Interest Rates Low for Q3 in Vancouver, BC
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There is an ongoing demand for apartments in the greater Vancouver area, especially in the northern part of the city and Burnaby. So far this year, sales have surpassed those from 2017 by nearly 30 percent. Renovated apartment buildings sales have been the most prevalent, at a whopping three-quarters of the market transactions in the past 12 months. Best of all, the values of each unit have reached nearly $600,000. Investors will appreciate, also, that the average capitalization rate increased to 3.67 percent so far this year.In addition, though sales of apartments saw a 35.7 percent decrease this October in comparison to 2017, the benchmark price of an apartment property is $683,500. This price is a 5.8 percent increase from this time last year. If you’re an investor, that means now is a great time to get in on available properties. Overall, the Real Estate Board of Greater Vancouver has reported, the number of homes and apartments currently listed for sale throughout the area represents a 42 percent increase over last year at this time.
Are you interested in learning more about opportunities for investment throughout Canada? Reach out to Marcus & Millichap's Vancouver office with all of your queries. One of our experienced commercial real estate advisors will be happy to provide additional information.
Low Vacancies in Vancouver, BC, are Great for Investors
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(Posted on Nov 18, 2018 at 07:46PM by Danielle Smyth)
In Vancouver, low vacancies are leading to great opportunities for commercial real estate investors. In fact, if you choose to invest now, you might find that there is a potential for strong pre-leasing from companies who are hoping to secure space early. Since available space is in such a short supply, vacancies are now 30.5 percent pre-leased. An additional 14.6 percent is under option.According to recent reports, absorption was positive for the sixth straight quarter, and vacancy rates dropped from 5.4 percent in quarter two of this year to 5.0 percent in quarter three. In addition, it’s been asserted that technology demand dropped from in 33.5 percent earlier in the year to just 22.4 percent by the end of the third quarter, thanks in part to pre-leasing deals.
Investments have been strong this year, and some major assets have been sold throughout the area this past quarter. These include the Telus Garden property for an undisclosed sum, the 800 Burrard property, which sold for $225 million, and the 1155 West Pender property, which sold for $80 million.
If you’re interested in learning more about opportunities for investment throughout Canada, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
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It's a Great Time to Invest in Hotels in Vancouver, BC
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(Posted on Nov 18, 2018 at 07:34PM by Danielle Smyth)
According to a recent report, things are going well for the hotel industry throughout Canada. This is good news for commercial investors who are thinking about breaking into the lodging market. Though the first half of 2018 was about 10 percent behind a comparable period in 2017, it still saw $800 million in hotel transactions throughout the nation. In particular, there was a strengthening in Western Canada.In addition, Quebec has now overtaken Ontario as the top province when it comes to investment volume in this market. This is due in part to the sale of several full-service properties. Estimates suggest that the full year of 2018 should be somewhere in the $2 to $2.5 billion range in the hotel industry.
Sales like that of the Sheraton Centre Hotel in Toronto were impressive--in fact, at $335 million, it was the largest-ever single hotel transaction in Canada. Furthermore, Hong Kong’s Leadon Investment Inc. acquired bcIMC’s SilverBirch Hotels & Resorts portfolio for $1.1 billion. Over the course of the last year, Canada’s hospitality industry has benefited from things like low interest rates, the lower Canadian dollar, and overall economic growth.
If you’re interested in learning more about opportunities for investment throughout Canada in the hospitality industry, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
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Vancouver, BC, Vacancy Rates Drop and Real Estate Transactions Soar
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(Posted on Nov 18, 2018 at 10:33AM by Danielle Smyth)
According to recent statistics, now is a fantastic time to be an investor in the commercial real estate market in Canada. For instance, especially in the office building sector in Vancouver, BC, record prices were reached in the first half of 2018. The number of sales in this category is up, too, very significantly from the same time last year.What’s more, vacancy rates have reached historic lows across all classes of real estate. This puts pressure on owner-occupiers to purchase strata units. Because of overall growth of the economy and the perceived potential for future earnings, many investors are taking this opportunity to purchase additional properties. In a lot of cases, these decisions are made more for the long-term redevelopment potential of a location than its immediate capacity to generate income for the investor.
There were $16.5 billion recorded in commercial real estate transactions throughout the nation as of September year to date, and those numbers have continued to soar. Toronto and Vancouver remain the primary buying locations, with Toronto attracting $5.7 billion and Vancouver accounting for $3.2 billion of the deals mentioned.
This means now is a great time to invest! If you’re interested in learning more, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to help!
