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Vancouver Tech Report

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Key Takeaways
  • Vancouver boasts the lowest vacancy in all of North America, sitting at 5.9% in Q3 2022, significantly lower than Downtown Seattle and Silicon Valley. 
  • Demand from Tech companies is strong and we anticipate it becoming stronger given Vancouver’s fundamentals. 
  • Rental rates and tech salaries are lower in Vancouver than its USA counterparts, making Vancouver an attractive option for tech companies in terms of affordable space and highly skilled workforce.
  • Vancouver continues to receive high level of Venture Capital funding with a record-breaking year in 2021 and continued momentum in 2022. 
  • Leading tech companies like Microsoft and Fortinet already call Vancouver home.

For More Information, Please Contact:

Colin Scarlett

Executive Vice President | Personal Real Estate Corporation

Vancouver

Learn more at www.colinscarlett.com

For over 23 years, I’ve specialized in finding real estate solutions for business challenges, with a focus on technology and professional services firms. I use an exclusive methodology to truly understand my clients’ businesses and industries, giving them unique insights into their operations and positively impacting business drivers, including productivity, culture, engagement, retention/attraction, brand and operational efficiency. Not only that, I do it on the very best financial terms. 

By following this approach, I have provided business-driven real estate solutions to some of Metro Vancouver's largest companies, including:

- IWG (Spaces/Regus) - 600,000 SF (various projects) 
- Technicolor/MPC - 200,000 SF (various global projects)
- Fortinet - 282,000 SF
- Royal Bank of Canada - 140,000 SF
- Global Relay Communications - 100,000 SF (various global projects)
- McCarthy Tetrault LLP - 82,000 SF
- University of British Columbia - 81,397 SF
- Farris, Vaughan, Wills & Murphy LLP - 67,369 SF
- Ernst & Young - 66,510 SF
- Immigrant Services Society - 54,620 SF
- Miller Thomson LLP - 48,000 SF
- Gowling WLG - 43,000 SF
- Microsoft - 37,096 SF
- Harper Grey LLP - 36,948 SF
- Relic Entertainment - 35,112 SF

I’ve traveled to 20 cities around the world to research the future of office space, and to study workplace design trends that increase employee engagement. I speak regularly at conferences about my findings, and contribute to reports and white papers. 

I am one of five people on Colliers' National Advisory Board which advises Colliers' Canadian CEO on key national business issues, am a regular faculty member at Colliers University in the Netherlands where I teach Colliers' leading professionals from around the world and have been awarded the Business In Vancouver Top Forty under 40 Award.

Specialties: Lease Renewal Negotiation
Office Relocation / Expansion
Office Sublease / Disposition
Corporate Strategy Development
Market Analysis
Financial Analysis
Lease vs. Own Analysis
Vancouver Office Space
Employee Satisfaction and Location Surveys
Technology / Tech Firms
Law Firms
Professional Services Firms

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Jennica Palecek

Associate

Vancouver

Jennica Palecek is an Associate in the Office division, helping clients solve business problems with real estate solutions. Working in Finance in Espiritos Santos, Brazil and Manhattan, New York, she helped businesses through their growth and learnt the complexities faced and questions executives ask when scaling up. Fascinated with real estate’s part in this, she joined Colliers’ Property Management division in Vancouver, Canada, where she oversaw a national portfolio of 150+ properties. Her economics and business education, international work experience, and aptitude for balancing analytics with customer relationships drives her to this industry. 

She is a passionate advocate for female equality and led the Young Women in Business (YWiB) National Team to improve and strengthen women in business, along with her mentorship experience with The Big Sisters of Vancouver and CREW Vancouver to support girls through their growing years. While working in New York City, she supported Wall Street's initiative, WE NYC, which educates 300+ women and minority entrepreneurs on financial literacy.

She believes in community. She serves on the Boards of My Artist’s Corner and MADD Canada, is current Co-Chair of Community Volunteer Connections, and is part of the Greater Vancouver Board of Trade's Advisory Committee.

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