Third Space
Third Space Properties Inc. is a Vancouver-based, privately held real estate investment, development, and management company that owns, develops, and leases purpose-built residential rental buildings and mixed-use commercial properties across Metro Vancouver and the Lower Mainland of British Columbia.
- Company typePrivate
- Founded2020
- HeadquartersVancouver, Canada
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Third Space does
Third Space Properties Inc. is a privately held Vancouver-based real estate investment, development, and management company founded in 2020. It owns, develops, leases, and manages a portfolio of purpose-built residential rental buildings, mixed-use assets, and commercial properties concentrated in Metro Vancouver and the Lower Mainland of British Columbia. Its operating portfolio and pipeline include Fourth + Mac (99 rental homes in Kitsilano, now leasing), East Columbia + Strand (99 rental homes plus 22,000 SF of office and 13,000+ SF of retail in New Westminster), Watson Manor (existing rental building in Mount Pleasant), Tenth + Discovery (69 homes in West Point Grey, under development), Lakewood + Dundas (110 homes in East Vancouver), and Broadway + Victoria (a proposed 352-home tower with 71 below-market units). Several assets include below-market rental components as part of the company's explicit triple bottom line framework (People, Planet, Profit), and the firm has committed to becoming net zero by 2050.
The business model is straightforward real estate economics: recurring rental income from residential units and commercial tenancies across an owned portfolio, supplemented by property management services for its own assets and potentially third-party owners. Customer acquisition is direct-to-consumer through a corporate website with property registration, tenant portal, and dedicated leasing contacts (residential and commercial); commercial leasing is additionally distributed through brokers such as Colliers. Pricing is quote-based and not publicly disclosed. The company is led by President David Wesik and an executive team covering leasing, asset management, development, construction, net zero, finance, and legal — capabilities sized to a portfolio that is transitioning from a single stabilized asset to a multi-building development pipeline.
Third Space firmographics
Firmographics- Name
- Third Space
- Legal name
- Third Space Properties Inc.
- Website
- https://third.space
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Third Space Properties Inc. is a Vancouver-based, privately held real estate investment, development, and management company that owns, develops, and leases purpose-built residential rental buildings and mixed-use commercial properties across Metro Vancouver and the Lower Mainland of British Columbia.
- Ownership category
- akta.pro rank
Third Space industry classification
Industry- Product category
- Real Estate Development and Management
- NAICS
- Lessors of Real Estate (5311), Real Estate and Rental and Leasing (53), Lessors of Nonresidential Buildings (except Miniwarehouses) (531120)
- SIC
- Real Estate Dealers (For Their Own Account) (6532), Lessors Of Real Property, Nec (6519), Land Subdividers & Developers (No Cemeteries) (6552), Operators Of Nonresidential Buildings (6512)
- akta.pro primary industry
- Relocation & Corporate Housing Brokerage (BPAJAAAG)
- akta.pro secondary industry
- Residential Investment Property Brokerage (SFR/Small Multifamily) (BPAJAAAE)
Keywords
Where Third Space is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Third Space business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Personnel, Marketing or Sales, Infrastructure
Revenue model
- Residential Rental Income: Revenue generated from leasing residential rental homes across their portfolio of properties including Fourth + Mac, East Columbia + Strand, Watson Manor, and other developments. Includes both market-rate and below-market units.
- Commercial Rental Income: Revenue from leasing commercial spaces including retail frontage and office space to businesses. Properties like East Columbia + Strand feature dedicated office space and retail units.
- Property Management Services: Fees generated from managing commercial and residential properties for Third Space's own portfolio and potentially for other property owners.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Residential rental homes - pricing varies by unit type and location |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Third Space product offering
Product offeringCore offering
Third Space invests in, develops, and manages residential rental homes and commercial real estate across Vancouver's Lower Mainland. Its portfolio includes purpose-built rental buildings (e.g., Fourth + Mac, East Columbia + Strand, Tenth + Discovery, Broadway + Victoria, Lakewood + Dundas, Watson Manor) that combine market-rate and below-market rental homes with ground-floor retail and office space. The company also offers professional property management services for its owned assets.
Product overview
Third Space is a diversified real estate investment, development, and management company based in Vancouver, BC. The company owns, develops, leases, and manages residential, mixed-use, office, and industrial real estate properties. Their portfolio includes purpose-built rental properties such as Fourth + Mac (99 homes in Kitsilano), East Columbia + Strand (99 homes in New Westminster with commercial/retail space), Tenth + Discovery (69 homes in West Point Grey), Broadway + Victoria (352 homes in East Vancouver), Lakewood + Dundas (110 homes in East Vancouver), and Watson Manor (homes in Mount Pleasant). Third Space operates under a Triple Bottom Line business framework measuring success across People, Planet, and Profit pillars, incorporating below-market housing units and committed to achieving net zero operations by 2050.
Differentiator
Problem solved
Functional benefit
Products and services
- Fourth + Mac 99 rental homes in Kitsilano, Vancouver - a six-storey building with studio, one, and two bedroom homes above ground-level retail, now leasing.
