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information blog commercial real estate properties vancouverPrivate sector construction in Prince George, British Columbia, hit a record-setting high throughout 2016.

According to City Hall, building permits for an unprecedented $122.5 million worth of work were taken out over the year. Prior to 2016, this value never surpassed $120 million.
 
“[Based on] our digital records, which go back to 1990, 2016 was a record year in a very positive way for Prince George’s economy,” says the City’s Manager of Economic Development, Melissa Barcellos in a press release. “The fact that private sector dollars are driving the development of Prince George reflects the confidence that business owners and investors have in the current economy and their expectations for the future.” 
 
In 2016, the City of Prince George issued a total of 455 building permits worth $127,850,777; 96 per cent were investments from the private sector.

Here's a closer look at the numbers: 
 
• Residential: $72,553,262 
• Commercial: $46,353,836
• Industrial: $3,617,866 
• Institutional: $5,225,813 
• 143 new single family residences 
• 15 new commercial developments
• 173 new multi-family units
• 14 new duplexes
• 39 new single family secondary suites 
 
In addition, the Prince George saw five new industrial developments, 446 new businesses, over $100,000 of grants awarded for projects totalling $750,000, as well as façade improvements on 17 downtown businesses. 
 
“At each meeting over the past year, Council has looked at the building permit numbers and remarked at how well the city has been performing. We are pleased to share these numbers with the public and the business community,” says Mayor Lyn Hall in the same press release. “As many developers have stated recently: Prince George is open for business.” 
 
For more insight into the investment opportunities available in Price George and other areas of Northern B.C., be sure to contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor. 
commercial real estate retail vancouver bcProscenium Architecture + Interiors Inc. have submitted a development application to the City of Vancouver for a site located at 2350 West 4th Avenue in Kitsilano, B.C. 
 
The plan calls for a new two-storey, mixed-use commercial building on the C-2B zoned site, including the relocation of an existing Shopper’s Drug Mart retail store, which is currently located down the street.
 
The development proposal includes:
 
• Two-storey Shopper’s Drug Mart
• Three additional ground floor retail stores 
• Total density of 1.24 FSR
• 19,563 square feet of retail space
• Overall building height of approximately 37.67 feet
• Two levels of underground parking (69 spaces)
 
Details of the proposed project can be viewed here. 
 
For more information regarding other commercial real estate investment opportunities, as well as retail developments across the Lower Mainland, please contact our Vancouver office to speak with a broker.   
Flavelle Oceanfront Development, the owner of a 34-acre waterfront mill property in Port Moody, B.C., has submitted an application to amend the Official Community Plan in an effort to re-designate the industrial site to allow for a new high-density mixed-use waterfront development. 
 
Flavelle is the real estate division of Mill & Timber Products, a family-owned business in Surrey that acquired the cedar sawmill operation in 2000. 
 
The 34-acre Flavelle site has been an important piece of Port Moody’s physical landscape for over 100 years. Located at the water’s edge at the end of the Burrard Inlet, the site is neighboured by Rocky Point Park to the east and the Pacific Coast Terminals to the west. The construction of the Canadian Pacific Railway in 1886 divided the waterfront from the rest of the city. 
 
According to Flavelle Oceanfront Development, the key objectives of the site redevelopment are to knit the community back together and provide public access to the oceanfront. However, there is some contention with this project – specifically the site’s designation in Metro Vancouver’s Regional Growth Strategy (RGS) as industrial use. Its conversion to residential uses was previously declined by the Board in 2014, due to an incomplete development plan. However, after further community and stakeholder consultations, along with the completion of the Evergreen Skytrain extension, interest in the project has been renewed. 
 
As such, Flavelle Oceanfront Development has drafted a complete land use plan for the City of Port Moody’s consideration. It includes:
 
• 3,397 residential units
• 3,260,000 sq. ft. of residential density (including 55,000 sq. ft. of rental)
• 99,000 sq. ft. of office space
• 103,000 sq. ft. of light industrial space
• 72,000 sq. ft. of retail space
• Total density of 3,850,000 sq. ft.
• Total density of 2.82 FSR
• 11 towers ranging from 16 to 38-storeys in height
• Mix of light industrial, commercial, office, private indoor amenity space
• Possible congregate care facility and hotel
• Approximately 7.53 acres of dedicated park/open space
 
The final project is expected to bring a resident population of 7,000 people and over 1,000 jobs.
 
