It’s been less than a year since The Murdock — currently The Waterfront Vancouver’s sole office building — came online, but its owners say it’s on track to hit 100 percent occupancy.
The quick leasing could be chalked up to the popularity of the waterfront, but there’s more to it than that. It fits a pattern that commercial real estate agents say they’re seeing across all of Clark County: Put simply, office space is in very high demand.
“We need more of it,” said Joanna Harrison, a broker at MAJ Commercial Real Estate. “I get anywhere from five to 10 calls per week (from companies seeking offices).”
MAJ’s records show positive net absorption — meaning more office space newly leased than newly vacated — in at least three out of four quarters each year from 2010 onward.
The overall vacancy rate dropped consistently during that same time period, from nearly 16 percent in late 2009 to a present-day point of approximately 5.5 percent.