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Whistler Blackcomb Announces $345-Million Renaissance Plan
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(Posted on Apr 20, 2016 at 04:16PM by Michelle Bogle)
Marcus & Millichap at the 2016 ACG BC Capital Connection Conference
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(Posted on Apr 15, 2016 at 03:14PM by Michelle Bogle)
On April 5, 2016, Marcus & Millichap Vancouver, represented by Rene Palsenbarg (Regional Manager) and David Fox (Associate and ACG Member), had the opportunity to attend the 2016 ACG BC Capital Connection Conference.Â
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Now entering its 15th year, this event is hosted by ACG British Columbia – a prominent network of leaders in strategic corporate development, private equity, investment banking and other Merges & Acquisitions (M&A) advisory support for mid-market companies; typically, private or family-owned businesses with revenues going into the $10s of millions range.
This event is the premier M&A conference in British Columbia and it attracts more than 300 deal makers each year, including corporate officers, national private equity firms, intermediaries and financing sources.Â
This event is the premier M&A conference in British Columbia and it attracts more than 300 deal makers each year, including corporate officers, national private equity firms, intermediaries and financing sources.Â
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At the conference, Rene and David had the honour of introducing Marcus & Millichap as the go-to hard asset managers for the real estate components that ACG members typically get involved with, including the raising and placing proceeds of funds in real estate assets.
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Presenting Marcus & Millichap as part of a broader initiative for restructuring companies going through transition was well received, as was the idea of having a commercial real estate company involved at the early stages of fund placement. Our team offers hard asset expertise and insight to companies that go above and beyond simply being the realtor that is brought in once the need to buy or sell a real estate asset is recognized.
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For more information on how you can partner with Marcus & Millichap for all of your hard asset needs, please contact our Vancouver office to speak with an advisor.
CMHC Study Shows Condo Investors are Here for the Long Haul
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(Posted on Apr 10, 2016 at 01:00PM by Michelle Bogle)
A recent study by the Canada Mortgage and Housing Corporation (CMHC) shows that condominium investors in Vancouver are here to stay.
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Who are these investors?Â
According to the 2015 Condominium Owners Survey, most are small-scale investors who own a secondary unit as a way to generate rental income.Â
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Many of these investors are expected to retain ownership of their investment properties for some time – about 60% plan to hold on to their units for more than five years, compared to the 8% who are planning to sell in less than two years.
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Of these investors, 56% expect that their units will appreciate, 35% do not expect a significant change and 5% anticipate a decrease in value.Â
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Overall, the survey results point to a very stable condo market.
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You can view the Condominium Owners Report in its entirety by clicking here.
To learn more about available condo investment opportunities in the Lower Mainland, please contact our Vancouver office to speak with one of our multi-family asset specialists.
To learn more about available condo investment opportunities in the Lower Mainland, please contact our Vancouver office to speak with one of our multi-family asset specialists.
Since the 2010 Olympics, Vancouver’s hospitality industry has picked up steam by focusing on new hotel builds and retrofits of existing buildings.In fact, approximately 75% of projects in Vancouver are retrofits with one of the most notable being Vancouver’s Fairmont Waterfront, which recently underwent a major renovation.
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And, while Vancouver’s hotel industry still falls behind larger markets, such as Toronto and New York, the sector is gaining ground by offering travelers a more personalized experience.Â
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Gone are the days of cookie-cutter hotels with one-size-fits-all approaches. Today, more brands and developers, such as Marriott, are zoning in and specifically catering to different demographics – from young travelers to business executives. They are learning from niche, boutique hotels and online hospitality providers, like Airbnb, to create unforgettable experiences for travelers that are unique, memorable and downright dazzling.Â
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This is a move in the right direction for the Vancouver hospitality industry, which has the potential for great growth over the coming years. It’s opening the commercial real estate doors as more big name brands want to capitalize on the opportunity to grow the hotel business in a world class city. The low Canadian dollar, increased occupancy rates and high number of conventions also make Vancouver a highly desirable market.
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To learn more about hospitality assets in Vancouver’s commercial real estate sector, please contact our Vancouver office to speak with one of our knowledgeable advisors.Â
Provincial Property Transfer Tax Act Applies to Commercial Assets
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(Posted on Mar 30, 2016 at 01:00PM by Michelle Bogle)
Commercial real estate investors, take note!The B.C. government’s planned changes to the Property Transfer Tax Act, which requires real estate buyers to disclosure citizenship and residency status information, applies to not only residential assets, but commercial as well.
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These changes were initially announced in the 2016 provincial budget, as a result of increasing foreign real estate investing in Metro Vancouver.
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The purpose of this new layer of disclosure is to provide the province with clearer data to better understand British Columbia real estate, both residential and commercial, and its drivers.
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Individuals buying property will need to disclose whether or not they are Canadian citizens or permanent residents. Corporate buyers must also disclose the total number of directors, the number of those who are Canadian citizens versus permanent residents, and the name, address and citizenship of all foreign directors.
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This new change is planned to take effect by late spring/early summer of this year.
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For more information, please contact our Vancouver office for details.
e-Commerce Drives Need for Industrial Warehouse and Distribution Space
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(Posted on Mar 28, 2016 at 01:00PM by Michelle Bogle)
Last year was one of the strongest years for the industrial real estate sector in North America. There are a number of factors to thank for this uptick; however, there’s one that stands out above all else and that’s e-commerce.
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According to the U.S. Commerce Department, online sales accounted for more than half of the total retail sales growth in 2015. Web sales alone totaled $341.7 billion for the year, which was a 14.6% increase over 2014's $298.3 billion.