You can learn more about this mixed-use waterfront development in the video below:
 
 
With there being such a large shortage of industrial lands across the Lower Mainland, our team of commercial real estate advisors are keeping a close eye on this project, especially as it progresses through the approval stages with the City of Port Moody. 
 
For more information or insight into the Flavelle sawmill redevelopment, please contact Marcus & Millichap’s Vancouver office to speak with an associate.
office retail vancouver bc commerical brokerChange is coming to the now vacant Empire Granville 7 Cinemas. Musson Cattell Mackey Partnership has applied to the City of Vancouver for permission to alter the theatre, which closed in November 2012.
 
The changes would include adding 27,011 square feet of commercial retail space at basement- and street-level to the site, which is located at 855 Granville Street, as well as 29,784 square feet of commercial office space on the second and third floors.
 
The building is a municipally designated "Heritage B/Heritage C" commercial building. Under the site’s DD zoning, the changes that Musson Cattell want to make remain conditional upon approval from the City of Vancouver’s Director of Planning.
 
The move to alter this building is not unexpected, given its prime location and the fact that it has sat vacant for so long. Our team of commercial real estate advisors at Marcus & Millichap are keeping a close eye on this development, as plans continue to take shape. To view the rezoning application for 855 Granville Street, please click here. 
 
For more information regarding other commercial real estate investment opportunities, as well as office and retail developments across the Lower Mainland, please contact our Vancouver office to speak with a broker.   
British Columbia commercial real estate developers are betting big on Calgary's economic recovery, spearheading the biggest speculative plays in Alberta’s Stampede City.
 
Vancouver-based Hungerford Properties and Beedie Development Group have both started work on industrial and office developments in the neighbouring province. 
 
Hungerford’s Fairmore Business Park is one of three recent commercial condo developments by the company, and the only new office and warehouse project started in south central Calgary this year. 
 
Here’s a virtual tour of the project:
 
 
Beedie Development Group also has three industrial condo developments under construction in the Calgary region, including its Highland Common Business Centre in suburban Airdrie, approximately 15 minutes from Calgary’s downtown.
 
With pricing starting at $165 per square foot, Jorden Dawson, Beedie’s Director of Industrial Development in Calgary, said they are seeing a lot of interest and activity. “A lot of [Calgary] businesses see the value in owning their own facility,” he said in an interview with Business in Vancouver. 
 
Other investors are also showing interest in Calgary’s commercial real estate market as well. Total sales of commercial property in the third quarter of 2016 reached $671 million, which was a 46% increase compared with the same period in 2015.
 
With a number of notable Vancouver-based speculators showing interest in developments beyond the borders of British Columbia, our team is keeping close tabs on the market. For more information, please contact our Vancouver office to speak with an associate or follow us on Facebook.
vancouver bc commerical brokerA formal application has been submitted to the city for the rezoning of the former central Canada Post building in downtown Vancouver. The 2.98-acre site comprises a full city block at 349 West Georgia Street. It was bought by bcIMC in 2013 for $159 million.
 
The proposed redevelopment is unique in that it retains the existing heritage building, which was built in 1958, but also adds two residential towers and one office tower above the seven-storey Modernist structure. The three new residential and office skyscrapers are large in scale, reaching 17, 18, and 20 storeys.
 
The planned development will add 799 new homes in the downtown core, consisting of 427 market rental units and 327 condos. The proposal also includes a 49-space childcare facility, six levels of parking, as well as 512,000 sq. ft. of office space and 274,000 sq. ft. of retail space.
 
According to Musson Cattell Mackey Partnership, the architectural firm that submitted the application, this is an opportunity to “reimagine and redefine this part of our city once again, and the Post Office will be key for this evolution.”  
 
To view the application in its entirety, as well as contextual photos, design rationale and building renderings, please click here. Or, for more information on commercial real estate investment opportunities and developments across the Lower Mainland, please contact our Vancouver office to speak with a broker.

