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Mount Pleasant looking to take on Downtown Vancouver

  • ​​With the recent news coverage of Relic Entertainment moving its office to Mount Pleasant, we once again see our favorite micro-market flex its tech muscles.   Mount Pleasant is without a doubt an emerging tech hub, but it has a long way to go before it can go head to head with Downtown Vancouver.
  • Mount Pleasant’s entire stock is equivalent to 4.4 percent of Downtown Vancouver's, so not much of a competitor when looking at space options.  However, Mount Pleasant is on a building spree, with five new properties under construction that will provide 177,080 square feet of office space once completed; this is equal to 15.0 percent of its current stock.  Although it must be noted  that 77.6 percent of this is already pre-leased, displaying a high demand from tenants to be in this micro-market. 
  • When comparing vacancy, Downtown Vancouver sits at 6.9 percent, a clear indicator of a landlord favorable market.   Mount Pleasant, stands at 9.3 percent, which many would say is a neutral market.  However, this stat is slightly skewed due to one property, 2015 Main Street, which RBC recently vacated.  If you were to remove it, the vacancy rate would drop to 4.4 percent.

Source: JLL Research, Q3 Stats​

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