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Terrace Named Second Top Investment Town in Western Canada for 2019
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(Posted on Nov 7, 2018 at 08:43PM by Michelle Bogle)
Just a half-hour-drive away from Kitimat’s new $40 billion liquefied natural gas (LNG) terminus and pipeline network is Terrace, B.C. This land-rich city was recently named the number two best investment town in Western Canada for 2019 by Western Investor – a city that we will be a staging site for LNG Canada’s neighbouring plant.
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According to Danielle Myles, Manager & Economic Development for the City of Terrace, the selling point of the area is the availability of land. Historically, major industries and investors have flocked to the area and that trend that will continue with the development of the LNG plant. Terrace is also home to an airport and an extensive retail industry, which has helped the city earn its spot as a major trading centre for northwest B.C.
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And while investment in Terrace is expected to rise with the advent of the bordering Kitimat LNG, this growth isn’t new to the region. Over the last two years, commercial building permits in the city have increased by nearly 300 percent. The residential housing market has also experienced growth – the average price of a detached house in town averages $337,000, which is up 18 percent from one year ago.
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If you have your eye on land or other commercial real estate assets in Terrace, B.C., the time to act is now. Please contact our Vancouver office to speak with a Marcus & Millichap investment specialist to learn more.
Industrial Demand Drives Land Prices Up in Metro Vancouver
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(Posted on Nov 7, 2018 at 08:39PM by Michelle Bogle)
The Metro Vancouver industrial market continues to experience vacancy rates well below the fiveâ€year average of 2.6 percent. According to a recent Real Estate News Exchange article, there are approximately only 20 months of industrial supply based on present vacancies and premises under construction.Â
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Currently, there is 3.1 million square feet of space in Metro Vancouver being built on spec, along with an additional 11.49 million square feet either under construction or planned without lease commitments. Three notable projects include the Tsawwassen First Nation lands near Deltaport, Onni’s Golden Ears Business Park and Oxford’s Riverbend Business Park.
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Q3 2018 also saw the completion of Delta iPort’s Building 1, which Amazon has leased 454,000 square feet to be used as a fulfillment centre. Campbell Heights West Business Park’s Building 200 also added 202,105 square feet to the industrial market, along with Delta Link Business Centre Phase II with 133,765 square feet.
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With supply of industrial land dwindling, especially larger parcels that are ideal for major distribution centres, space of this scale is becoming scarce and driving land prices up across the region. Over the last six months, industrial property sales across Metro Vancouver hit $747 million, but this is expected to increase by an additional $347 million as in-progress deals continue to close. The sale of industrial land is currently sitting at an average price of more than $5 million an acre. Â
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And, investors are taking note. In fact, many residential investors are moving into the industrial sector, being lured by increased demand, sustaining market prices and handsome returns. Competition is fierce, which means that the time to act is now.
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To learn more about Vancouver’s burgeoning industrial market, please contact our team of asset-focused commercial real estate advisors at Marcus & Millichap’s Vancouver office. Â
Kitimat, B.C. Tops List of 2019 Best Investment Towns
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(Posted on Nov 7, 2018 at 08:32PM by Michelle Bogle)
Toronto Investment Firm Buys Vancouver Office Building for $225 Million
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(Posted on Oct 31, 2018 at 08:23PM by Michelle Bogle)
Toronto-based Crestpoint Real Estate Investment has acquired a Class A office building for approximately $225 million – more than $1,000 per square foot. The 19-story building with five ground level retail units, located at one of Vancouver’s busiest intersections at the corner of Robson Street and Burrard Street, was previously owned by Oxford Properties and CPP Investment Board. The office building is fully leased to the Canadian government while the retail component is leased to brandâ€name national and international tenants, including Lululemon.Â
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This deal follows after Crestpoint recently acquired a 53 percent stake in a similar office property in Montreal. That building sold for $300 per square foot, or less than a third of what they paid for 800 Georgia Street in Vancouver.
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According to Kevin Leon, President of Crestpoint, the price discrepancy between the two markets relates to liquidity. “In downtown Vancouver, there is a limited supply of land, and it's very attractive to foreign capital,†said Leon in an interview. “There will always be an exit price if the market goes south. Right now, the market in Montreal is great, but sometimes you can't sell a building.â€
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For more information or insight into this recent benchmark sale or to discuss office investment opportunities across the Lower Mainland, please contact us at Marcus & Millichap to speak with a commercial real estate advisor.
Report: Vancouver Remains a Primary Destinations for Investors
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(Posted on Oct 31, 2018 at 08:18PM by Michelle Bogle)
According to a recent report, the strength of Canada’s investment market is proving very strong for 2018 with sales data appearing exceptionally good in Vancouver.Â
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Looking back to Q2 2018, commercial real estate transactions hit a record $16.5 billion across the country with Toronto attracting $5.7 billion worth of deals and Vancouver accounting for $3.2 billion.
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In B.C., two major investment trusts are responsible for driving nearly half the national volume in the second quarter – Canadian REIT, who owns 1185 West Georgia and 1508 West Broadway, and Vancouver-based Pure Industrial Real Estate Trust. The purchase of Investors Group’s nine office properties in Metro Vancouver was also a driving factor in significantly increasing local investment volumes, along with growing suburban office deals outside of the city’s centre.
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The market has proven to be as busy as ever – and the pipeline of transactions continues to show signs of benchmark numbers for the remainder of the year. Apartment properties are steadily gaining investor demand, and this trend is likely to continue with the province’s recent announcement of a 4.5% annual allowable rental increase for 2019.
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If you are an investor looking to gain a foothold in Vancouver’s prime commercial real estate market, please contact our team at Marcus & Millichap to speak with an investment sales and financing professional.
New Oxford Properties’ Tower to Ease Vancouver’s Tight Office Market
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(Posted on Oct 29, 2018 at 01:44PM by Michelle Bogle)
Rising 530 feet in the air, Oxford Properties’ The Stack is making news as one of the largest office developments currently underway in Vancouver’s downtown core. The building is being poised as a project that will add much-needed supply to the city’s tight office market, which currently sits at 4.7% (as of Q2 2018) – the second lowest of any major North American market.
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Located at 1133 Melville Street, The Stack is being classified as a AAA class 540,000 sq. ft. office development. It has already attracted pre-leases from a number of high-quality firms, including Ernst & Young LLP, Blakes, and DLA Piper. Demolition is currently underway at the site and construction is set to begin in Q1 2019 with completion in Q1 2022.
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Designed in collaboration between James Cheng Architects and Adamson Associates Architects, The Stack's climbing, twisting box design sets a new standard for architectural excellence in Vancouver. Offering unobstructed panoramic views of the city and mountains, the building will blend wellness and community into one with the inclusion of six outdoor decks, a pocket park and a rooftop patio.Â
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More information about The Stack’s design and leasing opportunities can be viewed here. To learn more about this new office development, please contact our Marcus & Millichap office in Vancouver, B.C., to speak with our team of advisors.
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