stoberTower

Kelowna Office Towers Continue to Rise

April 2, 2019 11:33 am

The overall office vacancy rate in the Thompson-Okanagan region, which includes Kelowna and Vernon, fell to 4.5 per cent at the end of last year, down from 6.7 per cent a year earlier. Today, there is 61,000 square feet of new space under construction and 315,000 square feet planned for development.

While some consider this level of growth unsustainable, commercial developers remain bullish and ready to build. Al Sober Construction, for example, is set to add a seventh 23-storey tower to its six-building Landmark Centre, a cluster of towers at Dickson Road and Dayton Road near Highway 97. Vacancy rate here is currently at 5% with only 1,800 square feet available for rent in the entire complex. The new tower will be the tallest in Kelowna offering 224,000 square feet of commercial space.

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