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Self-Storage Sites Capitalize on Vancouver’s Condo Boom
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(Posted on Mar 23, 2016 at 04:16PM by Michelle Bogle)
As more condo developments have sprouted up across Vancouver, self-storage facilities have been cashing in on small-space dwellers looking for a solution to house their belongings.
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Due to the high demand for self-storage, rental rates have gone up significantly, thereby lining the pockets of operators and investors alike.
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In fact, self-storage is big business in Vancouver. Many properties are experiencing 90% occupancy levels and per-square-foot rents that match that of a condo unit.
For example, the typical rent for a self-storage unit runs from $1.84 to $2.00 per square foot, which is equal to a typical condo rent in Metro Vancouver. When you consider that the average customer stores their belongings for three years, the revenues really do add up.
For example, the typical rent for a self-storage unit runs from $1.84 to $2.00 per square foot, which is equal to a typical condo rent in Metro Vancouver. When you consider that the average customer stores their belongings for three years, the revenues really do add up.
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What does this mean for Vancouver’s commercial real estate sector? It means that one person’s junk is another one’s steady cash flow. So much so, that more institutional investors are looking to get into the self-storage business by either buying from existing independent operators, or converting former retail properties into self-storage meccas.
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To learn more about this growing opportunity, please contact our office to speak with one of our commercial real estate advisors.
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Aging Population Drives Growth in the Senior Housing Sector
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(Posted on Mar 21, 2016 at 06:00AM by Michelle Bogle)
When it comes to profitability in the senior housing market, occupancy is the main driver. As populations age, so does the need for available senior residences.Â
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According to Statistics Canada, 2015 estimates show that, for the first time, there were more persons aged 65 years and older in Canada than children aged 0 to 14 years. Nearly 16.1% were at least 65 years old, compared to the 16% of children aged 0 to 14 years.
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And, based on Statistics Canada’s most recent population projections, the share of individuals aged 65 years and older will continue to increase and account for 20.1% of the population in 2024, while the share of children aged 0 to 14 years should account for just 16.3%.
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What does this mean for Vancouver’s senior housing market? It means a significant demand for seniors’ residences and an overall rise in the sector’s profile with potential investors. Plus, with a number of Vancouver-based seniors selling multi-million dollar west-side private residences, there is a growing market of mature adults ready and willing to pay more for luxurious, private care.
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If investing in Vancouver’s commercial senior housing market is of interest to you, please contact our office at Marcus & Millichap Vancouver to speak with an advisor about this growing opportunity.Â
Vancouver’s Multi-Family Rental Sector is in Overdrive
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(Posted on Mar 20, 2016 at 06:00AM by Michelle Bogle)
Vancouver’s commercial real estate market, especially the multi-family category, is sizzling right now with unprecedented sales numbers across the Lower Mainland. Industry professionals and investors are experiencing a surge in prices to unseen levels.
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According to the Goodman Report’s 2015 Year-End Review, Vancouver’s multi-family rental building sales saw a huge lift in 2015. In fact, sales rose by 47% to 181 transactions and the dollar volume increased by 99% to $1.55 billion last year compared to 2014.
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There are a number of factors that contributed to this major uptick, including Vancouver’s worldwide appeal and climbing immigration levels. The weakened Canadian dollar and historically low interest rates have also played a key role in the hot market. With a low inventory of affordable accommodations, difficulties in developing new rental stock and undersupplied rental suites, bidding wars have become the new normal.
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The outlook for 2016 looks to be much of the same – if not more. Industry professionals are anticipating dollar volumes to hover around the $2 billion range by the end of the year. The demand is very high with no let-up in sight.
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To learn more about Vancouver’s booming multi-family market, please contact our office to speak with one of our commercial real estate advisors.
Start Your Career in Commercial Real Estate Investment Sales
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(Posted on Mar 19, 2016 at 06:00AM by Michelle Bogle)
Since opening our office in Vancouver, British Columbia, Marcus & Millichap has been growing at an exponential rate. The commercial real estate industry in the Lower Mainland is reaching unseen levels – demand is high as local and foreign investors are looking to get into our red hot market.
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Which is why now is an amazing time to start your career in commercial real estate investment sales. If you are a smart, forward-thinking, results-oriented professional, you may be the ideal candidate for our available Commercial Real Estate Advisor role.
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This is a unique opportunity to work and learn from the best in the industry. Through our hands-on training and mentorship program, you’ll benefit from real-world experience that propels you into a successful career in commercial real estate sales.
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In this role, you will be responsible for:
• Deal-making
• Prospecting
• Client meetings and presentations
• Negotiating
• Property underwriting and financial analysis
• Database research
• Transaction management
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Candidates must have a college degree, three or more years of sales experience and possess an active Real Estate Salesperson or Broker license.
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To learn more about this exciting opportunity, including the required qualifications or to apply for the position, please see our job posting for more information.
Marcus and Millichap Enters Vancouver’s Commercial Real Estate Market as Demand for Land, Office and Retail Properties Grows
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(Posted on Mar 11, 2016 at 08:05PM by Michelle Bogle)
2015 was a banner year for the Vancouver commercial real estate industry. In fact, according to the Real Estate Board of Greater Vancouver, commercial sales in the Lower Mainland registered a five-year third-quarter high due to the increased demand for land, office and retail properties.
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As this surge in Vancouver’s commercial marketplace is expected to continue for 2016, Marcus & Millichap is poised to meet this increase in demand with our newest office that recently opened its doors in Vancouver.
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Who is Marcus & Millichap?
Marcus & Millichap is the largest firm specializing in commercial real estate investment sales, financing, research and advisory services. With offices across the United States and Canada, we offer customized services that are tailored to meet the diverse needs of private investors, professionals and institutions.
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Our growing team of sole-asset focused commercial brokers and advisors specialize in a range of investment categories, including multifamily, retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets.Â
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Our service offering is unique in that our office solely focuses on Vancouver-centric commercial real estate sales, thus offering our clients superior expertise and proficiency.
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Why Vancouver?
The Vancouver commercial real estate investment market is red hot. Last year saw a huge increase in demand for Vancouver-based commercial real estate as the provincial economy strengthened and outperformed other parts of Canada. Â
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In Q3 of 2015 alone, there were 550 commercial real estate sales in the Lower Mainland – an almost 17% increase compared to Q3 of 2014 – with commercial sales soaring to $1.9 billion, a 34% increase from Q3 2014.Â
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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 for more information.Â
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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