Interest Rates Low for Q3 in Vancouver, BC
commercial real estate blog vancouver bc, commercial real estate vancouver bc
General Commercial Real Estate Topics
Showing posts for category Commercial Real Estate Development (Back to Index)
Showing posts for category Commercial Real Estate Development (Back to Index)
(Login)
More Affordable Housing Coming to Vancouver, B.C.
Tags:
(Posted on Nov 24, 2018 at 02:16AM by Michelle Bogle)
The B.C. government is funding 4,900 new affordable rental units to be built in the next three years as part of its plans to address the housing crisis across the province. The units will include both non-profit and co-operative housing and are designed to address affordability needs across a range of income levels in 42 communities.
Â
The buildings will contain a mix of units for middle-income individuals and families, heavily subsidized rentals for seniors and others on fixed incomes, as well as homes for low-wage workers. This is the first set of housing projects selected through the B.C. government’s $1.9-billion Building BC: Community Housing Fund. The fund is part of the government’s commitment to build more than 14,000 affordable rental homes over 10 years.
Â
Currently, 10 projects are slated for Vancouver with a total of 1,101 homes:
Â
• $18.1 million to Brightside Homes – 181 homes for individuals, families and seniorsÂ
Â
Â
• $4 million to Lookout Housing and Health Society – 40 homes for individuals (2 projects)Â
Â
Â
• $9.9 million to M. Kopernik Foundation – 99 homes for seniorsÂ
Â
Â
• $10.2 million to New Chelsea Society – 102 homes for individuals, families and seniorsÂ
Â
Â
• $4.6 million to Salvation Army Harbour Light – 46 homes for individualsÂ
Â
Â
• $3 million to the Kettle Society – 30 homes for seniors with mental health challengesÂ
Â
Â
• $7.7 million to Vancouver Affordable Housing Agency – 77 homes for individuals, families and seniorsÂ
Â
Â
• $16.9 million to Vancouver Community Land Trust – 169 homes for people with HIV and AIDS and families and seniorsÂ
Â
Â
• $35.7 million to Vancouver Community Land Trust – 357 homes for individuals, families and seniorsÂ
Â
To view the full list of approved affordable housing projects across B.C., please click here. For more information on how this may impact Vancouver multi-family investment opportunities, please contact our office to speak with a commercial real estate advisor.
Capital Park Project Underway in Victoria, B.C.
Tags:
(Posted on Nov 14, 2018 at 07:57PM by Michelle Bogle)
Construction is about to commence on the new Capital Park Residences, which is part of a $250-million multi-phased mixed-use project behind Victoria’s legislature in the James Bay neighbourhood.Â
Â
The development is a partnership between Concert and Jawl Properties. The two companies bought the site (near Superior, Menzies and Michigan streets) in 2014 for $34 million when the province was selling land. Previously, it was used for old provincial offices and parking.Â
Â
A total of 113 homes are expected to be finished by early 2021 and will comprise of condominiums in five-storey and four-storey buildings, as well as seven townhouses. Condo prices range from $499,900 to $1.09 million for 485 square feet to 1,759 square feet units, while the townhomes will start at $1.489 million and offer 1,451 to 1,757 square feet of space.
Â
Twenty years ago, the Victoria Accord planning agreement was established for the area, which visualized a mixed-use approach. Goals of the accord included the development fitting in with the James Bay neighbourhood and the nearby legislature building, opening up the area with public access and amenities, and to preserve views. Today, that vision is becoming a reality as a second office tower of 120,000 square feet is slated to finish late next year.Â
Â
Currently, the site is also home to a 127,000 square foot office complex, which houses provincial staff. A Red Barn Market is open, along with a new library branch. Tenants have moved into 53 new rental apartments and a set of three heritage homes house 13 rental apartments. Much of the large public plaza is complete as well.Â
Â
To learn more about investment opportunities in Victoria’s James Bay neighbourhood or ongoing mix-use projects within the development, please contact our Vancouver office to speak with a Marcus & Millichap commercial real estate advisor.