- East Columbia + Strand Mixed-use building in New Westminster with 99 rental homes, 22,000 SF of second-floor office space, and 13,000+ SF of retail frontage on E Columbia Street.
- Tenth + Discovery 69 rental homes in West Point Grey, Vancouver - a six-storey mixed-use building with studio, one, two, and three bedroom homes above street-level retail, currently under development.
- Broadway + Victoria 352 rental homes in East Vancouver - a proposed 32-storey purpose-built rental tower with 71 below-market units and ground-floor retail, subject to rezoning approval.
- Lakewood + Dundas 110 rental homes in East Vancouver - a six-storey mixed-use building with studio, one, two, and three bedroom homes above street-level retail.
- Watson Manor Rental homes in Mount Pleasant, Vancouver - a three-storey rental building offering one and two bedroom homes with on-site amenities.
- Property Management Services Professional residential and commercial property management services for Third Space's own portfolio and offered to external property owners, including tenant relations, leasing support, maintenance, and operations.
Quantifiable outcome
- Buildings produce over 50% of all greenhouse gases in Vancouver - Third Space is addressing this through net zero commitments
- +1 more outcomes
Companies that use Third Space
Customer profileSegments3 records
Ideal customer profiles3 records
Third Space technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Third Space partnerships and signals
Strategic signalScale indicators4 records
Recent moves6 records
Expansion highlights4 records
Third Space competitors and assessment
Company assessmentBroad incumbents
- Polygon Homes: Established BC residential developer with a large portfolio of multi-family communities across the Lower Mainland. Larger scale and primarily condominium-focused, but comparable Lower Mainland footprint.
- Bosa Properties: Major BC-based residential and mixed-use developer with a large development pipeline across Metro Vancouver. Wider product mix (mostly condos) but overlapping geography and project scale.
- Onni Group: One of BC's largest privately held real estate developers, with deep purpose-built rental, condominium, and commercial holdings across the Lower Mainland. Broader portfolio but overlapping market and product type.
Direct peers
- Cressey Development Group: BC-focused real estate developer with a long track record of purpose-built rental and mixed-use communities in Metro Vancouver. Comparable in product type and Lower Mainland concentration.
- Intracorp Homes: BC-based residential developer with a growing rental and mixed-use portfolio across Metro Vancouver. Comparable in product mix, geography, and project scale.
- PCI Developments: Vancouver-based real estate developer with significant mixed-use and purpose-built rental projects in Metro Vancouver. Comparable in product type and Lower Mainland focus.
- Wesgroup Properties: BC-based diversified real estate developer and owner with significant purpose-built rental and mixed-use developments in the Lower Mainland. Comparable in project type, geography, and scale of pipeline.
- Anthem Properties: Vancouver-based investment, development, and management company focused on mixed-use residential, commercial, and industrial properties. Closely comparable in BC focus, mixed-use product, and integrated ownership/management model.
- Concert Properties: Vancouver-headquartered real estate developer and owner with a long-standing purpose-built rental portfolio across BC, Alberta, and Ontario. Directly comparable in scale, BC market focus, and mixed-use rental model.
- Reliance Properties: Vancouver-headquartered real estate investment and development firm focused on mixed-use, rental, and commercial properties. Comparable in BC concentration and integrated ownership/operating model.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Third Space social profiles
Digital presenceThird Space financial estimates
Financial estimateRevenue estimate
Valuation estimate
Third Space leadership team
Management profileNumber of profiles
Profiles13 records
Third Space funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Third Space M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Third Space
What does Third Space do?
Third Space invests in, develops, and manages residential rental homes and commercial real estate across Vancouver's Lower Mainland. Its portfolio includes purpose-built rental buildings (e.g., Fourth + Mac, East Columbia + Strand, Tenth + Discovery, Broadway + Victoria, Lakewood + Dundas, Watson Manor) that combine market-rate and below-market rental homes with ground-floor retail and office space. The company also offers professional property management services for its owned assets.
Is Third Space a public or private company?
Third Space is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Third Space founded?
Third Space was founded in 2020. It employs 11 to 50 people.
Where is Third Space based?
Third Space is headquartered in Vancouver, Canada, in the North America region.
How does Third Space make money?
Three revenue lines are on record. Residential Rental Income is the primary driver. The others are commercial Rental Income and property Management Services.
Who are Third Space's main competitors?
Broad incumbents on record are Polygon Homes, Bosa Properties and Onni Group. Direct peers are Cressey Development Group, Intracorp Homes, PCI Developments, Wesgroup Properties, Anthem Properties, Concert Properties and Reliance Properties.
Does Third Space have an API?
No public API is recorded for Third Space.
What industry is Third Space in?
Third Space's product category is Real Estate Development and Management. Its primary akta.pro industry code is BPAJAAAG, Relocation & Corporate Housing Brokerage, with a secondary code of BPAJAAAE, Residential Investment Property Brokerage (SFR/Small Multifamily). Its NAICS code is 5311 and its SIC code is 6532.