You can also view our featured listings by 
clicking here.
commercial real estate services local vancouverAccording to a recent report by Statistic Canada, building permits are down across the province of B.C. with a steep decline specifically within the Metro Vancouver Area. This is part of a larger national trend, which has seen municipalities across the country issuing 5.5% fewer building permits in June than May of this year. 
 
Overall, Vancouver had the largest drop in permits of any census metropolis area in Canada, with the total value falling 25.2% to $580 million in June.

This was also a 20% drop in comparison to June of 2015. The decrease is largely due to lower construction numbers for multi-family dwellings and commercial buildings.
 
On the home sales front, those numbers have fallen as well. Just last week, the Real Estate Board of Greater Vancouver (REBGV) released figures showing home sales dropping below the 4,000 sales mark in July for the first time since January. 
 
“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” said REBGV President Dan Morrison in a release. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.”
 
As Vancouver’s real estate market begins to show signs of “moderating”, our team of advisors is keeping a close eye on commercial real estate activity across the Lower Mainland. For more information on investment opportunities in all asset classes, please contact our Vancouver office to speak with a broker.
commercial real estate services local vancouverPort Living has applied to the City of Vancouver for permission to develop a 19-storey mixed-use building at 1255 West Pender Street.
 
The site is very unique due to its small size and proximity to the nearby Coal Harbour Park, Evergreen Building and neighbouring Palladio condo building. As a result, the building is equally unique, as it was designed to preserve existing views and privacy from adjacent buildings.
 
The proposed development includes the following:
 
• 20 residential units
• Ground floor retail
• Building height of approximately 68m
• Total floor area of 5,063 m2
• Three levels of underground parking accessed from W. Hastings Street
 
Under the site’s existing DD zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.
 
To view the proposed design rationale by Francl Architecture, please click here.
 
For more information on commercial real estate investment opportunities and developments across the Lower Mainland, please contact our Vancouver office to speak with a broker. You can also view our featured listings by clicking here.
commercial real estate services vancouver bcThe City of North Vancouver recently received a rezoning application from Regency Group Canada to redevelop a 20,730 sq. ft. site at 711 West 14th Street in North Vancouver, named “The Five Points”.

Located near the intersection of Marine Drive and Bewicke Avenue, the site is currently occupied by an old vacant commercial building. 
 
The permit is for a four-storey mixed-use building comprised of:
 
• Commercial retail space at grade

• 45 stratified residential units (studio or 1/2/3 bedroom units)

 
• Total density of 2.0 Floor Space Ratio (FSR)
 
• 54 parking stalls 
 
• One loading bay with access from the east-west lane at the rear of the building
 
The complete Development Plan Submission can be viewed in its entirety by clicking here.
 
For more information regarding commercial real estate investment opportunities and development activity in Metro Vancouver, please contact our office to speak with our team of skilled advisors.

You can also view our featured properties on Marcus & Millichap’s property search directory.
commercial real estate services local vancouverThe City of Vancouver recently received an application to rezone 3868 Rupert Street from Commercial District C-1 to Comprehensive Development District CD-1, which will allow the development of a six-storey mixed-use building.
 
The proposal includes:
 
• 112 secured market rental units
• Commercial uses at grade
• A proposed floor space ratio of 3.60
• A building height of 69 ft. 
• 158 underground parking spaces
 
The 29,130 sq. ft. site is currently home to an existing 50-year-old single-storey retail building, which accommodates approximately half of the site with an at-grade parking lot. The existing retail building has a number of tenants who have established successful businesses at this location. The largest of which is Chong Lee Market, which has been trading for over 20 years. 
 
As part of this proposal, the project will provide new commercial premises for these existing tenants, which will help bolster their businesses and the local economy.
 
This project will also address the lack of affordable housing in the area and low supply of good quality rental accommodations. The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.
 
To view the full Rezoning Application for 3868 Rupert Street, please click here. 
 
For more information regarding this development plan, including its impact on multi-family and retail commercial real estate opportunities in Vancouver, please contact our office to speak with one of our advisors.
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