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Strata Office is Quietly Outperforming the Strata Apartment Market
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(Posted on May 26, 2016 at 06:00PM by Michelle Bogle)
Move over apartment market – there is a new hot performer in Vancouver’s bustling real estate market and that’s strata office.Â
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With $280 million worth of sales in the last two years, office condos are quietly outperforming the apartment market. In fact, some office condos are even selling for more than their residential counterparts.Â
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In 2015, office strata sales totaled $120 million – that’s double the sales volume from five years earlier. Even though this number was down from the peak achieved in 2014, which saw $160 million of condo office sales, it wasn’t from lack of interest, but more from lack of inventory.Â
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This asset class is becoming increasingly popular with small professional services firms and self-employed entrepreneurs, such as doctors, who are seeking an alternative from rental spaces that offer zero gains. Low interest rates, strong price-per-square-foot growth, increasing lease rates and opportunity to build equity are driving factors behind this growing trend.
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Much like home ownership, strata office ownership is a solid investment in your financial future. To learn more about office condo developments within the Vancouver Metro Area, please contact us to speak with our office asset specialists.Â
Woodfibre’s Impact is Proving Positive for Squamish’s CRE Industry
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(Posted on May 16, 2016 at 09:58PM by Michelle Bogle)
The Woodfibre LNG proposal in Squamish, British Columbia, has already lined up a potential sale for almost half of its planned output to a customer in China. This comes on the heels of the Ministry of Environment's approval, which the plant received last month.Â
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The potential sale is between Woodfibre’s Singapore-based affiliate, Woodfibre LNG Export Pte. Ltd., and the Guangzhou Gas Group Co. Ltd. The two companies have signed an agreement, which is expected to reach a 25-year deal for the sale of one million tonnes of liquefied natural gas from the plant.
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A contract, such as this, would see Guangzhou Gas take up to a 10% equity stake in the Woodfibre project, which would begin delivering gas starting in 2020. It also points to the increased interest of B.C.-produced liquefied natural gas with Asian countries.
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Major projects, such as Woodfibre, are transforming Squamish’s economy and fueling demand for real estate, especially within commercial asset classes. The former lumber town is now once again poised for growth and expected to draw an increased supply of labourers into the area.
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For more information about commercial real estate activity in the Sea-to-Sky corridor, including Whistler and Squamish, please contact our area expert, David Fox, in our Vancouver office.
Burnaby Outpacing Vancouver in Tower Developments
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(Posted on Apr 29, 2016 at 11:04PM by Michelle Bogle)
Once content to be known as a bedroom community to Vancouver, drastic change is underway in Burnaby, B.C.Â
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Gone are the days of low-density rental housing and single-family homes – highrise residential builds are now being put in their place and transforming Burnaby into a dense urban community with towers rivalling those in Vancouver.
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With developments being targeted around major transit routes and shopping malls, like Metrotown, Brentwood, Lougheed and Edmonds, the number of builds is staggering.Â
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Developers currently have over 100 highrise residential buildings with more than 30,000 units proposed or under construction for Burnaby. Of those buildings, 47 are 40 storeys or more.
In comparison, Vancouver only has 68 highrises under development with just 13 of them 40 storeys or taller.
In comparison, Vancouver only has 68 highrises under development with just 13 of them 40 storeys or taller.
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But, why the push for Burnaby? It all boils down to two things – lack of available land to develop in Vancouver, as well as restrictive building policies and unclear density rules by the City of Vancouver.Â
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In Burnaby, planned developments are a huge part of the region’s growth strategy, which is welcomed by developers. The planning and approval processes, as well as clear rules on how extra density is awarded within Burnaby, is attracting the attention of big developers looking to break ground.
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And, breaking ground they are! Over the next 25 years, Burnaby is expected to outpace Vancouver in its quest for highrise residential towers, as Vancouver focuses its attention on growing office developments.
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At Marcus & Millichap Vancouver, our advisors are keeping a close eye on the commercial real estate market in Burnaby. For more information on investment opportunities, please contact us to speak with an advisor.
Kelowna Emerging as B.C.’s Techno-Economic Hub
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(Posted on Apr 27, 2016 at 01:57PM by Michelle Bogle)
Kelowna’s commercial real estate sector has started to attract more attention from investors as the city transforms itself into a new, emerging technology and economic hub.
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The city is now home to the Okanagan Centre for Innovation – a 104,000 sq. ft. facility being built on the corner of Doyle and Ellis Streets.
The $35 million project is largely being funded by the building’s owner and operator, Kelowna Sustainable Innovation Group, as well as the provincial and federal governments. It is slated to open by the end of this year.Â
The $35 million project is largely being funded by the building’s owner and operator, Kelowna Sustainable Innovation Group, as well as the provincial and federal governments. It is slated to open by the end of this year.Â
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The city-owned land, in which the building is situated is on, has been leased to the Okanagan Centre for Innovation with the goal of building the nation’s most innovative and entrepreneurial hub. It will be home to the non-profit tech incubator, known as Accelerate Okanagan, as well as private tenants, including tech businesses and start-ups. Not only will this project drive growth in the area, but it will also create more jobs and build a stronger community.
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The construction of this new innovative hub is a huge step forward for the Kelowna technology sector, which is now a $1 billion economic contributor. In fact, technology businesses in the area have grown by 13% since 2010.
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To accommodate this massive growth, the Kelowna’s Official Community Plan estimates that an additional 3,000,000 sq. ft. of commercial real estate space will be needed to house new and existing businesses by 2030. Shorter projections, however, are showing that 800,000 sq. ft. of new space is needed immediately to accommodate growth within the next five years.Â
Of course, this growth is also boosting Kelowna’s residential real estate sector, which is in need of more housing units to accommodate the number of transplants to the area.
Just last year, Statistics Canada named Kelowna the province’s fastest growing city with a population of 191,237 – a 1.8% increase than the previous year and a higher rate of growth than the national average.
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To learn more about commercial real estate opportunities within Vancouver and surrounding cities, please contact our office for more information.
Vancouver’s Boom Causes Commercial Revival in Victoria
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(Posted on Apr 26, 2016 at 04:49PM by Michelle Bogle)
Located on the edge of Victoria’s downtown core is Upper Fort Street, which, for many years, has been known as “Antique Row.†Home to auction houses and dealers, the area has long been geared towards tourists and antique-shoppers.
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But, that is all changing.Â
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As the cost of commercial and residential real estate in Metro Vancouver continues to skyrocket, cities like Victoria are experiencing a renaissance.
With more Vancouver transplants moving to the area in search of affordable real estate, there is also an increasing demand for more shops, restaurants and other interesting places to visit.Â
With more Vancouver transplants moving to the area in search of affordable real estate, there is also an increasing demand for more shops, restaurants and other interesting places to visit.Â
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As a result, areas like Victoria’s Upper Fort Street are in a state of transition. As new condo developments take shape, like Abstract’s “Black and White†build, and more tech companies set-up shop in the area, new commercial ventures, like restaurants, coffee shops and retail stores, are sprouting up.Â
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Local businesspeople and real estate experts in Victoria are certainly pleased with this trend, as it has brought much vibrancy, quality and variety to the area. As Vancouver’s real estate prices continue to soar, commercial revival in Victoria is expected to continue as well, making the city not only a great place to live, but to also work.
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For more information on commercial real estate opportunities in Vancouver and surrounding areas, please contact our team of advisors for details.
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