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Burnaby Outpacing Vancouver in Tower Developments
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(Posted on Apr 29, 2016 at 11:04PM by Michelle Bogle)
Once content to be known as a bedroom community to Vancouver, drastic change is underway in Burnaby, B.C.Â
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Gone are the days of low-density rental housing and single-family homes – highrise residential builds are now being put in their place and transforming Burnaby into a dense urban community with towers rivalling those in Vancouver.
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With developments being targeted around major transit routes and shopping malls, like Metrotown, Brentwood, Lougheed and Edmonds, the number of builds is staggering.Â
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Developers currently have over 100 highrise residential buildings with more than 30,000 units proposed or under construction for Burnaby. Of those buildings, 47 are 40 storeys or more.
In comparison, Vancouver only has 68 highrises under development with just 13 of them 40 storeys or taller.
In comparison, Vancouver only has 68 highrises under development with just 13 of them 40 storeys or taller.
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But, why the push for Burnaby? It all boils down to two things – lack of available land to develop in Vancouver, as well as restrictive building policies and unclear density rules by the City of Vancouver.Â
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In Burnaby, planned developments are a huge part of the region’s growth strategy, which is welcomed by developers. The planning and approval processes, as well as clear rules on how extra density is awarded within Burnaby, is attracting the attention of big developers looking to break ground.
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And, breaking ground they are! Over the next 25 years, Burnaby is expected to outpace Vancouver in its quest for highrise residential towers, as Vancouver focuses its attention on growing office developments.
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At Marcus & Millichap Vancouver, our advisors are keeping a close eye on the commercial real estate market in Burnaby. For more information on investment opportunities, please contact us to speak with an advisor.
Kelowna Emerging as B.C.’s Techno-Economic Hub
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(Posted on Apr 27, 2016 at 01:57PM by Michelle Bogle)
Kelowna’s commercial real estate sector has started to attract more attention from investors as the city transforms itself into a new, emerging technology and economic hub.
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The city is now home to the Okanagan Centre for Innovation – a 104,000 sq. ft. facility being built on the corner of Doyle and Ellis Streets.
The $35 million project is largely being funded by the building’s owner and operator, Kelowna Sustainable Innovation Group, as well as the provincial and federal governments. It is slated to open by the end of this year.Â
The $35 million project is largely being funded by the building’s owner and operator, Kelowna Sustainable Innovation Group, as well as the provincial and federal governments. It is slated to open by the end of this year.Â
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The city-owned land, in which the building is situated is on, has been leased to the Okanagan Centre for Innovation with the goal of building the nation’s most innovative and entrepreneurial hub. It will be home to the non-profit tech incubator, known as Accelerate Okanagan, as well as private tenants, including tech businesses and start-ups. Not only will this project drive growth in the area, but it will also create more jobs and build a stronger community.
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The construction of this new innovative hub is a huge step forward for the Kelowna technology sector, which is now a $1 billion economic contributor. In fact, technology businesses in the area have grown by 13% since 2010.
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To accommodate this massive growth, the Kelowna’s Official Community Plan estimates that an additional 3,000,000 sq. ft. of commercial real estate space will be needed to house new and existing businesses by 2030. Shorter projections, however, are showing that 800,000 sq. ft. of new space is needed immediately to accommodate growth within the next five years.Â
Of course, this growth is also boosting Kelowna’s residential real estate sector, which is in need of more housing units to accommodate the number of transplants to the area.
Just last year, Statistics Canada named Kelowna the province’s fastest growing city with a population of 191,237 – a 1.8% increase than the previous year and a higher rate of growth than the national average.
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To learn more about commercial real estate opportunities within Vancouver and surrounding cities, please contact our office for more information.
Vancouver’s Boom Causes Commercial Revival in Victoria
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(Posted on Apr 26, 2016 at 04:49PM by Michelle Bogle)
Located on the edge of Victoria’s downtown core is Upper Fort Street, which, for many years, has been known as “Antique Row.†Home to auction houses and dealers, the area has long been geared towards tourists and antique-shoppers.
