Third Space

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.

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

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

• Residential rental development
• Commercial real estate leasing
• Property management services
• Purpose-built rental housing
• Mixed-use development

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. 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.
2. 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.
3. 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

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core 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

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Broad 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

• Xx.com/thirdspaceprop
• Facebookfacebook.com/ThirdSpaceProperties
• LinkedInlinkedin.com/company/third-space-properties

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Third Space