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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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.
Downtown Squamish Hotel Sold for $4.5 Million by Marcus and Millichap Agent in Vancouver, BC
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(Posted on Nov 7, 2018 at 06:54PM by Danielle Smyth)
A downtown Squamish hotel has sold for $4.5 million, thanks to the hard work of a Marcus & Millichap agent, Mike Guinan-Browne. He works in the Vancouver, BC, office, and specializes in multifamily units throughout the area. Guinan-Browne is originally from England and worked as a residential real estate broker and branch manager in South Africa. He is passionate about service and real estate and has the educational background to support his impressive work in the field.Located at 28012 Third Ave. in Squamish, this property is nearly 18,000 square feet in size. It is zoned as commercial land and, at present, houses a Squamish Budget Inn. It is assessed at $2,795,100. The property is permitted to be redeveloped and a building of up to six stories could be added to the location. This is due in part to the fact that it is zoned as a C4 property.
Our advisors have the expertise to help you along the path to owning one or more investment properties. 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 additional information.
More On the Primecorp Acquisition by Marcus and Millichap for Vancouver, BC
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(Posted on Nov 5, 2018 at 02:37AM by Danielle Smyth)
Great things are happening for Marcus & Millichap in Canada. This California, United States, brokerage firm recently acquired Primecorp Commercial Realty, which will be hugely beneficial to both companies. The CEO of Primecorp, Aik Aliferis, informed news outlets of the deal on October 3, 2018.According to the Ottawa Business Journal, Primecorp was founded in 1998. It is fairly widespread, thanks to offices in Ottawa, Toronto, Montreal, and Gatineau. The organization employs 12 brokers in the area, which makes it the city’s sixth-largest commercial brokerage. Even more impressively, they have closed more than $7 billion worth of deals with clients both large and small. From local businesses to giants of the industry like McDonald’s and Starbucks, Primecorp has done it all.
In the deal, most of the senior staff and advisors of Primecorp will be retained, though there will be some restructuring. For instance, the Toronto and Montreal office staff members will go to work in the United States at the corporate office of Marcus & Millichap.
Have you been hoping to get more information about opportunities for investment? Perhaps you’re considering a move into Canada or want to learn more about the recent merger. Get in touch with Marcus & Millichap's Vancouver office, and one of our experienced commercial real estate advisors will be happy to provide 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.
Tax Reform Creates Investment Opportunities in Vancouver, BC
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(Posted on Oct 29, 2018 at 03:43PM by Danielle Smyth)
New tax rules have created huge opportunities for investors and companies who work with commercial real estate companies like Marcus & Millichap. It used to be the case that it was ideal for a business entity to own the property where they operated. In many cases, the interest they paid on the location was often tax deductible. Now, however, it’s only possible to deduct interest or loans up to 30 percent of your earnings before taxes, depreciation, and amortization.This means that many companies are now finding it’s more favorable to sell their properties to investment companies and then lease it back over the long term. Generally, a lease is fully deductible over the life of the business arrangement. This will particularly benefit single-tenant retail companies like pharmacies, banks, and restaurants.
There is a lot of opportunity for the industrial sector, too. Thanks in part to the popularity of online sales, many companies are seeking larger industrial production facilities. This can be hugely beneficial for investors. Of course, yields on assets for investors vary widely, and they depend on location and tenant creditworthiness.
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 assist you!Â
Marcus and Millichap’s Recent Merger to Enhance Commercial Real Estate Investment Opportunities Across Vancouver, BC
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(Posted on Oct 29, 2018 at 03:13PM by Danielle Smyth)
With its recent acquisition of Primecorp Commercial Realty, Marcus & Millichap is now in a key position to help investors in every major metropolitan region in Canada. Based in Ottawa, Primecorp has successfully completed more than $6 billion in transactions since it was launched in 1998, and the company has a stellar reputation for excellence.Marcus & Millichap is excited to share its “technology, brokerage tools, training and management systems" with Primecorp, according to the company’s President and Chief Executive Officer, Hessam Nadji. With these tools, the latter is expected to enjoy even more growth going forward. The former will benefit tremendously from the renown, local growth opportunities, and Toronto and Gatineau offices that Primecorp has established over its 20 years in business.
It’s an exciting time for Marcus & Millichap, which also recently acquired Montreal-based McGill Commercial, a regional commercial real estate investment sales firm. Through transactions of this nature, the company hopes to enhance its offerings and geographic capabilities while maintaining the same great reputation and ability to execute transactions across a variety of product lines.
If you’re interested in learning more about opportunities for investment throughout Canada or about the recent merger, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
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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