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Showing posts for category Commercial Real Estate in Vancouver (Back to Index)
Showing posts for category Commercial Real Estate in Vancouver (Back to Index)
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TransLink Sells Vancouver’s Oakridge Transit Centre Lands
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(Posted on Dec 21, 2016 at 07:34PM by Michelle Bogle)
Yesterday, TransLink announced the sale of the Oakridge Transit Centre lands – a 13.8-acre site located at West 41st Avenue – to Intergulf-Modern Green Development Corp. The structured transaction sale will amount to $440 million in payments to TransLink by 2022.
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This sale also ranks as one of the largest real estate transactions in all of British Columbia’s history. The property was publicly marketed to generate interest in the sale, which resulted in 14 competitive proposals from interested buyers. All underwent rigorous evaluations and Intergulf-Modern Green Development Corp. was chosen based on the benefit their offer presented TransLink and taxpayers.
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“This transaction is a tremendous benefit to taxpayers and is an example of how TransLink is using its resources to better serve customers across the region,†says Don Rose, Board Chair of TransLink in a press release.
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The recently adopted Phase One funding of the 10-Year Vision included $150 million from the anticipated sale of the Oakridge Transit Centre – a key element of the regional contribution, which allowed TransLink to access funding made available from the new Federal Public Transportation Fund (PTIF) and new provincial funding. The Phase One plan funds ongoing pre-construction work for the Broadway Millennium Line extension and the Surrey-Newton-Guildford light rail projects. The remaining proceeds from the sale of Oakridge Transit Centre will be reinvested back into property needs required to support projects identified in the 10-Year Vision.
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Before the property was marketed for sale, TransLink worked closely with the City of Vancouver in completing a policy statement that included community consultation. This consultation helped shape the land use, density, public benefits and development concepts of the Oakridge Transit Centre lands. The policy statement was unanimously approved by City of Vancouver Council in 2015. A strong real estate market and the certainty provided by the policy statement were key to maximizing the land value in this sale.Â
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To learn more about this monumental deal and how the future development of the Oakridge Transit Centre lands will impact Vancouver’s commercial real estate market, please contact our office to speak with an associate.
McLaughlin Family Selling B.C.’s Grouse Mountain Ski Resort
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(Posted on Sep 21, 2016 at 01:57PM by Michelle Bogle)
Vancouver’s Commercial Real Estate Industry Shatters Record with 34% Increase in a Single Quarter
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(Posted on Sep 16, 2016 at 07:49PM by Michelle Bogle)
According to a recent report, Vancouver’s hot real estate activity is spilling over into the commercial sector where sales activity has spiked an astounding 34% in a single quarter – a figure that surpasses any previous records within the industry.Â
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In Q2 2016, there were $3.75 billion in real estate transactions – the sixth straight quarter of growth in Vancouver. Out of that $3.75 billion, 875 transactions in the quarter were $1 million and above. And, the number of deals has also jumped – from just 596 in Q1 2016 to 44% more in Q2.Â
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“The record-setting first half of 2016 has been fuelled by a combination of both high-value asset trades, as well as a sharp uptick in deal velocity,†noted Paul Richter, Director, Altus Data Solutions Canada. “The diversity in the market in terms of asset-by-asset contribution, at all price levels, will remain key in maintaining momentum going forward.â€
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In terms of the asset breakdown, office deals were up 10% from the previous quarter and accounted for 11.4% of all transactions in Q2. Retail deals jumped by 114% from the previous quarter and accounted for 13.8% of all transactions in Q2. Residential land acquisitions, on the other hand, accounted for 37.3% of all deals in the quarter and were up 36% from Q1.Â
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Additionally, large deals are also gaining in prominence with 19 transactions over the $25 million mark, which accounted for 28% of all capital flow in the quarter. Since Q3 2015 alone, Greater Vancouver has had between 11 to 14 transactions worth more than $25 million.
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As the real estate activity in Vancouver continues to spill over into the commercial sector, our team of associates have a close watch on the market. To learn more about investment opportunities across a range of asset classes within British Columbia, please contact our Vancouver office to speak with a broker.
B.C.’s Commercial Real Estate Index Hits Record High
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(Posted on Sep 6, 2016 at 01:00PM by Michelle Bogle)
According to a recent news release by the BC Real Estate Association (BCREA), commercial real estate action in the province has hit its highest levels in history, propelled by strong growth in the provincial economy.Â
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BCREA’s Commercial Leading Indicator (CLI) increased 1.7 index points in the second quarter to a new high of 122.2, which is an increase of 2.2% compared to the second quarter of 2015.
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The index, which tracks specific economic data to forecast the commercial real estate market, was at 100 in 2009 at the height of the financial crisis.
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According to BCREA Economist Brendon Ogmundson, the recent increase reflects a strong underlying economy and accelerated employment growth. He adds, “The CIL was further boosted by a rebound in financial markets that were previously dragging the index lower.â€
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Every sector of the commercial real estate market is showing strength – most of which is centralized with Metro Vancouver, which accounts for approximately 80% of the commercial real estate sales and leasing in the province. The most noteworthy asset classes continue to be industrial, office and retail properties, which are all experiencing lower than usual vacancy rates.
