British ColumbiaThe more than 600,000 square-foot space centred in the core of Vancouver’s downtown is up for sale — minus an asking price. Experts say its future owner will need to figure out how it can balance being a commercial and cultural hub. Listing describes more than 600,000 square feet as ‘true downtown trophy asset’Chad Pawson · CBC News · Posted: Dec 05, 2025 4:44 PM EST | Last Updated: December 5Listen to this articleEstimated 3 minutesThe audio version of this article is generated by text-to-speech, a technology based on artificial intelligence.The Hudson’s Bay Company department store is pictured in downtown Vancouver on March 11, 2025. (Ben Nelms)“Irreplaceable location” and “the epicentre of downtown Vancouver” is how one of the city’s oldest and most iconic commercial spaces is being described in a five-page for-sale listing from CBRE Investment Management.The more than 600,000 square foot, nine-level building that formerly housed the Hudson’s Bay Company’s flagship store in B.C. is being billed as an asset with an important history and malleable future for a deep-pocketed investor willing to take it on.“The combination of scale, location, and future adaptability positions this asset as one of the most compelling investment opportunities in one of Canada’s dynamic urban markets,” says the listing.The Hudson’s Bay Company closed the downtown location in June after filing for creditor protection. It’s been shuttered ever since.WATCH | Vancouverites remember former Bay location fondly:What Vancouverites will miss as iconic Hudson’s Bay store closes downOn June 1, the storied Hudson’s Bay department store at the intersection of Georgia and Granville streets in downtown Vancouver will be shuttered. CBC News spoke to people in downtown Vancouver who said there will now be a void in the city’s retail fabric.The building has two sub-floors and seven above-ground floors, which average 70,000 square feet of space each.Commentators, including Vancouver city council, have worried that the longer the massive site stays vacant, the bigger impact there could be on the health and vitality of the city’s downtown core.“This is a big hole in … the heart of the city, in the downtown district that needs to be filled and reinvested, reimagined,” said Michael Mortensen, founder and director of real estate development firm Liveable City Planning.Mortensen envisions the building featuring shops and businesses that would encourage street traffic and engagement, to bring energy to the area, while developing other parts of the site into useful office space.”There’s probably a lot of traction in terms of new office uses above the Bay,” he said. “ So that’s, I think, definitely a huge driver for both activity, body heat, you know, the commercial life of the downtown and the tax base for the city.”The former Hudson’s Bay retail store in Vancouver was listed for sale this week. (Ben Nelms/CBC)The building has a heritage designation that protects its exterior, “an architectural masterpiece with cream terracotta exterior and ornate Corinthian columns,” says the listing.The interior of the building can be renovated and redeveloped, however.’How do you make it pay?’Donald Luxton, an architect who is also a heritage consultant, agrees with Mortensen that the empty space, in its current state, is a blemish for downtown Vancouver.He says finding the right owner and new use of the space will be tricky, however, considering big department stores have pulled out of the area.“So the question remains, how do you make it pay,” said Mortensen. WATCH | Questions over downtown Vancouver’s retail sector:The Bay’s downfall raises questions for Vancouver’s downtown retail sectorVancouver’s retail sector is facing another hit with the closure of all Hudson’s Bay locations outside Ontario and Quebec. As Sohrab Sandhu reports, city officials say they would like to see the massive downtown space retain its heritage value.He also noted that any future owner would need to invest in seismic upgrades and other repairs to the facade that are required, and perhaps consider additional floors above for something like housing.“Certainly, anybody that looks at buying the site is going to have to look at probably a balance of uses. I don’t think there’s one single use that could carry the whole project,” he said. “So I think we’d have to see something quite creative and I would hope anybody taking it on would first of all see the value of the building itself.”The listing says that any offering is subject to the approval of the court.ABOUT THE AUTHORChad Pawson is a CBC News reporter in Vancouver. Please contact him at chad.pawson@cbc.ca.
With Vancouvers former Hudsons Bay building now for sale, whats next?
