Interest Rates Low for Q3 in Vancouver, BC
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Interest Rates Low for Q3 in Vancouver, BC
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(Posted on Nov 26, 2018 at 08:03PM by Danielle Smyth)
In the third quarter, interest rates have remained low. This means that investors are clamoring for available investment properties. It can be difficult to identify the perfect choice for you.All in all, the situation throughout Canada is favourable, however. Since available capital is plentiful, prices rise, creating a very competitive market. Rising costs for both construction and real estate make it harder for small investors or individuals to build or buy their own properties. This can be a boon to established investors who will then be able to easily turn a profit.
In Vancouver, BC, in particular, interest in apartment buildings has remained very strong, thanks to low interest rates. Overall, investment in commercial real estate in the city has been quite favourable this year.
Elsewhere in Canada, things are also looking great for investors. In Toronto, for instance, an overall decline in number of sales pales in comparison to a new record for money earned as a result of said sales.
As long as investors are able to keep up with emerging trends in technology, it’s likely that they will continue to thrive in the ever-evolving market in Canada. If you’re interested in learning more about this or similar investment options, reach out to Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide the information you seek.
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The Harry Jerome Building and Investment Opportunities in Vancouver, BC
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(Posted on Nov 26, 2018 at 07:48PM by Danielle Smyth)
A new office building has been planned for North Vancouver. Called the Offices at Harry Jerome, this strata property will feature retail and offices and will reach 5 stories in height. The location is a AAA-certified project and will offer investors 90,000 square feet of available space. The building will be the largest in the area in over 10 years, and it will also be the first LEED-certified one on the entirety of the North Shore. It’s being developed by Darwin Construction.The project will be a part of the Harry Jerome Neighbourhood Lands Vision. It’s been designed to also include a community centre, park, cycling and pedestrian paths, a daycare and more than 800 housing units. These units will be comprised of market rental, senior housing and family-orientated homes.
Since North Vancouver has an office vacancy of about 5 percent, the Harry Jerome building will offer significant opportunities to investors. As the project continues, it’s a great time to seek additional information. If you’re interested in learning more about this or similar investment options, reach out to Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide the information you seek.
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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.
Changes to the Retirement Home Outlook and its Impact on Vancouver, BC, Investors
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(Posted on Nov 26, 2018 at 07:20PM by Danielle Smyth)
Increasing numbers of seniors choosing to stay at home in their retirement has skewed the numbers of anticipated residents in assisted living and other facilities. In Vancouver, BC, rising debt, as well as the scarcity of available retirement homes and the soaring costs of those that are available, has led to a decline in interest from the elderly.According to a recent survey, 93 percent of Canadians over the age of 65 indicate a desire to remain in their homes once they have retired for as long as possible. According to the results, “69 percent of senior homeowners...wish to maintain a sense of independence...51 percent said that they want to stay close to family, friends, or their communities, and 40 percent pointed at emotional attachments and memories as their motivation.â€
This shift has led to higher renovation spending by the 65-plus age group, which now accounts for a quarter of all such expenditure in the nation. If you’re interested in learning more about opportunities for investment throughout Canada or how shifts in retirement home decisions might impact you as an investor, 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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New Industrial Strata Opportunity in Kelowna, BC
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(Posted on Nov 26, 2018 at 06:55PM by Danielle Smyth)
A new industrial strata opportunity is available in Kelowna. Called IntraUrban Enterprise, it’s one of the city’s few such locations. Situated right in the heart of the Okanagan shopping centre district, it will create tremendous opportunities for investors and retailers alike. Since it is centrally located, this 2.6-acre site that can accommodate 23 new industrial strata units will likely be very popular. The site is located at the major intersection of Enterprise Way and Dilworth Drive, one block off of Highway 97.The building will be 66,000 square feet as built and will be split into units of between 2,000 and 3,900 square feet. This range makes the units ideal for a variety of business types. According to a recent report on the space, the facility will include “bay garage doors, built-in upper mezzanines, generous glazing for natural light and a modern, high-end product that is rarely found in other industrial projects in Kelowna.â€
With rents in the city on the rise, the prospect of long-term ownership is becoming increasingly palatable. Opportunities like this industrial strata one don’t come around every day. If you’re interested in learning more about opportunities for investment throughout Canada or this specific one, 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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Commercial Real Estate in the Tech Space Booms in Vancouver, BC
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(Posted on Nov 25, 2018 at 03:04PM by Danielle Smyth)
Despite a return earlier this year to more normal levels, Vancouver’s real estate market has remained strong when it comes to investors in the tech space. 2017 was a tremendous, record-breaking year for the greater Vancouver, BC, area, and this year so far has seen a bit of a drop. However, analysts feel this is to be expected, and they remain impressed by the interest technology companies have exhibited in commercial real estate opportunities.Large players in the technology market, like Amazon and WeWork, have moved into Vancouver this year, marking it as a valuable player in the nation’s emerging tech industry. These moves, and continued interest in properties across Western Canada by big names like this, represent good news for investors.
