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New Retail Shopping Centre Opening This Fall
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(Posted on May 28, 2016 at 07:00PM by Michelle Bogle)
Revamping New Westminster’s Rental Apartment Market
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(Posted on May 25, 2016 at 03:22PM by Michelle Bogle)
The number of new market rental apartment buildings in New Westminster, B.C. is set to increase thanks to policies at City Hall that aim to improve the current rental vacancy rate of 0.9%.
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These policies came into place in the spring of 2013 and offer developers incentives to build more rental apartment buildings in New Westminster’s downtown core. They include a reduction in some building permit fees, as well as a reduction in the parking requirements for each development.
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Now, developers can reduce the number of parking spaces in their rental buildings – 0.6 spaces for every bachelor suite, 0.8 spaces for two- and three-bedroom units, and 0.1 spaces for visitors. This is a welcomed change, as parking spaces are expensive to build.
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The city is also allowing developers to construct apartments to a minimum unit size of 350 sq. ft.
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The first development to break ground is a 26-storey, 282-unit mixed-use rental apartment tower on 527 Carnarvon Street by Vancouver-based South Street Development Group. The project, called Novare, will be completed in August 2017 and will include over 5,000 sq. ft. of commercial space.
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Eight other buildings are also in development, with six currently under construction.
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These policies have led to a revamped New West – a place where residents, developers and investors want to call home. With a long-term urban renewal plan already taking shape, the area is poised for growth with a projected 104,000 people over the next 25 years.
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To learn about commercial real estate investment opportunities in New Westminster, please contact our Vancouver office to speak with an advisor.
Surrey Lures Vancouver High Tech Firms with Affordable Rental Spaces
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(Posted on May 22, 2016 at 01:00PM by Michelle Bogle)
Vancouver's Oceanfront Commercial Properties: Sitting Pretty
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(Posted on May 18, 2016 at 10:47PM by Michelle Bogle)
Commercial properties may only take up 2% of the land lining Vancouver’s oceanfront, but, when broken down, they account for nearly 600 businesses geared towards catering to visitors in the area.
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In fact, in a recent Vancouver Sun report, there are at least 77 office buildings, 73 hotels, 37 stores, 12 restaurants and five theatres directly on the Pacific Ocean between Lions Bay and South Surrey. It’s a bustling oceanfront commercial hub with Vancouver taking up three-quarters the land.
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The most popular commercial properties? Marinas, of course. To date, there are 152 of them, valuing more than $200 million.
Additional seaside industrial operations also include 34 storage and warehouse facilities, 21 parking lots, two gas stations and one car wash.
Additional seaside industrial operations also include 34 storage and warehouse facilities, 21 parking lots, two gas stations and one car wash.
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The parking lots alone have a combined value of nearly $200 million, with the most valuable properties being offices at $790 million and hotels at $635 million. The Westin Bayshore Hotel takes up a good portion of that value. To date, it’s situated on land valuing near the $154 million mark.
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With Vancouver’s strong commercial real estate market, these land values are expected to rise and gain continued interest from foreign investors looking to capitalize on the low Canadian dollar and interest rates.Â
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To learn more about oceanfront commercial real estate opportunities in the Lower Mainland, please contact our Vancouver office to speak with an advisor.Â
Vancouver Attracting More Corporate Headquarters
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(Posted on May 14, 2016 at 10:49PM by Michelle Bogle)
When people think of Chinese investment in the province of British Columbia, they often focus on Vancouver’s off-putting residential real estate prices.However, what is often not mentioned is the corporate investment going into the Lower Mainland by Chinese companies looking to call Vancouver home.
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And, many Chinese companies are, in fact, choosing to settle in Vancouver.Â
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At the helm of this activity is HQ Vancouver. As a joint federal-provincial organization, they were specifically created to persuade companies to set up regional headquarters in Vancouver.Â
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So far, the half dozen companies who have moved operations to Vancouver are Chinese. They are attracted by some of the lowest corporate tax rates in North America, a 30% exchange rate advantage and significant tax incentives from international business activities.
Vancouver also offers lower employer health insurance costs, lower professional wages, more affordable commercial real estate costs, lower electricity rates and more affordable post-secondary education.
Vancouver also offers lower employer health insurance costs, lower professional wages, more affordable commercial real estate costs, lower electricity rates and more affordable post-secondary education.
