By Peter Mitham
With the completion and grand opening of WeWork Cos. Inc.’s space at Bentall 3 just weeks away, the company is setting its sights on further expansion in 2018.
The company has inked deals for an additional floor at Bentall 3 and 53,988 square feet of space in Bentall 2, which, come September 2018, will bear the company’s name. The deals make it the largest single tenant in Bentall Centre, with a total of 146,205 square feet in Vancouver.
WeWork’s expansion contrasts with the growth of Regus, Vancouver’s largest provider of co-working space. Tenant representation firm Cresa Global Inc. reports that Vancouver co-working space totals 790,000 square feet, of which Regus operates 354,000 square feet. In addition to major blocks of downtown space, Regus has several suburban locations including 20,500 square feet in Burnaby’s Brentwood area.
A toehold in the suburbs may not be a bad idea. The fall office market report from brokerage NKF Devencore notes, “With the amount of available space rapidly diminishing in downtown Vancouver, and the next development cycle not expected to have an impact on the office market until 2021, tenants may find their best leasing opportunities in the suburbs.”
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