Residential: The apartment vacancy rate in Vancouver proper was 1.4% as of Oct. 1992, and, as noted previously, considerable population growth is anticipated for the GVRD in the near future. Total 1994 housing completions of all types for the CMA were 20,387 of which Vancouver accounted for 5,276, both figures being rather higher than the 10-year average of 16,360 and 3,719 units respectively.
Looking in greater detail at apartment and town houses only [no single family dwellings are anticipated for the New Lions Gate project] the figures for 1994 are 13,200 completions in the CMA, of which 3,961 were in Vancouver proper. Once again these figures are rather higher than the 10 year averages of 8,310 and 2,517 .
Office Space There are approximately 5,000,000 m2 of office space in Vancouver proper. Net absorption for 1996 has been approximately 56,000 m2, although this is significantly higher than the 10 year historical average of approx. 37,000 m2. Nonetheless current vacancy rates stand at 7.16% overall [3.96% for top-class space] and are projected to drop to 4.8% by the end of 1997
Marine Circus Because the bulk of the Marine Circus is located above the northern traffic interchange, it is desirable, in order to avoid traffic disruption, to complete at least the basic enclosure of the traffic routes prior to the opening of the road link. Other portions may be completed as market conditions permit.
North Viaduct With development taking place below the major traffic routes, there is relatively little constraint on the phasing of this component. Due to its linear nature development here may be released to the market in very small segments, and as a result it is anticipated that construction would proceed not so much in discreet phases as at a constant market-governed pace, with occupation taking place bay by bay.
First Narrows Crossing The use of multi-purpose modules permits great flexibility in the timing of construction/installation of much of the habitable area included in this component. Similarly the anticipated type of occupancy of the these modules may be adjusted to meet market conditions. However, it must be noted that the support structure for these modules is an integral part of the bridge construction, and involves an up-front surcharge of approx. $200 million over the cost of a simple bridge.
As with the viaduct, the installation of modules would not be phased but continuous, depending on market conditions, loading considerations, and the completion of elements such as lift cores.
Capilano Quay, Bridge Alignment The bulk of this portion consists of recreational and community facilities, the construction of which, as they do not directly impact on traffic flow, may be scheduled independently with a view to community requirements.
Capilano Quay, Rail Alignment Like the Viaduct a linear development, the superstructure may be constructed at a pace consistent with market conditions, and occupied incrementally. However modifications to the rail facilities will need to be undertaken as a whole.
Georgia Portal, Stanley Passage. The works proposed at Georgia Portal are trivial and will be undertaken as part of the civil work. Habitable space associated with Stanley Passage, if undertaken, may be released bay by bay.
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