As Vancouver gears up for the completion of the Broadway Subway Project, the landscape of the city’s commercial and tech sectors is poised for transformation. The Broadway Corridor — an 860-hectare stretch set to welcome six new SkyTrain stations — is rapidly becoming the focal point of future growth. Initially dubbed Vancouver’s “second downtown,” this area is being positioned as a magnet for both talent and innovation, with projections of 30,000 new jobs and 50,000 additional residents in the years ahead.
A Strategic Shift for Vancouver’s Tech Scene
Recent insights from the Colliers Q4 2024 Vancouver Office Market Report point to the Broadway Corridor as an emerging center for technology and entrepreneurship. While some real estate markets experience unpredictability, the report shows a persistent interest in this corridor — largely due to its ongoing infrastructure developments and improved connectivity.
With transit playing a pivotal role in where companies choose to operate, the Broadway Subway extension is expected to be a major draw. Startups and established firms alike are eyeing this corridor, anticipating a rise in demand for high-quality office spaces as accessibility improves.
Mount Pleasant, Kitsilano & Fairview: Who Leads the Way?
Among the neighborhoods within the corridor, Mount Pleasant currently leads in the availability of premium (AAA) office spaces, offering more than double the options of Fairview and Kitsilano. These premium buildings are especially attractive to larger or fast-growing firms. However, as hybrid work models continue and smaller teams seek value-driven choices, demand for mid-tier (Class A and B) office spaces is expected to rise — particularly in Fairview and Kits, which dominate the inventory in these categories.
This shift could place Kitsilano in an unexpected spotlight. Once considered primarily residential, the neighborhood may evolve into a surprising hub for startups seeking affordable, well-connected office solutions.
Real Estate Activity Reflects Changing Priorities
Construction along the Broadway Corridor is accelerating. In fact, it was the third-most active submarket for new office development last quarter, behind only Burnaby and Vancouver’s outer neighborhoods. Interestingly, the traditional Downtown core — long seen as the epicenter for Vancouver’s tech and business communities — ranked much lower, suggesting a wider pivot toward areas like Broadway for next-generation office spaces.
Three standout developments in the Corridor were featured by Colliers, including:
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The Hive (2150 Keith Drive) and Lab 29 (1629 Scotia Street) in the False Creek Flats
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T3 Mount Pleasant (123 East 6th Avenue) — a modern timber-framed office space known for its sustainable design and appeal to creative and tech tenants
A Market Favoring Tenants
The current leasing environment in Vancouver is shifting in favor of tenants. Downtown office spaces had an average vacancy rate of 11.6% in 2024 — the highest seen in over two decades. This trend isn’t isolated: the Broadway Corridor is also experiencing elevated vacancy rates, particularly in older or less flexible properties. For startups and small businesses, this presents a window of opportunity to negotiate competitive lease terms in prime locations.
However, premium buildings in the area remain resilient. With stable occupancy rates and high demand, especially in Mount Pleasant and surrounding neighborhoods, high-end spaces are still commanding strong interest.
What Lies Ahead for the Broadway Tech Corridor?
While the full potential of the Broadway Plan is still unfolding, the foundation is clearly in place. Enhanced transit, modern infrastructure, and a shifting focus toward flexible and diverse office solutions all point to long-term growth in the area.
For startups, scale-ups, and even established tech firms looking to position themselves for future success, the Broadway Corridor offers a compelling mix of accessibility, affordability, and innovation-friendly development. As the SkyTrain nears completion, the next chapter of Vancouver’s tech evolution may very well be written along this vibrant new corridor.
