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Showing posts for category Commercial Real Estate Development (Back to Index)
Showing posts for category Commercial Real Estate Development (Back to Index)
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Commercial Parking – Quality Over Quantity
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(Posted on May 30, 2016 at 04:54PM by Michelle Bogle)
With the cost of building parking spaces close to $50,000 per stall, commercial property developers in the Metro Vancouver Area are working closely with designers and retailers to meet business needs, while extracting the most efficient use from parking areas.
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In fact, while many planners require a set number of stalls per 1,000 square feet of commercial space, some projects are finding ways to make fewer stalls work harder for both commercial developers and retail tenants.Â
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How? Quality over quantity.
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In the world of commercial parking, more stalls does not always equate more money or a better parking experience. Instead, functionality and aesthetics are now a top priority.Â
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Dim, dank parkades of the past are being replaced with brighter, more colourful lots that impart a feeling of security, function and ease. Visitors benefit from efficient, well-designed layouts that are easier to navigate and allow quicker access to retailers and other commercial tenants.Â
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Many new developments are also including wider stalls that are easier to get in and out of and offer more space between vehicles, decreasing the rate of door dings and scratches. It makes for a much more pleasant experience and encourages use.
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Many developers are also able to decrease the number of stalls per 1,000 square feet of commercial space through careful planning. Often a mixed-use project includes complementary uses that let developers negotiate a lower parking allotment than might otherwise be possible. Transit-oriented projects also need fewer spots since many visitors arrive by foot.Â
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In situations where day-use office space is built with predominantly night-use venues, like cinemas, developers are also able to reduce stalls by accounting for the sharing of spots from day versus night.
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It’s a shift in Vancouver’s commercial real estate development industry that is focused on convenience, ease and speed for the end-user. To learn more about this trend, please contact our office to speak with an associate.
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.
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