45 - Friday, January 27, 1989 - North Shore News REAL ESTATE tu 4 : : NEWS photo Mite Wakelield THREE-YEAR-OLD Tyler Cheyne plays on the monkey bars at Cates Park in the District of North Vancouver. WESTERN CANADA Vancouver tops office absorption rates VANCOUVER HAD the highest office space absorp- tion rates in Western Canada with 700,000 square feet ab- sorbed in 1988. This rate was followed by Calgary with 609,000 and Edmonton with 590,000 square feet. Toronto led the nation with 1,759,000 square feet. Calgary has the highest vacancy rate in the central core of any major city in Canada at [7.9 per cent vacancy on 29.2 million square feet. This compares with Edmonton at 15.3 per cent of its 14.2 million square feet, downtown Van- couver with 11.4 per cent vacant on 18.3 million square feet and downtown Toronto with only § per cent on 46 million square feet. These are just some of the findings contained in Col- liers Macaulay Nicolls Inc.’s recently released Canadian Office Market Survey. Produced by Colliers’ research and consulting divi- sion, it is the most com- prehensive and accurate survey of its kind. For the first time in 15 years, no new office space was added to the downtown Vancouver market. In 1989, new additions to supply will total 170,000 square feet and demand is expected to ex- ceed supply by a substantial margin. As a _ consequence the vacancy rate will fal! once again in 1989, particularly in Class A space. As the amouni of 2vailable space in the Vancouver downtown market lessens, rental rates can be expected to move up sharply. “Although the survey is very bullish for downtown Vancouver office rates there is aiso a noticeable trend developing towards build- to-suit office buildings in well-located office parks in non-congested areas,’’ said Lawric Henrey, vice presi- dent office leasing. “However, there is no question that Vancouver’s downtown will continue to be high demand office area and that effective rental rates will escalate over time,"* Henrey added. Vancouver's second larg- est office area, the Broad- way corridor, was par- ticularly active in 1988. In 1989, 200,006 square feet are expected to be completed. Absorption is expected to be slightly less than the total new supply, placing some upward pressure on vacancy rates. Approximately 40,000 square feet in two office buildings will be added to Victoria’s office space mar- ket in 1989. Both of these buildings are located outside of the downtown core. Rental rates are expected to follow inflation. Right to refuse payment is not automatic IF YOU ordez a service and subsequently are disap- pointed by what you get, that doesn’t necessarily mean you can throw the bil! into the waste basket. This was underlined in a recently arbitrated dispute between an architect and an independent ‘‘checker’’ for the Vancouver building and permits department. The department reguiarly uses qualified private in- dividuals to check that a developer’s plans and specifications comply with its building and other codes — thus speeding the ap- proval process and reducing the load on city staff. The checker is retained and paid by the developer’s architect. In the present case the ar- chitect had refused to pay ci the agreed fee, alleging that the checker had taken longer than promised to complete the job and thereby inad delayed issue of the city building pennit. The arbitrator didn’t see it that way. After sifting all the evidence, he concluded that the architect was very well aware of the limitations of the procedure as to timing. He found that the checker TONY ROSSETT nil, RECORD WITH OVER 200 HOMES SOLD INTHE SUNNY AND CENTRAL Located on the sunny southwest cornc: of a quality adult oriented building in prime Central Lonsdale tocation. This superbly finished two bedroom suite offers lot of special and pizazzy features. Call B now. $142,500. SIMPLY SENSATIONAL Getter than new custom finished view home with beautiful hardwood floors, fabulous kitchen with 8 adjacent extra-large famity room, vaulted ceiling in living room, a sunny southern exposure, and fm a full undeveloped basement. $319,000. had given no firm guarantee, nor any estimate, of the time required — adding that there was no dispute about the hourly rate for the job or the hours the checker had spent on it (actually, more than he’d charged for). The problem, he sug- gested, lay in certain preconceived expectations by the architect and disap- Pointment when they were Se not fulfilled. In awarding the checker the amount claimed, plus costs, the arbitrator ruled that ‘‘disappointment at the result is no ground for fail- ing to pay what is contrac- tually due.’? He dismissed a last-minute counter claita for damages by the architect. The hearing took approx- imately two hours. It was typical of the increasing H. 980-0243 O. 983-2518 number of cases now being handled by Chartered Ar- bitrators of the B.C. Ar- bitration & Mediation In- stitute as an alternative to the slow, costly, overloaded court system, Arbitrators’ decisions are binding upon disputing par- ties agreeing to this alter- native and have the same force as civil court rulings. THE LAMPLIGHTER Very trendy 3 bdrm. Lamplighter townhome with French doors to patio, 2/2 bathrooms, tots of storage, underground security parking, and an undeveloped basement. $142,000. 7 6 t] UPPER LONSDALE f Locatec in superb Upper Lonsdale view location, this new home offers a great floor plan, a super master bedroom plus ensuite, and a great kitchen/family rcom combination. $269,000.