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National Industrial Statistics for Vancouver, BC
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(Posted on Nov 18, 2018 at 10:20AM by Danielle Smyth)
According to recent reports, things are going very well for Canada when it comes to commercial real estate, particularly in the industrial sector. In fact, Ottawa and Vancouver each have fewer than two years’ supply of vacant and under construction industrial space. This is a bit below the national average, because the nation’s six largest cities have 2.6 years of supply. All markets are seeing growth, with annualized occupancy increases of 1.77 percent overall this year so far.It’s a great time to be an investor. When it comes to commercial real estate absorption, this year has seen 6,877,000 square feet, representing an increase in absorption of 4,168,000 square feet over this year’s second quarter numbers. Specifically, there has been absorption of between 2.9 million  and 3.8 million square feet so far this year in Toronto, Edmonton and Vancouver. Even better, the national average vacancy rate for markets that have over one million residents has dropped significantly, falling to 2 percent. This is a new record for the category.
If you’re interested in learning more about opportunities for investment throughout Canada, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
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Great News for Vancouver, BC, Commercial Real Estate Investors
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(Posted on Nov 11, 2018 at 04:22PM by Danielle Smyth)
A recent report on updates to the market in Vancouver revealed some great news for Canadian investors. For instance, on the whole, the nation saw an overall growth of 2.5%, annualized, year-over-year. In addition, when it came to office space, finance- and insurance-related companies saw gains of about 1.0 percent. General real estate was also up, seeing a 0.3 percent increase largely tied to home sales. Professional services saw similar gains.According to CoStar Canada, “The  office, industrial and retail commercial real estate markets in the [Greater Vancouver Area] remain deeply embedded in favour of landlords.†They spoke further to the increased demand from companies like Amazon, as well as co-working companies, all of whom are seeking office and warehousing space in the Vancouver region. The market assessment further stated that, despite “an additional 2.4 million SF of retail space currently under construction, due to low vacancy and relatively consistent demand, rental rates are expected to continue rising.â€
All of this is excellent news for investors, who should take the leap now if they wish to grab hold of some amazing opportunities in Vancouver. Don’t miss out on this wonderful chance! If you’re interested in learning more about opportunities for investment, contact Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to help you!
Canadian Real Estate Investments Hit a Record High, Especially in Vancouver, BC
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(Posted on Oct 29, 2018 at 03:56PM by Danielle Smyth)
It’s a good time to be involved in the Canadian real estate investment market. In fact, a recent report reveals that transactions hit a record high in the second quarter of 2018. The writer believes that this was largely driven by two major deals and the “continued strength of the Toronto and Vancouver markets.â€Across the country, deals totaled $16.5 billion, which marks a 38 percent increase from the previous record of $12 billion in the first quarter of 2017. Vancouver and Toronto have seen a huge amount of interest by investors, and they have had the least vacancies of any downtown areas for the past four quarters. In addition, the cities have been the two with the lowest industrial availability for a year and a half. Toronto made up a third of all transactions and had a total value that was 82 percent above the five-year average.
At this point, investors are more interested in high-quality properties, which are a far safer bet in the event that there were to be an economic downturn of some kind in the future. If you’re interested in learning more about commercial real estate opportunities throughout Canada, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors is ready to answer any questions you might have!
2016 Lower Mainland Commercial Real Estate Activity
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(Posted on Mar 24, 2017 at 01:00PM by Michelle Bogle)
Twenty-sixteen was a milestone year for commercial real estate transactions across the Lower Mainland with demand for land being one of the key drivers of sales and dollar value growths.
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In total, there were 2,848 commercial real estate sales in the region last year – a 21 percent increase over the 2,353 sales in 2015. Commercial real estate sales in 2016 were also 29.7 percent above the Lower Mainland’s five-year sales average. The total dollar value of commercial real estate sales was $12.990 billion in 2016 – a 47.4 percent increase from the $8.815 billion total in 2015.Â
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Here’s a closer look at the numbers by category:
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Land
There were a record 1,177 commercial land sales in 2016, which is a 41 percent increase from the 835 land sales in 2015. The dollar value of last year’s land sales was $7.202 billion, which equates to an 81.3 percent increase over $3.973 billion in 2015.Â
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Office and Retail
There were a record 918 office and retail sales in the Lower Mainland in 2016, which is up 12.8 percent from the 814 sales in 2015. The dollar value of last year’s office and retail sales was $3.621 billion; a 46.9 percent increase over $2.466 billion in 2015.Â
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Industrial
There were 612 industrial land sales in the Lower Mainland in 2016, which is up 9.9 percent over the 557 sales in 2015. The dollar value of last year’s industrial sales was $1.067 billion – a 3.4 percent increase over $1.032 billion in 2015.Â
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Multi-Family
There were 141 multi-family land sales in the Lower Mainland in 2016, which is down 4.1 percent based on the 147 sales in 2015. The dollar value of last year’s multi-family sales was $1.100 billion; an 18.2 percent decrease from $1.345 billion in 2015. This is the only category to not experience any growth last year.
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For full details about the region’s commercial real estate activity in 2016, please click here.
Interested in learning more? If so, please comment below with your questions or contact our Vancouver office to speak with one of our knowledgeable commercial real estate advisors.
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