to also offer a quality product for prospective new tenants.
As well, new construction facilities in the area were becoming primary competitors, luring tenants away from B Class buildings through upgraded amenities and leasing incentives.
It became clear that immediate steps would need to be taken to strengthen and fortify the Good Earth Building’s position within the highly competitive commercial real estate marketplace.
Leading the way in sustainable building practices
Colliers Asset Advisory Services (AAS) approached the landlord with a comprehensive plan to renovate the common areas within the building—the proposed changes were designed to improve the aging appearance and generate a substantial increase in efficiencies.
Recognizing the popularity and importance of ‘green’ office spaces, the AAS team recommended building on this platform to enhance the existing environmentally friendly components, while adding other exciting green-friendly features.
The rebranding strategy proposed by Colliers was supported by the landlord and their leasing broker—both realized the positive impact the ‘green building’ changes would have on tenant well-being, as well as short and long-term leasing activities. The renovations were successfully completed in 2013.
Success by the numbers
- Energy savings of eKWH 1,000,000 since Dec. 2013
- Cost savings of $80,000, approximately $2,000/month
- Common area, stairwell, parkade and loading bay changed to LED
- Removal of water source heat pumps
- Booster pump replacement and cooling tower repairs
- Low flow fixtures and occupancy sensors in washrooms
- BOMA Best Practices and BOMA Silver Achievement
- Installation of Living Wall, creating lush interior greenspace
The many positive eco-friendly renovations at The Good Earth Building have been exceptionally well received by tenants, the community and building stakeholders. Future plans include working toward an Energy Star score of 75, as well as a possible rooftop green amenity space. Incremental changes that are yielding big rewards!