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But, that is all changing.Â
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As the cost of commercial and residential real estate in Metro Vancouver continues to skyrocket, cities like Victoria are experiencing a renaissance.
With more Vancouver transplants moving to the area in search of affordable real estate, there is also an increasing demand for more shops, restaurants and other interesting places to visit.Â
With more Vancouver transplants moving to the area in search of affordable real estate, there is also an increasing demand for more shops, restaurants and other interesting places to visit.Â
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As a result, areas like Victoria’s Upper Fort Street are in a state of transition. As new condo developments take shape, like Abstract’s “Black and White†build, and more tech companies set-up shop in the area, new commercial ventures, like restaurants, coffee shops and retail stores, are sprouting up.Â
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Local businesspeople and real estate experts in Victoria are certainly pleased with this trend, as it has brought much vibrancy, quality and variety to the area. As Vancouver’s real estate prices continue to soar, commercial revival in Victoria is expected to continue as well, making the city not only a great place to live, but to also work.
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For more information on commercial real estate opportunities in Vancouver and surrounding areas, please contact our team of advisors for details.
Industrial Real Estate Hits 15-Year High in Vancouver
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(Posted on Apr 18, 2016 at 07:53PM by Michelle Bogle)
Vancouver’s industrial real estate sector reached an all-time high in 2015. A total of 4.5 million square feet of industrial space was sold, making this the biggest increase the city has seen in 15 years.
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Growth in Vancouver’s industrial asset class is largely being driven by an increase in e-commerce. Cities like Vancouver, Toronto and Montreal have all been stimulated by a rapidly evolving e-commerce sector that has a high demand for warehouse and distribution facilities that are large in size, well-located and highly automated.
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With the low Canadian dollar, low energy prices and low interest rates, foreign investors – especially those from the United States – are setting their sights on Vancouver’s industrial sector at a fast rate.Â
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Robust growth in this asset class in expected to continue to rise over the coming years with more record breaking transactions in the books.Â
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If an industrial real estate investment is in your near future, strike now while the iron is hot and inventory still remains. For more information, please contact our office to speak to one of our skilled advisors.Â
Vancouver Crushes the Rest of Canada with the Highest Hotel Prices
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(Posted on Apr 16, 2016 at 01:00PM by Michelle Bogle)
British Columbia’s hotel market is hot right now – so hot, that it’s putting other provinces to shame with its nation-leading, strong transaction activity of $612 million – a property sales spike of 216%.Â
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Our province is also home to the highest “per-key†prices in the country with an average sale price of $269,400 per room. This figure is more than doubled that of neighbouring Alberta.
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In 2015 alone, there were a number of record breaking hotel transactions – including the $180 million purchase of the Fairmont Hotel Vancouver and the $290 million sale of the Westin Bayshore. The Bayshore transaction is unique, as it is widely considered a land transaction. The hotel and its six-acre Coal Harbour site were bought by residential developer Concord Pacific.
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What is contributing to this success? For one, asset appreciation has played a large role with Vancouver’s real estate values experiencing rapid growth. The lower Canadian dollar has also increased tourism within Vancouver, which has created more demand within the hospitality asset class.
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The outlook for the Vancouver hotel market continues to stay positive. Overall, hotels will remain a thriving asset class in 2016, thanks to Canada’s awareness on the global scale for attracting travelers (individual, business and group) and the interest of cross-border investors, who are honing in on major urban markets.
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For more information on Vancouver’s hospitality asset class, please contact our office to speak to our skilled team of advisors.
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Millennial Market is Central to Commercial Real Estate Expansion
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(Posted on Apr 12, 2016 at 01:00PM by Michelle Bogle)
Millennials were a large topic of discussion at the recent Vancouver Real Estate Forum. According to many retail and real estate executives at the event, this highly influential generation – those aged 18-35 – is driving commercial real estate expansion at a fast rate.
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The reason? Space.
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As many young Canadians are moving back into urban cores, like Vancouver, they are having to live in smaller condos and apartments that don’t offer much space for recreation or entertaining.