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With the demand for online shopping increasing each day, retailers are turning away from traditional brick and mortar storefronts towards large big box warehouses to act as main distribution points for online sales.
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These properties are massive – around 300,000 sq. ft. or more with ceiling heights 28 ft. or higher. The sturdy, spacious construction of these buildings makes it easier for retailers to receive, warehouse and ship goods efficiently and cost-effectively.
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As demand for industrial space continues to grow, so does the profit potential for local and foreign investors. There is big money to be made in e-commerce and all of these retailers need space to operate.
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Strike while the iron is hot! Contact our office for more insight on Vancouver’s industrial real estate sector.
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According to Statistics Canada, British Columbia has become the second largest provincial contributor in new housing construction in January 2016, as spending rose 14.3% year-over-year.Â
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A total of $695 million was spent on the construction of new homes in the province in January 2016, compared to the $608 million in January 2015.Â
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This increase was mainly driven by investments made to new apartment and condominium builds that are taking shape across the province – especially within Metro Vancouver.Â
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This trend isn’t surprising, especially since the Vancouver multi-family market has been in overdrive for quite some time. According to the Goodman Report’s 2015 Year-End Review, Vancouver’s multi-family rental building sales saw a huge increase in 2015 – sales rose by 47% to 181 transactions and the dollar volume increased by 99% to $1.55 billion last year compared to 2014.
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The outlook for the remainder of 2016 appears to be favourable for multi-family sales. Industry watchers are predicting dollar volumes to hover around the $2 billion range by the end of the year.Â
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To learn more about investment opportunities within Vancouver’s multi-family market, please contact our office to speak with one of our commercial real estate advisors.
Lower Mainland Commercial Real Estate Sales Reached Five-Year Record High in 2015
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(Posted on Mar 18, 2016 at 06:00AM by Michelle Bogle)
Vancouver’s commercial real estate sector ended 2015 very strong. It was a year that saw great sales growth in land, office and retail, industrial and multi-family categories.
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In fact, according to the Real Estate Board of Greater Vancouver, there was a total of 2,307 commercial real estate sales in the Lower Mainland in 2015 – a solid 16% increase over the 1,985 sales in 2014.
Commercial real estate sales in 2015 were also 15% higher than the region’s five-year sales average. At the end of 2015, the total dollar value of commercial real estate sales in the Lower Mainland was $8.389 billion – a 33% increase from the previous year’s $6.273 billion total.
Commercial real estate sales in 2015 were also 15% higher than the region’s five-year sales average. At the end of 2015, the total dollar value of commercial real estate sales in the Lower Mainland was $8.389 billion – a 33% increase from the previous year’s $6.273 billion total.
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2015 Vancouver Commercial Real Estate Sales Breakdown By Category
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Land
There were 819 commercial land sales in 2015 – up 26% from the 650 land sales in 2014. The dollar value of 2015 land sales was $3.825 billion – up 21% from 2014’s $3.139 billion.Â
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Office and Retail
There were 807 office and retail sales in 2015 – up 6% from the 757 sales in 2014. The dollar value of 2015 office and retail sales was $2.364 billion – up 40% from 2014’s $1.678 billion.
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IndustrialÂ
There were 545 industrial land sales in 2015 – 15% from the 471 sales in 2014. The dollar value of 2015 industrial sales was $988 million – up 20% from 2014’s $823 million.
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Multi-Family
There were 136 multi-family land sales in 2015 – up 27% from the 107 sales in 2014. The dollar value of 2015 multi-family sales was $1.210 billion – up 91% from 2014’s $631 million.
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As you can see, 2015 was an extremely solid year for Vancouver’s commercial real estate sales. Overall, these numbers represent our city’s strong economy and real estate growth in the province.
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To learn more about the Lower Mainland commercial real estate market and how you can partner with Marcus & Millichap, please contact our Vancouver office for more information.Â
Marcus and Millichap Takes on Vancouver's Commercial Real Estate Industry
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(Posted on Mar 12, 2016 at 02:08AM by Michelle Bogle)
The word is out and it's official!Marcus & Millichap has opened its newest Canadian office in Vancouver, British Columbia.
More news will be released in the coming days.
Check back soon to hear all of the exciting details!
Marcus and Millichap Selects Vancouver as Its Next Venture
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(Posted on Mar 11, 2016 at 07:49PM by Michelle Bogle)
Marcus & Millichap, a leading commercial real estate investment services firm in the United States and Canada, has recently selected Vancouver, British Columbia, as its next venture.
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Steered by Rene Palsenbarg, Regional Manager at Marcus & Millichap, the newly opened Vancouver office provides real estate investment sales, research information and advisory services for a variety of commercial real estate assets. This includes multifamily, retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets – all within the municipality of Vancouver.
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Expanding into the active Vancouver marketplace was a natural choice for Marcus & Millichap. As the eighth-largest Canadian city, Vancouver boasts a dense population of 603,502 people (according to 2011 census data). Located on the coastal seaport of the province’s mainland, Vancouver is also one of the most culturally and linguistically diverse cities in the country. In fact, 52% of its residents have a first language other than English and 17% speak Chinese.Â
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Established on First Nations land and built-up by immigrants, Vancouver has achieved prosperity through worldwide trade. Today, as the city continues to achieve growth through office developments, industrial technology and foreign real estate investments, Vancouver remains a highly attractive market for local and international investors alike.
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To learn more about investing into Vancouver’s growing commercial real estate market, please contact our team of skilled brokers for details.Â
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