The Leasing Process  
Our business is providing commercial office and retail premises and servicing the requirements of our Tenants. As a locally run organization with seven office buildings in Downtown Vancouver, we make leasing decisions quickly and are flexible in dealing with our Tenant’s special needs.

How does the leasing process work?
Contact Colin Murray at 604-638-0327 or via email at cmurray@westpenderproperty.com for all leasing requirements. The majority of leases we enter into are for three, five or ten year terms and we utilize a standard document developed over a number of years. The lease document sets out the agreed terms and conditions of the tenancy and provides a point of reference to the parties during the term.

Leasing Agent Involvement: how does it work?
As Landlords we typically deal directly with our Tenants and prospective Tenants in lease negotiations and it is our preference to do so. Occasionally, prospective Tenants engage the services of a real estate agent to represent and advise them in negotiations with Landlords and we have concluded many successful negotiations where such agents are involved. In these circumstances, agents are remunerated either by the Tenant who retains them or by the Landlord. In the case of a transaction where the Landlord is asked to pay the commission of an agent retained by a Tenant, Landlords typically factor the cost of the commission into the final transaction. Direct negotiation between Landlord and Tenant can save the added cost of outside agent fees.

Who prepares the lease documents? 
West Pender Property Group utilizes standard documentation to evidence all phases of the leasing process. For typical transactions existing document formats are used, in more complex cases legal assistance is used to create new documentation.

The Vancouver Office Market:

Downtown vacancy rates dropped again for the 5^th straight quarter and currently sit around 5.1% – vacancy in the downtown has averaged 4.8% over the past 10 years. This low vacancy is being driven by a combination of low supply and the fast pace of tech company growth. Reflecting this strong tenant demand, over 2 million square feet of office space is now under construction or in the pre-leasing phase – we would expect to see four, perhaps five, significant office towers constructed in the downtown core by 2022.

Colin Murray

Click here for a list of our premises available for lease through Altus Insite