VANCOUVER (NEWS1130) – An outlook for Vancouver commercial real estate says “the city is in the midst of the largest office development cycle in its history.”

Commercial real estate firm CBRE points out that more than two million square feet of new office space is under construction and scheduled to be finished in the next 18 months.

Regional Managing Director Norm Taylor says demand for top-tier office space remains strong, despite the new supply. He says post-Olympic “demand from international technology players is offsetting slower growth in traditional, local businesses – -forestry, mining and engineering.”

CBRE’s “projects to watch” are the 31-storey Exchange Office Tower backed by Credit Suisse, the last building in the current cycle; the Pacific Centre redevelopment with Nordstrom and more than half a million square feet of office space for tenants including Micosoft and Sony; and Boundary Bay Industrial Park.