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The timing couldn’t be better for a movement like this. China has many companies looking to grow their operations exponentially by seeking a global platform. And, unlike major corporations from countries, such as Japan, South Korea and Western Europe, they don’t have an established relationship with another major North American city, such as Vancouver. This fact has made it much easier for organizations, like HQ Vancouver, to target emerging companies that haven’t established themselves on a global stage.
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Whether your company is considering relocating, expanding or establishing operations here, Vancouver is a vibrant, prosperous city to do business.Â
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To learn more about commercial real estate opportunities for a variety of asset classes, please contact our Vancouver office to speak with our team of advisors.
Condo Boom Takes Over Vancouver’s Industrial Sector
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(Posted on May 10, 2016 at 07:39PM by Michelle Bogle)
A new complex of industrial condo-style units was recently released in Vancouver and has proven highly attractive to small business owners and entrepreneurs in desperate need for workspace near the heart of the city.
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Construction hasn’t even begun on the three-building IntraUrban development, located on Laurel Street near Cambie Street and S.W. Marine Drive. However, the first phase is already more than half sold out and the development is still within the presale stage.Â
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So far, architect and engineering firms, tech start-ups, wholesale and construction businesses, and bakeries have purchased units. Investors are showing interest too, which will mean future rental opportunities.
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In Vancouver, industrial land prices have risen steadily and are the most expensive in the region. This is largely due to limited land supply and high demand for locations with easy access to customers, suppliers and skilled labourers.
As well, industrial land in the Lower Mainland is diminishing. In fact, Vancouver has seen a 30% drop in its supply of industrially zoned land. As a result, industrial tenants have had to reluctantly look outside of the city limits for space.Â
As well, industrial land in the Lower Mainland is diminishing. In fact, Vancouver has seen a 30% drop in its supply of industrially zoned land. As a result, industrial tenants have had to reluctantly look outside of the city limits for space.Â
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Developments, like IntraUrban, address this challenge and offer business owners and investors the opportunity to diversify holdings from traditional residential or commercial real estate ownership. Its location also can’t be beaten with downtown Vancouver just 20 minutes away.
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Construction will commence in early 2016 for occupancy in Fall 2016.
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For more information on industrial condo-style investment opportunities within Vancouver, please contact our office to speak with one of skilled advisors.
Technology and Digital Firms Are Dominating Vancouver’s Downtown Office Sector
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(Posted on May 6, 2016 at 04:10PM by Michelle Bogle)
Technology and digital firms are the dominating tenant pool in Vancouver’s downtown office sector. World-class firms, including giants like Microsoft and Amazon, are now the principal lease clients with approximately 740,000 square feet of space.
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In fact, these types of firms account for four out of 10 tenants that hold 50,000 square feet or more and make up 34.2% of all office space this year. This surpasses law firms, who were once the dominant players, but now only account for 10.3% of downtown leases.Â
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To date, more than 100,000 technological professionals work in the province of British Columbia, with about 75% of them residing in Vancouver’s core. They generate more than $23 billion in revenue and $15 billion in gross domestic product, but use less office space than comparable businesses in more traditional fields, such as law.
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This is largely due to the open-concept environments that these digital businesses employ.
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As the tech sector continues to expand across Vancouver, so does the need for flexible office space to accommodate tech firms and other start-ups as they set-up shop.
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For information and investment guidance regarding this growing sector, including its impact on Vancouver’s commercial real estate market, please contact our team of advisors for more.Â
Office Condos – A Growing Trend in Metro Vancouver
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(Posted on Apr 30, 2016 at 06:20PM by Michelle Bogle)
There is a growing trend occurring in major commercial real estate markets, like Toronto and Vancouver, and that’s office condos.
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Many business owners and young entrepreneurs are turning to purchased office space, versus rental units, as it’s an ideal way to build equity.
Instead of paying hundreds of thousands of dollars over the next 30 years, condo office owners are generating equity, which can be used to fund their futures and even retirement nest eggs.
Instead of paying hundreds of thousands of dollars over the next 30 years, condo office owners are generating equity, which can be used to fund their futures and even retirement nest eggs.
