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Crunch at the Pumps: Vancouver to Lose More Gas Stations Amid Real Estate Boom
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(Posted on Jan 28, 2017 at 03:06AM by Michelle Bogle)
As the real estate market in Vancouver continues to boom, drivers across the city may find it harder to fill up their vehicles with fuel as Chevron Canada Ltd. plans to put another five stations up for sale.
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The company decided to sell the five locations after marketing three others last year, including one on Georgia Street that is currently one of only two gas stations in the downtown core. Although the sales haven’t finalized on the first three, interest in the properties was strong enough to persuade the company to list the next lot of stations, especially as land remains in high demand across the city.
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"There's intense demand for housing in the city and, with that in mind, it makes sense that we market these properties in some of the most valuable parts of the city," said Chevron spokesman Adrien Byrn in an interview with CTV Vancouver. "That's really the primary driver behind this decision."
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However, this trend isn’t just applicable to Metro Vancouver – it’s a trend in other major markets too. According to industry watchers, gas stations have been disappearing steadily across North America over the past quarter century, as companies drive consumers toward fewer higher-volume, multi-pump stations.Â
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To date, Vancouver’s business license database shows 70 active retail gas stations, along with three others listed as pending. Chevron, which has the largest market share of all the gas companies in the city, says that even when the listed stations sell, the company will retain 19 other locations.
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For more information on these Chevron locations or other land investment opportunities across the Lower Mainland, please contact our Vancouver office to speak with a commercial real estate advisor.
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