As a result, many millennials are looking to spend their disposable income on experiences, like gaming, live entertainment, dining, activities, shopping and more – all outside of the home.
As a result, many millennials are looking to spend their disposable income on experiences, like gaming, live entertainment, dining, activities, shopping and more – all outside of the home.
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And, does this generation ever have disposable income! Many young millennials go out several times a week and pump money into the local economy simply because they can – many are renters and public transit riders, which leaves more money in their pockets for entertainment and shopping.
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As a result, the demand for commercial space is on the rise in cities like Vancouver, as business owners and investors are trying to cater to this deep-pocketed generation that wants to go out, see, spend and do.Â
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This demand is largely centralized within Vancouver’s retail and hospitality asset categories – two asset categories that our team of experienced advisors specialize in.Â
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For more information on how the millennial generation is driving growth in Vancouver’s commercial real estate market, please contact us our office for details.
Vancouver is the New Home for Global Business
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(Posted on Apr 8, 2016 at 01:00PM by Michelle Bogle)
Marcus and Millichap – Your Senior Housing Specialists
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(Posted on Apr 6, 2016 at 01:00PM by Michelle Bogle)
Foreign Investors Set Their Sights on Vancouver
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(Posted on Apr 1, 2016 at 04:11PM by Michelle Bogle)
Foreign investment in the Canadian commercial real estate industry has been on the rise for quite some time. In fact, in the last six months, foreign investment figures have climbed by 143%, which translates to an astounding $1.85 billion.
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And, the Metro Vancouver Area is seeing a bulk of that incoming capital – $798 million of it, to be exact, with most of it funneling in from China.
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Many industry insiders claim that global uncertainty, the low Canadian dollar and perceived factors, such as political stability, an emphasis on higher education and livability, make Vancouver an ideal market for foreigners to invest in.Â
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And, they are. Take the multi-family rental market, for example, which saw a huge increase in 2015 – sales rose by 47% to 181 transactions and the dollar volume increased by 99% to $1.55 billion last year compared to 2014. Many of these investors are from outside of Canada.
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This trend isn’t looking to slow either. In fact, according to Dan Scarrow of the Canadian Real Estate Investment Centre located in Shanghai, China, younger Chinese-Canadians are expected to buy real estate in the future, as they are set to inherit more than $1 trillion over the next three decades.
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It’s no wonder why the world has their eyes on Canada’s commercial real estate market, especially on the Lower Mainland.
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For more information on foreign investments in the Vancouver area, please contact our office to speak to one of our advisors.
Craft Beer Boom Causes High Demand for Industrial Space
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(Posted on Mar 26, 2016 at 01:00PM by Michelle Bogle)
There’s something big “brewing†in East Vancouver – a craft beer revolution is taking over the industrial parts of the area now known as “Yeast Vanâ€.
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This shift started to take root nearly three years ago when then province changed the liquor rules for craft breweries. Previously, beer lovers were only allowed to taste free samples and purchase one meager 12-ounce beer on the premises.Â
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However, the new rules changed these archaic ways – patrons are now allowed to purchase product and pints while visiting their favourite craft breweries. A much-welcomed change for the local economy and a change that has beer connoisseurs “hoppingâ€.
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Today, there are 23 craft breweries open, or about to open, in Vancouver – 14 of which opened their doors in the last three years since the legislation change. All are thriving and the industry as a whole is experiencing much growth as the demand for local, quality beer soars.
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As the demand rises, so does the need for available industrial space for prospective brewers looking to quench the thirst of local beer lovers. At minimum, these brewers are in need of industrial space around 5,000 sq. ft., but that number has been known to climb between 15,000 and 30,000 sq. ft.Â
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And, the competition is fierce in the emerging heart of East Vancouver’s brewing district – when space becomes available, it’s often sought after by a number of eager groups ready to invest in this growing market.Â
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The timing couldn’t be better for commercial real estate investors looking to get into East Vancouver’s industrial sector. To learn more about available opportunities, please contact our office to speak with one of our skilled advisors.
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