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In fact, according to recent industry reports, the demand for office condos in Vancouver is high thanks to low interest rates, strong price-per-square-foot growth, increasing lease rates and opportunity to build equity.Â
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Just six years ago, in 2010, only 31% of office condo buyers in Vancouver were investors. Since then, that number has grown to an unbelievable 83% by 2014.Â
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With this new trend, office condo investors are enjoying the benefits associated with ownership, including fixed and clear costs in a world of increasing lease rates, full control over the look and feel of their spaces, prospects of capital gain and no longer having to worry about leasing contracts and expiration dates. Instead, they can focus on growing their businesses, while reaping the benefits of increased equity over the years.
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Much like home ownership, 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.
Richmond and Delta’s Industrial Property Markets Are Reaching New Levels
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(Posted on Apr 28, 2016 at 10:09PM by Michelle Bogle)
The industrial property markets in Richmond and Delta are currently experiencing almost unseen levels of commercial real estate deals and dollar volumes thanks to low vacancy rates and rising rents.Â
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In fact, industrial vacancies in Richmond, B.C., fell to 2% at the end of last year, due to strong leasing activity and a lack of inventory. Delta’s vacancy rate dropped to a low 4% – the first time since 2009 that it has dropped well below the 5% mark.
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In terms of sales, the industrial markets in these areas are very healthy. Last year, sales in Delta totalled $133 million with 39 deals, while Richmond brought in $268 million of sales over the course of 105 deals.
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Developers in the area are now springing into action by creating more available industrial space. Currently, there is more than 5,200,000 sq. ft. of industrial space either under construction or proposed to break ground in the near future.Â
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Many of these projects include strata, institutional rental properties and build-to-suits. These types of industrial properties are in high demand for distribution and e-commerce businesses in the area.
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Even with all of the current and proposed developments underway for new industrial space, vacancy rates for Richmond and Delta are expected to remain low. Easy access via the South Fraser Perimeter Road (SFPR) and the tight squeeze on industrial properties in Metro Vancouver are to thank.
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To learn more about the growing demand for industrial properties in Richmond and Delta, please contact our Vancouver office for more information.
Whistler Blackcomb’s Renaissance Plan Faces Opposition
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(Posted on Apr 22, 2016 at 08:14PM by Michelle Bogle)
Since the release of the $345 million Whistler Blackcomb Renaissance modernization plan, opinions have been mixed over the project’s impact on housing, the environment and culture of the mountain resort, and the commercial real estate market as a whole.
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Plans for this long-term, three-phase, multi-million dollar investment include a new lift, an indoor adventure centre and waterpark, two luxury real estate developments and a major expansion of new bike trails.
Complete details of the plan can be seen here.Â
Complete details of the plan can be seen here.Â
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While some locals agree that revitalizing Whistler Blackcomb is necessary due to climate change and lower tourism rates, many others have major concerns:
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Affordable Housing
Whistler is already struggling with a tight housing market. It is estimated that the Renaissance will bring in 122,000 room nights and 407,000 visitor days annually by the third year of operation. The development will also have an additional 200- to 300-bed units from a 60-unit luxury townhome complex and a boutique hotel/residence at the base of Blackcomb. Residents are concerned about the lack of affordable housing – especially housing for all of the mountain resort’s employees.
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Strain on Infrastructure and Culture
Many locals are concerned about the anticipated strains on highway traffic and municipal infrastructure, as well as the erosion of Whistler's long-time ski culture.
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Environmental Impacts
There are a number of environmental impacts that residents are concerned about – one, in particular, is the sheer amount of water needed to fill The Watershed, which is the year-round, indoor adventure center focusing on water-based play located at Blackcomb’s upper base. It is estimated that it will take 2.9 million litres of water to fill the facility with an expected 15.9 million litres of water lost to evaporation flow/waste. This represents a third of a percent of Whistler's total annual water volume.
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Impact on Bear Habitats
Wildlife representatives are also concerned that the bear habitat will be put at risk, particularly in the Creekside area where 50 kilometres of new trails are slated for construction.Â
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Lack of Health Care
With any massive indoor/outdoor adventure project, availability of health care options is critical. Many residents are worried that their already strained health care system will not be able to handle the increased volume of visitors.
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With such limited support services and infrastructure in Whistler Blackcomb, the sustainability from a commercial real estate perspective is also being questioned by industry experts. As plans continue to evolve for this project, many are following this project very closely, which is sure to generate more opposition as the modernization unfolds.Â
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In our Vancouver office, David Fox monitors commercial real estate activity in the Sea-to-Sky corridor, including Whistler and Squamish. Please contact him for more information related to this exciting market.
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