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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 to speak with an associate. Â
FortisBC’s Eagle Mountain – Woodfibre Gas Pipeline Project Earns Environmental Approval
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(Posted on Aug 15, 2016 at 07:40PM by Michelle Bogle)
On August 9, 2016, B.C.’s Environment Minister Mary Polak and Natural Gas Development Minister Rich Coleman announced that approval has been given to FortisBC for the proposed Eagle Mountain – Woodfibre Gas Pipeline (EGP) Project.
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“We’re pleased to receive the provincial environmental assessment approval,†said FortisBC Vice President Cynthia Des Brisay. “The decision is the result of more than two years of engineering and environmental studies to gather information, and countless hours of work by our project team and consultants to design a project that will minimize local impacts as much as possible.â€Â
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The provincial environmental assessment process was coordinated by the BC Environmental Assessment Office. It included the evaluation of various potential pipeline routes and compressor station locations. In response to feedback from the public and local Aboriginal groups, FortisBC proposed a number of design changes to the original plan, including:
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- Changing the crossing method to reduce disturbances in the Skwelwil’em Squamish Estuary Wildlife Management Area
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- Modifying the proposed corridor to avoid areas of importance to Tsleil-Waututh Nation
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- Moving the proposed Squamish compressor station to the base of Mt. Mulligan
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- Locating a temporary worker camp west of the Squamish River to reduce potential impacts on worker accommodations in the area
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Background
The EGP Project is a 47km long pipeline expansion to FortisBC’s existing Vancouver Island natural gas transmission system to deliver natural gas to the Woodfibre LNG facility, which received an environmental assessment certificate last fall. The pipeline system was built in 1990 to serve Squamish, the Sunshine Coast and Vancouver Island. It was last expanded before the 2010 Winter Games to convert Whistler from piped propane to natural gas.
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For more information on the EGP Project, visit TalkingEnergy.ca. To review the full list of conditions and design parameters outlined in the Environmental Assessment certificate, please visit the BC Environmental Assessment Office’s website.
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Local Impact
Major developments, such as Woodfibre, are having a positive impact on Squamish’s economy and, as a result, are fueling demand for real estate, especially commercial assets. The former lumber town is now once again poised for growth and expected to draw an increased supply of workers into the area.
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Want to learn more? For more information about commercial real estate activity in the Sea-to-Sky corridor, including Whistler and Squamish, please contact our area expert, David Fox, in our Vancouver office.Â
CLI Indicates Growing Activity in B.C.’s Commercial Real Estate Sector
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(Posted on Jun 19, 2016 at 01:00PM by Michelle Bogle)
The British Columbia Real Estate Association’s (BCREA) Commercial Leading Indicator (CLI) pushed higher in Q1 2016, reflecting a strong and growing provincial economy. The CLI index posted a 1.1 point increase to 120.8, compared to the previous index high of 120.1 in Q1 2015.Â
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With the B.C. economy swelling, growth in investment, leasing and other commercial real estate activity is also expected to rise over the next year.Â
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Most of the growing activity in the CLI in Q1 2016 can be traced to the economic activity component of the index. B.C. has led all of Canada in economic growth for the last two years and is currently tracking at over 3% growth in 2016.Â
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Consumer spending is also the main driver of retail sales, posting 7% growth through Q1 2016. Wholesale trade and manufacturing sectors earned solid gains as well, pushing the CLI’s economic activity component higher by 1.2 index points.Â
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According to BCREA, employment in B.C. is also gaining traction – total employment has jumped 2.9% this year, which is the fastest pace of job growth since 2007. However, employment generated in key commercial real estate sectors remains mixed. The CLI measure of office employment increased for the first time since mid-2014, increasing by 6,600 jobs. On the other hand, manufacturing employment, which had posted consistent gains for several consecutive quarters, dropped in Q1 2016 by 2,900 jobs.
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At Marcus & Millichap Vancouver, our advisors always have their eyes on the provincial economics factors that drive our commercial real estate sector. To stay abreast of investment, leasing and other commercial real estate activity, please contact our office to speak with an associate.
Marcus and Millichap Brings Commercial Real Estate Expertise to Vancouver
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(Posted on Mar 11, 2016 at 07:58PM by Michelle Bogle)
As one of the largest commercial real estate investment companies in the United States, we are pleased to announce that Marcus & Millichap is bringing a fresh, new approach to the Canadian marketplace as we expand our operations into Vancouver.
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Spearheaded by Rene Palsenbarg, Regional Manager at Marcus & Millichap, our Vancouver office specializes in real estate investment sales, research information and advisory services within the following asset categories:
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• Multifamily
• Retail
• Office
• Industrial
• Single-tenant net-lease
• Self-storage
• Seniors housing
• Manufactured homes
• Hospitality
• Land and special assets
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Specialized Service
Our service offering is unique in that we solely focus on Vancouver-centric commercial real estate sales – sales being the operative word, as our portfolio does not include property management or leasing. Our brokers are also trained as sole-asset focused advisors with geographical specialization, offering our clients superior expertise and proficiency.
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Well Established & Highly Connected
We also have 78 offices in the United States with 1600+ agents and brokers who have access to our Vancouver listings – which also means that we have access to over $8 billion in listings within the United States. Whether you are looking to buy or sell in commercial real estate in Vancouver or the bordering states, our network has a robust inventory to pull from.Â
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Proud to Serve You
As the newest real estate investment services firm to enter the Vancouver market, our young and energetic commercial advisors are poised and eager to satisfy all of our clients’ unique needs.
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To learn how you can partner with us, please contact our Vancouver office for more information.Â
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