More Jobs, Higher Retail Sales, and Great Commercial Real Estate Opportunities in Vancouver, BC
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More Jobs, Higher Retail Sales, and Great Commercial Real Estate Opportunities in Vancouver, BC
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(Posted on Nov 18, 2018 at 10:07AM by Danielle Smyth)
According to a recent market update from Marcus & Millichap, more jobs have led to a massive increase in spending power. This means great things for investors in the commercial real estate industry. Unemployment is at its lowest level in 50 years, meaning that consumers have more money to pay for goods and services. This has led to an influx of retailers, particularly in the off-price market (stores like Marshalls and TJ Maxx).The brief from Marcus & Millichap reveals that, in September, core retail sales posted a 5.0 percent year-over-year gain. This number is above the 10-year average of 3.1 percent. One area of particular growth was for clothing retailers, who reported one of the largest annual increases at 8.1 percent. This is particularly noteworthy, since that category’s 10-year average is just 2.1 percent.
What does this mean for investors? Retail stores are likely to continue to attempt to enter the market, and this means that your purchase of commercial space available for lease will likely bear tremendous fruit.
Want to learn more about how these trends might impact 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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Marcus and Millichap Report on Commercial Real Estate in Vancouver, BC
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(Posted on Nov 16, 2018 at 01:11PM by Danielle Smyth)
According to a recent report by Marcus & Millichap, this is a great time for commercial real estate investment in Vancouver, BC. This is due in part to the fact that plenty of new retailers have begun to move towards the area. They are interested in Vancouver’s stable population growth and amazing tourism figures (to the tune of 10.3 million visitors last year), both of which help to drive development.In addition, many retailers from all over the world are setting up shop in Vancouver, often the first place they make inroads in Canada. Several high-end companies, such as Tiffany & Co., Prada, Hublot and Van Cleef & Arpels have moved into the area and set the bar very high for other shopping in the city.
There is also a limited amount of space available for commercial investors, which means that the area that is available comes at a premium. There are 2 million square feet of retail space open at this point, and more and more is being zoned for mixed use as things tighten up.
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 you with additional information.
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Marcus and Millichap Report Indicates Good News for Retailers in Vancouver, BC
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(Posted on Nov 5, 2018 at 02:02AM by Danielle Smyth)
Trends in the commercial real estate market have led many small retailers to close their doors in Vancouver. According to Marcus & Millichap in a second-quarter 2018 study, the average price of retail property sold in the city this year cost more than $1,000 per square foot. This represents a 25 percent hike from 2017 rates. In addition, the average rent for a retail space is now at about $30.10 per square foot. That’s up almost 10 percent from 2017.According to experts in the real estate industry, however, high and low-end retail, as well as food-service locations, continue to perform well in Vancouver. This is good news for investors, who should be able to attract luxury brands to empty storefronts and charge a premium for the space. Furthermore, the city is actually doing well when compared to elsewhere in Canada. In fact, Vancouver’s retail vacancy rate is 1.7 percent overall, with a 2.5 percent rate in the downtown area. Both of these numbers are well below the nation’s average.
Would you like to learn more about how you might fit in to the ever-changing real estate investment market? Contact Marcus & Millichap's Vancouver office and allow one of our experienced commercial real estate advisors to answer all of your questions.
Lower Mainland Commercial Real Estate Sales Reached 5-Year High in 2016
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(Posted on Mar 23, 2017 at 04:27PM by Michelle Bogle)
According to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV), demand for land helped commercial real estate sales and dollar values reach five-year highs across the Lower Mainland in 2016.
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Highlights:
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• In total, there were 2,848 commercial real estate sales last year, which equates to a 21 percent increase over the 2,353 sales in 2015.Â
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• Commercial real estate sales were also 29.7 percent above the region’s five-year sales average.Â
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• All totalled, the dollar value of commercial real estate sales in the Lower Mainland was $12.990 billion in 2016 – a 47.4 percent increase from the $8.815 billion total in 2015.Â
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“We saw steady activity across the commercial real estate market in 2016,†said Dan Morrison, REBGV President in a press release. “It’s no surprise that land sales had the largest increase last year given the supply shortages we’re experiencing in our residential and commercial markets today.â€Â
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Office and retail sales were also up in 2016 by 12.8 percent, with industrial sales making similar gains of 9.9 percent. Multi-family land sales, however, were down 4.1 percent from 2015 figures despite rising rents across the Lower Mainland.
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For more information about the region’s commercial real estate activity in 2016, or to view the press release, please click here.
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Questions? Feel free to contact our Vancouver office to speak with one of our commercial real estate advisors.
Demand for Lower Mainland Industrial and Land Properties Led a Steady Q3 2016
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(Posted on Dec 7, 2016 at 08:04PM by Michelle Bogle)
According to data from Commercial Edge, a system operated by the Real Estate Board of Greater Vancouver (REBGV), the commercial real estate market in the Lower Mainland remained highly active in Q3 2016, with industrial and land properties leading the way.Â
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Altogether, there were 645 commercial real estate sales registered across the Lower Mainland, which represents a 6.3% increase from the 607 sales from Q3 2015. That equates to a total dollar value of $2.399 billion – a 1.9% decline from the $2.445 billion in Q3 2015.Â
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“While we saw some declines in office and retail sales this quarter, overall demand in the commercial market remains steady thanks to healthy economic growth in our province so far this year,†said Dan Morrison, REBGV president in a press release. “It was the busiest third quarter in the last five years for sales in our commercial market.â€Â
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Here’s a closer look into the Q3 2016 commercial real estate activity by category:Â
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Multi-Family
There were 34 multi-family sales in Q3 2016, which is a 29.2% decrease from the 48 sales in Q3 2015. The dollar value of multi-family sales in Q3 2016 was $321 million – a 31.2% decrease from $466 million in Q3 2015.Â
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Office and Retail
There were 203 office and retail sales in Q3 2016, which is an 8.1% decrease from the 221 sales in Q3 2015. The dollar value of office and retail sales in Q3 2016 was $438 million – a 45.4% decrease from $802 million in Q3 2015.Â
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Industrial
There were 153 industrial land sales in Q3 2016, which is up 15.9% over the 132 sales in Q3 2015. The dollar value of industrial sales in Q3 2016 was $335 million – a 17.3% increase over $286 million in Q3 2015.Â
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Land:Â
There were 255 commercial land sales in Q3 2016, which is a 23.8% increase from the 206 land sales in Q3 2015. The dollar value of land sales in Q3 2016 was $1.306 billion – an impressive 46.4% increase over $892 million in Q3 2015.Â
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As the data shows, demand for industrial and land properties was the driving force in Q3 2016, with multi-family assets experiencing a decline, followed by marginal gains in the office and retail classes. Land and industrial assets are proving to be very popular across the Lower Mainland, especially amongst certain industries, including film and television, which is currently dominating Metro Vancouver’s industrial leasing sector.
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For a deeper look into the Q3 2016 results, please click here or contact our Vancouver office to speak with a commercial real estate advisor. To view active listings in Marcus & Millichap’s Property Search Portal, please visit our website for more information.
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