Sandy Cruickshank

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  www.jobprodirectory.com/VancouverPropertyManagement.htm - [Cached Version]
  Last Visited: 8/14/2009  

  Sandy Cruickshank, Executive Vice President Tonko Realty Advisors Ltd. 600 - 789 West Pender Street Vancouver, BC V6C 1H2 Tel. 604 684-1198 Fax. 604 684-9122
  ...
  Sandy is responsible for leasing, asset and property management functions for Tonko's British Columbia portfolio. He is accountable for delivering first class real estate services to tenants and clients across all product types, including office, industrial, retail, and new development.
  
  Sandy joined Tonko in January 2005 bringing with him 25+ years of diverse commercial real estate expertise, including his most recent role as Vice President and Manager in Vancouver for one of North America's largest real estate brokerage firms. Sandy holds a diploma in Urban Land Economics from the University of British Columbia.

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  www.businessedge.ca/article.cfm/newsID/5386.cfm - [Cached Version]
  Published on: 3/4/2004    Last Visited: 3/4/2009  

  The office real estate market is also facing a land crunch in Vancouver, and with the inability to react quickly to market dynamics, developers are becoming increasingly interested in suburban business parks, according to Royal LePage vice-president Sandy Cruickshank.
  
  However, he said he doesnt think there is necessarily a trend for companies to migrate out of the downtown to suburban business parks. I think what you are seeing is a better quality of product being built in the suburban markets, and those tenants that are there are staying in that market.
  
  He said while it takes about three years to bring a project to market in downtown Vancouver at a current cost of $17 to $18 per square foot in property costs and taxes, suburban markets cost about $10 per square foot.
  
  Cruickshank said when the bottom fell out of the tech market at the end of 2000, it resulted in the worst negative absorption in office space in the last 15 years.
  
  And although there was only a positive absorption in the downtown market last year of about 2,000 square feet, it does signify a turnaround, he said, since the downtown market had about 1.2 million square feet of negative absorption in 2001 and 2002.
  
  Right now there is about 44.5 million square feet of office inventory in the GVRD. The downtown Vancouver, Broadway and Burnaby markets make up 80 per cent of the inventory.
  
  We actually see absorption in the office market improving and climbing up, but its going to be a bit of a slow climb, said Cruickshank.

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  www.businessedge.ca/article.cfm/newsID/5386.cfm - [Cached Version]
  Published on: 3/4/2004    Last Visited: 8/13/2008  

  The office real estate market is also facing a land crunch in Vancouver, and with the inability to react quickly to market dynamics, developers are becoming increasingly interested in suburban business parks, according to Royal LePage vice-president Sandy Cruickshank.
  
  However, he said he doesn?t think there is necessarily a trend for companies to migrate out of the downtown to suburban business parks. ?I think what you are seeing is a better quality of product being built in the suburban markets, and those tenants that are there are staying in that market.?
  
  He said while it takes about three years to bring a project to market in downtown Vancouver at a current cost of $17 to $18 per square foot in property costs and taxes, suburban markets cost about $10 per square foot.
  
  Cruickshank said when the bottom fell out of the tech market at the end of 2000, it resulted in the worst negative absorption in office space in the last 15 years.
  
  And although there was only a positive absorption in the downtown market last year of about 2,000 square feet, it does signify a turnaround, he said, since the downtown market had about 1.2 million square feet of negative absorption in 2001 and 2002.
  
  Right now there is about 44.5 million square feet of office inventory in the GVRD.The downtown Vancouver, Broadway and Burnaby markets make up 80 per cent of the inventory.
  
  ?We actually see absorption in the office market improving and climbing up, but it?s going to be a bit of a slow climb,? said Cruickshank.

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  BC Construction Show - [Cached Version]
  Published on: 7/23/2003    Last Visited: 3/12/2004  

  Sandy Cruickshank, Vice President, Royal LePage, NAIOP Chapter President (Office)

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  BCRELinks: It's all in the measurement... - [Cached Version]
  Published on: 7/5/2004    Last Visited: 10/25/2007  

  Sandy Cruickshank Regional Manager of Royal Lepage Commercial, reports that some buildings are operating with both BOMA 80 and BOMA 96 in effect.

