More Jobs, Higher Retail Sales, and Great Commercial Real Estate Opportunities in Vancouver, BC
Real Estate News for Vancouver
Plans for a New Strata Office are Underway in Langley, B.C.
Tags:
(Posted on Oct 27, 2016 at 01:00PM by Michelle Bogle)
Plans for a new strata office development are underway in Langley, B.C. Spire Development Corporation purchased the 43,037 sq. ft. lot at the end of August 2016 for $1.4 million. The property is located at 199 Street and 80 Avenue, Lot 8.Â
Â
Zoned for CD-57, Spire plans to build a 51,000 sq. ft. three-storey office building with suites ranging from 1,000 sq. ft. to 14,000 sq. ft.Â
Â
Strata commercial space has traditionally accounted for a fraction of the overall commercial market, but its popularity has grown over the past number of years. In fact, new strata office buildings, such as the one in development by Spire, are in high demand across the Lower Mainland. This asset class is becoming increasingly popular with professional services firms or self-employed entrepreneurs, especially those within the medical field, who are seeking an alternative from costly rental offices with increasing lease rates.Â
Â
Even in neighbouring New Westminster, B.C., the demand is for strata office is high – so much so, that a global commercial real estate service firm is forging ahead with a plan to capitalize on the demand for strata office by selling portions of New Westminster’s Anvil Centre.
Â
The 137,000-square-foot building has been slow to lease, but discussions with prospective tenants show great potential for sales. To date, a couple of lease agreements are in progress that leave the door open to a future purchase transaction.
Â
It will be interesting to see how this test plays out – and you can be sure that our team at Marcus & Millichap Vancouver will be keeping a close eye on this project, amongst others.
Â
To learn more about the strata office market in the Lower Mainland, please contact our office to speak with an associate or feel free to view our current commercial real estate listings in our Property Search portal.
Powered by Webstager