According to a recent report, “As Canada continues to push further ahead in areas like technology, investors both domestic and abroad see the potential for growth here and are willing to call Canada home.†Marcus & Millichap stated that, “Talent is heading to Toronto in strong numbers, growing the consumer base and driving local and international retailers to grow their footprint across the metro.â€
This is great news for investors! Want to learn more about how these trends can impact you? Get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information
Commercial Real Estate Facts and Figures for Vancouver, BC
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(Posted on Nov 25, 2018 at 02:54PM by Danielle Smyth)
According to a recent report, commercial development in Vancouver, BC, has slowed slightly in the first half of 2018, but it had previously hit a high last year. In 2017, a record $14.5 billion in real estate sales were recorded. Of that, $9 billion were land sales. This latter group is expected to remain strong throughout the rest of this year.In 2018, real estate sale numbers are a bit slower, likely due in part to the lack of continued commercial availability in such large quantities. This year so far, office sales have only posted one-third of the level that they did in 2017. In fact, about 1.3 million square feet of new office space was added to the Vancouver market in the past 8 quarters, but this is “less than half the amount added in the previous eight quarters,†according to the report. Retail sales have decreased by 11 percent so far this year.
For investors, though, all is not lost. Offsetting the declines outlined above, industrial and office transactions this year are up by $138 million and $124 million, respectively.
If you’re interested in learning more about opportunities for investment throughout Canada or about how large changes in the market might impact you, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to assist you.
Coquitlam, BC, Development to Contain Residences and Offices
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(Posted on Nov 25, 2018 at 02:37PM by Danielle Smyth)
In Coquitlam, BC, a 95-acre development is planned that is expected to contain 4,700 residential units in 16 to 18 towers. In addition, it should contain employment space for at least 1,500 jobs. Though final numbers are still being negotiated, the developers have previously stated that the space should be about 40,000 square feet.According to the website for the project, this development will also include “16 acres of public park, a state-of-the-art public aquatic and recreation centre, comprehensive pedestrian and bike trails, pier, plaza,†in addition to other fabulous amenities. Though some of this space may turn out to be protected park land rather than usable space, it’s likely that those who make use of the area will have plenty of room to spread out.
According to the city of Coquitlam, several aspects of the project are still under review. They say that Beedie Living, the developer, would need to go through a public review process before anything was finalized.
As numbers and specifics are being worked through and set in stone, it’s a great time for investors to seek information about this project. If you’re interested in learning more about opportunities for investment throughout Canada, reach out to Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide the information you seek.
Report: Industrial Real Estate is Vancouver’s Most Prized Investment Asset
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(Posted on Nov 24, 2018 at 02:31AM by Michelle Bogle)
According to a new Vancouver Flash Report 2018 by Altus Group, the city’s industrial real estate market is the most prized investment asset, well surpassing other commercial property types.
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In the last eight quarters, nearly 5 million square feet of new industrial space has been added to the market. However, this injection of properties hasn’t snuffed out demand. According to the report, the overall vacancy rate in this asset class dropped to the 2 percent range within the first half of this year. The trend is also expected to push the market’s net rental rates even higher.
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Industrial transactions have also played an important role in making up for the losses in the office and retail sectors during the first half of the year. Warehouses have been cited as one of the main driving forces, helping to boost the market’s lease rates up by 29 percent annually in Q1 2018. This significantly outpaces the worldwide average increase of 3 percent during that quarter.
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To learn more about Vancouver’s commercial real estate market, click here to view the Vancouver Flash Report 2018. Our team at Marcus & Millichap can also answer any of your questions. Contact our office today to speak with one of our expert advisors.
Controversial Sechelt Land Back on the Market in B.C.
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(Posted on Nov 24, 2018 at 02:27AM by Michelle Bogle)
A parcel of land at the epicentre of one of the most contentious decisions of the last Sechelt council is back up for sale.Â
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In 2015, Sechelt Sustainable Communities (SSC) applied to re-zone 162 hectares made up of several smaller lots in Porpoise Bay for a mixed-use development. However, the project was abandoned after a six-to-one March council vote that rejected sending the company’s rezoning application to public hearing. Then-councillor Darnelda Siegers, who is now the newly elected mayor, was the sole supporter in favour.Â
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The zoning for the land remains CD 13, which is the zoning that was put in place to allow the original Silverback development on the parcel, which went bankrupt. It was intended to include a golf course and 1,600 homes.
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When SSC, which includes then-mayor John Henderson and developer Clark Hamilton, purchased the land from the Silverback in 2014, the selling price of the parcel was quoted at $11.75 million. The property is now listed at $23.8 million.Â
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For more information regarding this land investment opportunity along the Sunshine Coast, please contact our team of commercial real estate advisors at Marcus & Millichap’s Vancouver office.
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