Image source
Image source
East Vancouver Multi-Level Commercial-Industrial Building is Underway
Tags:
(Posted on Nov 7, 2018 at 08:48PM by Michelle Bogle)
Construction is underway for a new mixed-use commercial and industrial building on the northeastern corner of Vancouver within the waterfront area. PortLiving, a local developer, says that its Gateway project is a “first-of-its-kind vertical typology†with its diverse uses of office, light industrial and mini-storage space.
Â
Located at 3333 Bridgeway Street and designed by Stuart Howard Architects, the building will offer 110,000 sq. ft. of space within the 70-ft-tall, six-storey building. Unlike traditional industrial buildings, which use a single-level layout, the design of Gateway is different in that it stacks light industrial uses within a multi-storey building.
Â
“By going vertical with industrial space, we believe that we are developing fantastic space that can be leased at reasonable market value to help businesses stay and thrive in [the city],†said Tobi Reyes, CEO of PortLiving, in a statement. “This is an incredible site that provides an affordable Vancouver business address that is easily accessible and convenient between [...] the North Shore, Burnaby and beyond.â€Â
Â
The exterior of the building features a unique curved façade, which was inspired by salmon swimming upstream. It also boasts a large cantilevered landscaped rooftop, offering panoramic views of the inlet, downtown skyline and North Shore mountains. Its facilities are well-suited to artists, television and film production companies, construction trades showrooms, coffee roasters, music studios and commissary services.
Â
With industrial space in high demand across Metro Vancouver, this project will inject some much-needed square footage into the market by its completion date in early-2020.
Â
If you’d like more information about this multi-level commercial-industrial building, please contact our team of experienced investment professionals at our Marcus & Millichap Vancouver office.
Private sector construction in Prince George, British Columbia, hit a record-setting high throughout 2016.According to City Hall, building permits for an unprecedented $122.5 million worth of work were taken out over the year. Prior to 2016, this value never surpassed $120 million.
Â
“[Based on] our digital records, which go back to 1990, 2016 was a record year in a very positive way for Prince George’s economy,†says the City’s Manager of Economic Development, Melissa Barcellos in a press release. “The fact that private sector dollars are driving the development of Prince George reflects the confidence that business owners and investors have in the current economy and their expectations for the future.â€Â
Â
In 2016, the City of Prince George issued a total of 455 building permits worth $127,850,777; 96 per cent were investments from the private sector.
Here's a closer look at the numbers:Â
Here's a closer look at the numbers:Â
Â
• Residential: $72,553,262Â
• Commercial: $46,353,836
• Industrial: $3,617,866Â
• Industrial: $3,617,866Â
• Institutional: $5,225,813Â
• 143 new single family residencesÂ
• 15 new commercial developments
• 173 new multi-family units
• 14 new duplexes
• 39 new single family secondary suitesÂ
Â
In addition, the Prince George saw five new industrial developments, 446 new businesses, over $100,000 of grants awarded for projects totalling $750,000, as well as façade improvements on 17 downtown businesses.Â
Â
“At each meeting over the past year, Council has looked at the building permit numbers and remarked at how well the city has been performing. We are pleased to share these numbers with the public and the business community,†says Mayor Lyn Hall in the same press release. “As many developers have stated recently: Prince George is open for business.â€Â
Â
For more insight into the investment opportunities available in Price George and other areas of Northern B.C., be sure to contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor.Â
Vancouver Development News: New Retail Building Planned for Kitsilano
Tags:
(Posted on Feb 7, 2017 at 02:00PM by Michelle Bogle)
Proscenium Architecture + Interiors Inc. have submitted a development application to the City of Vancouver for a site located at 2350 West 4th Avenue in Kitsilano, B.C.Â
Â
The plan calls for a new two-storey, mixed-use commercial building on the C-2B zoned site, including the relocation of an existing Shopper’s Drug Mart retail store, which is currently located down the street.
