The parkade of Metrotower 3 sits expectantly, awaiting completion.

Construction on the third office tower at the Metrotown complex has stalled as development and management company Ivanhoe Cambridge works to secure pre-leasing agreements.

It's a common practice for large-scale projects such as the 29-storey highrise, according to Gordon Wylie, director of development.

The Bentall 5 tower in Vancouver was built in a similar way, he said, with construction halting after the parkade was built until the majority of the space was pre-leased.

The Metrotower office complex is connected to Metropolis at Metrotown.

Ivanhoe Cambridge bought Metrotown Centre from Manulife Financial in 2002.

Because Metrotower 3 is designed to contain class AAA offices for larger companies, it is more difficult to fill, Wylie said.

"That dictates the process," Wylie said. "We're not looking for small users."

But it is also a sign of the times.

Market conditions have also changed, he added. The project is now about one year behind schedule.

"We're quite a few years out in terms of occupancy," he said, adding it'll probably be two years before Metrotower 3 is ready for occupants.

Previous estimates on the 400,000-sq.-ft. development stated it would be completed by summer 2011.

The high-calibre project is pre-certified as LEED Platinum, Wylie said, the first to be pre-certified in Canada.

He did not say how much space has been filled as of yet but said Best Buy Canada wouldn't be taking a large amount of the available tenancy space as rumoured, as the company decided to stay in its current location for now.

It is currently a tenant's market in Burnaby's commercial office real estate industry, according to Josh Sookero, a Burnaby office-leasing specialist with Avison Young, a commercial real estate brokerage.

Burnaby is one of two submarkets with high office vacancy rates. Burnaby's is currently at 13.2 per cent. Last year the vacancy rate was 7.5 per cent, according to the midyear report in July 2009, compared with 5.4 per cent in July 2008.

Richmond leads the region with a current vacancy rate of 22 per cent.

The majority of space available is A-class product, Sookero said.

Burnaby gained 127,000 sq. ft. in available office space after losing eBay's North American customer service operations to Salt Lake City, Utah, last year, Sookero said, and after Kodak downsized over the past two years, leaving a much smaller staff at its Burnaby operations.

Bosa's Commerce at City development at Rosser Avenue and Lougheed Highway has about 60 per cent occupancy at this point, Sookero said, and Tonko Realty Advisor's Willingdon Business Park, on Still Creek Drive, also has about 60 per cent occupancy.

There is 1.1 million sq. ft. of office space available in Burnaby, according to Avison Young's mid-year report. But things are improving, Sookero said.

"We're actually seeing some flow in the market," he said. "Things are looking more optimistic."

Leases aren't counted until the tenants begin occupancy, Sookero said.

"Some of that vacancy will be eaten up in the next six to 12 months," he said.

The office space market is ideal for large companies looking to locate to Burnaby, Sookero said, but smaller companies will find a more competitive leasing market.