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Increased Tourism Creates Healthy Canadian Hospitality Market
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(Posted on Nov 14, 2018 at 08:27PM by Michelle Bogle)
According to a recent Marcus & Millichap Hospitality Research Canada Report (Second Half 2018), strong tourism rates are benefiting the hotel property market across Canada as travellers book multi-day hotel rentals for their stays.Â
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During the first five months of the year, trips of one or more nights from non-residents rose one percent from the same time last year, which is a record 5.9 million international visitors. Tourism from China is also on a steady incline, increasing 14.8 percent during this same time frame. With Canada’s new tourism campaign in place, these numbers are expected to double the amount of Chinese visitors to the country and boost international tourists by 30 percent in 2021.
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In Vancouver, new regulations for short-term rentals is also expected to aid hotels. Effective September 1, 2018, homeowners can only put their primary residence on sites like Airbnb and they must have a $49 annual license to list their properties. This has resulted in a drastic decrease in the number of Airbnb listings from 6,600 in April to 3,700.Â
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With increased interest from international travellers and regulations in place to limit short-term rentals, it’s a great time to invest in a hospitality or hotel asset in Canada. To learn more about opportunities in Vancouver and surrounding regions, please contact our office to speak with a Marcus & Millichap commercial real estate advisor.
Investors Quick to Arrange Capital in Vancouver’s Industrial Sector Amongst Rent Gains
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(Posted on Nov 14, 2018 at 08:23PM by Michelle Bogle)
According to a Marcus & Millichap Industrial Research Market Report (Second Half 2018), investors are rushing to deploy capital in Vancouver’s industrial sector amid substantial rent gains.
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What’s driving this flurry is the continued growth and attraction of residents into the metro area, which is also impacting consumption trends, as well as motivating retailers, logistics firms and other companies to expand their operations into the area.
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Most recently, Delta and Surrey have become centres of activity due to their proximity to the U.S. and major thoroughfares into Vancouver. Amazon also just announced a lease agreement for a new build in Delta as the company grows its e-commerce network to meet the needs of a tight market. Walmart is planning to build a cold-storage facility in Surrey, as well, to support 60 stores throughout B.C.Â
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With tenant demand remaining strong across the Greater Vancouver Area, vacancy rates are plummeting. Specifically, in the second quarter, they fell to 2.9 percent, supporting an 8.8 percent increase to the average rent, which equates to $10.16 per square foot. The availability of midsize space is even lower, which is making it much harder for companies to find industrial space within the 15,000 and 30,000 square foot range. Developers also can't meet demand with such limited land opportunities.
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To learn more about the state of Vancouver’s industrial asset class, please read the full report on the Marcus & Millichap website.
Should you have questions or would like additional information, feel free to contact our Vancouver office to speak with a commercial real estate advisor.
Should you have questions or would like additional information, feel free to contact our Vancouver office to speak with a commercial real estate advisor.
Marcus and Millichap Hires Thierry Lessoil to Lead New Montreal Office
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(Posted on Oct 29, 2018 at 01:37PM by Michelle Bogle)
With the recent acquisition of McGill Commercial as part of Marcus & Millichap’s continued expansion into Canada, the company has named Thierry Lessoil as Regional Manager of the firm’s Montreal, Quebec, office.Â
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Lessoil brings more than 30 years of experience in commercial real estate investment sales and management to Marcus & Millichap. Most recently, he was a Managing Director with Sun Life Investment Management. In his new role, Lessoil will help to continue to develop Marcus & Millichap’s brand across Canada and grow the company’s property marketing platform. He will also work closely with the founders of McGill Commercial, Mickael Chaput and Michael Dermer, as well as investment professionals Naomi Faraj, Louis Hoppenheim and Phillipe Marcotte.
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“Thierry’s expertise as an organizational leader and his real estate investment experience and deep knowledge of the greater Montreal region make him a strong fit to support the expansion of our platform in Canada,†stated J.D. Parker, Marcus & Millichap Senior Vice President and Northeastern Division Manager in a statement. “Thierry will be a great ambassador for our uniquely collaborative property marketing system and full suite of real estate investment services as we further build out our platform to better serve our clients’ needs throughout North America.â€
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Marcus and Millichap Expands from Vancouver, B.C. into Quebec
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(Posted on Oct 29, 2018 at 01:26PM by Michelle Bogle)
Earlier last month, Marcus & Millichap announced the acquisition of Montreal-based McGill Commercial as part of its continued expansion into Canada. With more than 80 offices across the United States and Canada, the purchase of the regional commercial real estate investment sales firm will allow the company to complement its existing operations in Vancouver, Toronto and Calgary.
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“McGill is an exciting acquisition for us as we continue to expand our platform in Canada to best serve our clients in Quebec,†said Hessam Nadji, President and CEO of Marcus & Millichap. “This transaction immediately establishes our presence in Montreal with top producers who share our philosophy of superior client service and culture.â€Â
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McGill Commercial’s team specializes in investment sales and commercial real estate services throughout the Greater Montreal Region. Mickael Chaput and Michael Dermer, founders of McGill Commercial, along with investment professionals Naomi Faraj, Louis Hoppenheim and Phillipe Marcotte, will all join Marcus & Millichap’s Quebec office.Â
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Thierry Lessoil has also been appointed Regional Manager and brings 30 years of commercial real estate investment sales and management experience to the Montreal team.Â
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