Â
The development proposal includes:
Â
• Two-storey Shopper’s Drug Mart
• Three additional ground floor retail storesÂ
• Total density of 1.24 FSR
• 19,563 square feet of retail space
• Overall building height of approximately 37.67 feet
• Two levels of underground parking (69 spaces)
Â
Details of the proposed project can be viewed here.Â
Â
For more information regarding other commercial real estate investment opportunities, as well as retail developments across the Lower Mainland, please contact our Vancouver office to speak with a broker. Â Â
New Oceanfront Community Proposed for Port Moody Industrial Site
Tags:
(Posted on Jan 30, 2017 at 03:17PM by Michelle Bogle)
Redevelop Slated for Former Empire Granville 7 Cinemas
Tags:
(Posted on Jan 17, 2017 at 06:52PM by Michelle Bogle)
Change is coming to the now vacant Empire Granville 7 Cinemas. Musson Cattell Mackey Partnership has applied to the City of Vancouver for permission to alter the theatre, which closed in November 2012.
Â
The changes would include adding 27,011 square feet of commercial retail space at basement- and street-level to the site, which is located at 855 Granville Street, as well as 29,784 square feet of commercial office space on the second and third floors.
Â
The building is a municipally designated "Heritage B/Heritage C" commercial building. Under the site’s DD zoning, the changes that Musson Cattell want to make remain conditional upon approval from the City of Vancouver’s Director of Planning.
Â
The move to alter this building is not unexpected, given its prime location and the fact that it has sat vacant for so long. Our team of commercial real estate advisors at Marcus & Millichap are keeping a close eye on this development, as plans continue to take shape. To view the rezoning application for 855 Granville Street, please click here.Â
Â
For more information regarding other commercial real estate investment opportunities, as well as office and retail developments across the Lower Mainland, please contact our Vancouver office to speak with a broker.  Â
B.C. Commercial Real Estate Developers Turn Towards Calgary
Tags:
(Posted on Dec 14, 2016 at 04:33PM by Michelle Bogle)
Downtown Vancouver’s Former Canada Post Building to be Redeveloped
Tags:
(Posted on Nov 11, 2016 at 02:00PM by Michelle Bogle)
A formal application has been submitted to the city for the rezoning of the former central Canada Post building in downtown Vancouver. The 2.98-acre site comprises a full city block at 349 West Georgia Street. It was bought by bcIMC in 2013 for $159 million.
Â
The proposed redevelopment is unique in that it retains the existing heritage building, which was built in 1958, but also adds two residential towers and one office tower above the seven-storey Modernist structure. The three new residential and office skyscrapers are large in scale, reaching 17, 18, and 20 storeys.
Â
The planned development will add 799 new homes in the downtown core, consisting of 427 market rental units and 327 condos. The proposal also includes a 49-space childcare facility, six levels of parking, as well as 512,000 sq. ft. of office space and 274,000 sq. ft. of retail space.
Â
According to Musson Cattell Mackey Partnership, the architectural firm that submitted the application, this is an opportunity to “reimagine and redefine this part of our city once again, and the Post Office will be key for this evolution.†Â
Â
To view the application in its entirety, as well as contextual photos, design rationale and building renderings, please click here. Or, for more information on commercial real estate investment opportunities and developments across the Lower Mainland, please contact our Vancouver office to speak with a broker.
You can also view our featured listings by clicking here.
You can also view our featured listings by clicking here.
According to a recent report by Statistic Canada, building permits are down across the province of B.C. with a steep decline specifically within the Metro Vancouver Area. This is part of a larger national trend, which has seen municipalities across the country issuing 5.5% fewer building permits in June than May of this year.Â
Â
Overall, Vancouver had the largest drop in permits of any census metropolis area in Canada, with the total value falling 25.2% to $580 million in June.
This was also a 20% drop in comparison to June of 2015. The decrease is largely due to lower construction numbers for multi-family dwellings and commercial buildings.
This was also a 20% drop in comparison to June of 2015. The decrease is largely due to lower construction numbers for multi-family dwellings and commercial buildings.
Â
On the home sales front, those numbers have fallen as well. Just last week, the Real Estate Board of Greater Vancouver (REBGV) released figures showing home sales dropping below the 4,000 sales mark in July for the first time since January.Â
Â
“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,†said REBGV President Dan Morrison in a release. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.â€
Â
As Vancouver’s real estate market begins to show signs of “moderatingâ€, our team of advisors is keeping a close eye on commercial real estate activity across the Lower Mainland. For more information on investment opportunities in all asset classes, please contact our Vancouver office to speak with a broker.
Error getting status updates from Twitter.
Powered by Webstager