More Jobs, Higher Retail Sales, and Great Commercial Real Estate Opportunities in Vancouver, BC
Real Estate News for Vancouver
Vancouver's Oceanfront Commercial Properties: Sitting Pretty
Tags:
(Posted on May 18, 2016 at 10:47PM by Michelle Bogle)
Commercial properties may only take up 2% of the land lining Vancouver’s oceanfront, but, when broken down, they account for nearly 600 businesses geared towards catering to visitors in the area.
Â
In fact, in a recent Vancouver Sun report, there are at least 77 office buildings, 73 hotels, 37 stores, 12 restaurants and five theatres directly on the Pacific Ocean between Lions Bay and South Surrey. It’s a bustling oceanfront commercial hub with Vancouver taking up three-quarters the land.
Â
The most popular commercial properties? Marinas, of course. To date, there are 152 of them, valuing more than $200 million.
Additional seaside industrial operations also include 34 storage and warehouse facilities, 21 parking lots, two gas stations and one car wash.
Additional seaside industrial operations also include 34 storage and warehouse facilities, 21 parking lots, two gas stations and one car wash.
Â
The parking lots alone have a combined value of nearly $200 million, with the most valuable properties being offices at $790 million and hotels at $635 million. The Westin Bayshore Hotel takes up a good portion of that value. To date, it’s situated on land valuing near the $154 million mark.
Â
With Vancouver’s strong commercial real estate market, these land values are expected to rise and gain continued interest from foreign investors looking to capitalize on the low Canadian dollar and interest rates.Â
Â
To learn more about oceanfront commercial real estate opportunities in the Lower Mainland, please contact our Vancouver office to speak with an advisor.Â
Powered by Webstager