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  BCdex News Archives - March 2003 - [Cached Version]
  Published on: 3/1/2003    Last Visited: 2/10/2004  

  "Looking ahead, although there is some short term uncertainty in the office market we expect to see improved demand as the year progresses," said Sandy Cruickshank, vice-president and manager office leasing.

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  Buildex Vancouver - [Cached Version]
  Published on: 4/2/2002    Last Visited: 1/21/2003  

  Sandy Cruikshank, VP and GM Office Leasing & Retail Div, Royal LePage Commercial

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  Business Edge News Magazine - businessedge.ca -... - [Cached Version]
  Published on: 3/4/2004    Last Visited: 9/9/2006  

  The office real estate market is also facing a land crunch in Vancouver, and with the inability to react quickly to market dynamics, developers are becoming increasingly interested in suburban business parks, according to Royal LePage vice-president Sandy Cruickshank.
  
  However, he said he doesn't think there is necessarily a trend for companies to migrate out of the downtown to suburban business parks."I think what you are seeing is a better quality of product being built in the suburban markets, and those tenants that are there are staying in that market."
  
  He said while it takes about three years to bring a project to market in downtown Vancouver at a current cost of $17 to $18 per square foot in property costs and taxes, suburban markets cost about $10 per square foot.
  
  Cruickshank said when the bottom fell out of the tech market at the end of 2000, it resulted in the worst negative absorption in office space in the last 15 years.
  
  And although there was only a positive absorption in the downtown market last year of about 2,000 square feet, it does signify a turnaround, he said, since the downtown market had about 1.2 million square feet of negative absorption in 2001 and 2002.
  
  Right now there is about 44.5 million square feet of office inventory in the GVRD.The downtown Vancouver, Broadway and Burnaby markets make up 80 per cent of the inventory.
  
  "We actually see absorption in the office market improving and climbing up, but it's going to be a bit of a slow climb," said Cruickshank.

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  Business in Vancouver - This Week's Stories - [Cached Version]
  Published on: 6/1/2001    Last Visited: 1/1/2002  

  Downtown Vancouver provided more than 70 per cent of space returned to the Greater Vancouver market in 2001, said Sandy Cruickshank, vice-president of Royal LePage's office and retail division.The space subsequently made available continues to skew the market.
  
  "I think we could see a slight increase in the vacancy rate as we move into the early part of 2002.It's rough news for the landlords, but it's good news for the tenants.And having said that, I guess there's an opportunity here and I'm somewhat optimistic that we'll see a recovery," Cruickshank said.

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  Bustling Economy has yet to Impact the Vacancy Rate. - [Cached Version]
  Published on: 9/23/2002    Last Visited: 9/23/2002  

  However this will come at a cost to existing A class buildings," said Sandy Cruickshank, vice-president and manager office leasing, Vancouver."With this new construction completing there will be a fair bit of tenant movement over the next six months as tenants move to upgraded environments.There's a lot of lateral movement in the market here, but not much growth apart from some federal government departments and a few private sector companies," he said.
  
  "We are going to have a challenging market over the next eight to twelve months both downtown and in the suburban markets.The increase in the suburban vacancy rate, much like downtown, is due to both consolidation of tech companies and the new office inventory that was added in 2001.The leasing pendulum can swing in either the tenant's or in the landlord's favour.Right now the pendulum is swinging in the tenant's favour.Landlords are attempting to hold face rates, but they are having to give away more inducements to complete transactions," Cruickshank said.
  
  The vacancy rate downtown has risen slightly to 10.9 per cent in third quarter from 10.5 per cent in the second quarter.The current market conditions are placing downward pressure on rental rates, which should result in greater leasing activity as tenants take advantage of favourable market conditions.The absorption rate is still negative; and is expected to increase slightly as the new supply becomes available.
  
  Royal LePage Commercial Inc. (http://www.royallepage.com/) is Canada's leading commercial real estate services firm, offering a full range of integrated brokerage and professional services through a network of offices in Montreal, Ottawa, Toronto, Calgary, Edmonton and Vancouver, as well as independent member brokers in Saskatchewan, Manitoba and Atlantic Canada.Through its partnership with New York-based Cushman & Wakefield, Royal LePage clients are served in more than 40 countries around the globe.
  
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  Sandy Cruickshank, V.P. Office and Retail Division
  
  Royal LePage Commercial Inc., Vancouver
  
  (604) 683-3111

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