Richmond is a favourable business location in British Columbia region, Canada. It supports over 120 thousand jobs and has a robust economic ecosystem that includes the following industries - services, technologies, tourism, light manufacturing, aviation, logistics, agriculture, trade, and so on. The office stock in Richmond represents one of a few options to get sophisticated workspace on a sublease basis. The sublease vacancy accounts for almost 17% of an overall vacancy rate(8,5%), and the tenants have the chance to sublease spaces, greater than 10 thousand square feet in size. With the delivery of 100,000 sq.ft. of strata office space at the International Trade Centre at Versante in the first half of 2019, the office space market in Richmond received its first substantial amount of new space in more than a decade. With four new mixed-use projects underway, which include office space for lease in ViewStar and Atmosphere along with strata office space for sale in Bridgeport Business Centre and The Paramount, there is currently more than 570,000 sq. ft. of new office space scheduled to be delivered by 2022. As the vacancy rates remain healthy, so do the rental rates for offices in Richmond. Currently, the venues are available for approximately $1-3 per sq.ft. per month and, according to the forecasts, they will remain unchanged in the nearest future. There is enough space for both - existing tenants in case they will be willing to expand and for new entrants to the market.
