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We Are Vancouver’s Commercial Real Estate Investment Experts
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(Posted on Sep 26, 2016 at 07:04PM by Michelle Bogle)
As one of the largest commercial real estate investment companies in the United States, Marcus & Millichap brings a distinctive edge to Vancouver’s burgeoning commercial real estate scene as it relates to a number of popular asset categories.
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We specialize in:
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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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Our service offering is unique in that we only focus on Vancouver-centric commercial real estate sales – you won’t find our portfolio cluttered with property management or leasing. Rather, our brokers act as sole-asset focused advisors with geographical specialization, offering our clients superior expertise and proficiency when it comes to commercial real estate investing.
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We also have almost 80 offices in the United States with thousands of agents and brokers who have access to our Vancouver listings, thus expanding your pool of potential buyers. Or, if purchasing south of the border is of interest, we also have access to billions of dollars of listings within the United States. Either way, our network has a robust inventory to pull from.Â
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To learn how you can partner with us or to speak with a member of our team, please contact our Vancouver office for more information. You can also view our featured properties online by clicking here.
Associate Spotlight: Multi-Family Investment Real Estate Broker Mike Guinan-Browne
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(Posted on Sep 23, 2016 at 01:00PM by Michelle Bogle)
Mike Guinan-Browne is a commercial real estate broker in our Vancouver office, specializing in multi-family assets on the North Shore, Squamish, Burnaby and the Tri-Cities.
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Although originally from England, Mike spent some time as a residential real estate broker and branch manager whilst living in South Africa, followed by a number of years in various land and housing developments.
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His passion for service, helping others achieve their goals, as well as all things real estate is born out of having spent many years as an entrepreneur in a wide array of different successful business ventures. Mike also has an educational background in Marketing and Business Management, which helps him better understand and meet the needs of his clients – all with a unique perspective and commitment to exemplary customer service and integrity.
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When not working in commercial real estate services, Mike can be found spending time with his family, traveling to far away destinations or enjoying the sport of roller derby where he announces on a regular basis for various leagues around Vancouver.
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To learn more about Mike Guinan-Browne and his expertise within the national multi-housing market, please feel free to contact him here.
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.
Film Industry Dominates Metro Vancouver Industrial Leasing
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(Posted on Sep 12, 2016 at 02:33AM by Michelle Bogle)
According to a recent report, movie and television producers have leased almost 30% of industrial space in Metro Vancouver in the past year, which equates to approximately 1.5 million square feet.
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The unprecedented demand from the billion-dollar B.C. film industry has helped drive the Metro industrial vacancy rate to an all-time Canadian low of 1.5% – a move that is completely changing the face of the industry, thanks to the high demand for short leases and an eagerness to pay above-market rates.
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Traditionally, industrial tenants sign three, five or 10-year lease agreements. But, due to the nature of filming schedules, most production companies only require studio space for about six months. As a result, TV and film companies are now opting to pay full lease rates or, in some cases, even up to $1 more per square foot, and signing two-year agreements to secure the space. Most will hold the site for a second shoot or sublease to another film company.
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In terms of building specs, film producers are typically attracted to industrial sites with high ceiling heights and no-column open warehouses of at least 40,000 square feet. This type of commercial space is very similar to what retail/wholesale distributors and logistics/transport companies are seeking, thus driving industrial lease competition through the roof.Â
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Currently, there is five million square feet of new industrial space planned or under construction in Metro Vancouver, but none are specifically purpose-built for the film industry – yet.Â
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At Marcus & Millichap Vancouver, our team of advisors has a close eye on the B.C. film industry and the growing demand for industrial space. To learn more about investment opportunities across the Lower Mainland, please contact our 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
Start Your Career in Commercial Real Estate Investment Sales This Fall
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(Posted on Sep 3, 2016 at 05:51PM by Michelle Bogle)
Marcus & Millichap Vancouver is pleased to announce that our office is expanding our talented team of real estate investment sales associates.We are currently looking to hire subject matter experts for our key property specialties, including multi-family, retail, office, industrial, hospitality, self-storage and more.
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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:
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•   Researching potential clients and properties
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•   Attending networking and industry events
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•   Building relationships with potential clients and referral sources
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•   Marketing properties to potential buyers using external/internal platforms
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•   Fielding offers on listed properties from interested buyers
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•   Working with attorneys, bankers and 3rd parties to coordinate a smooth closingÂ
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The timing couldn’t be better to start your career in this industry. Commercial real estate in the Lower Mainland is reaching unseen levels and demand remains high as local and foreign investors are looking to capitalize on our red hot market.Â
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To learn more about this exciting opportunity or to submit your resume, please see our job posting for more information. We wish all applicants the best of luck!
City of North Vancouver Green Lights Waterfront Hotel in the Shipyards District
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(Posted on Aug 31, 2016 at 01:00PM by Michelle Bogle)
The City of North Vancouver has given its go-ahead for a waterfront hotel as part of an ambitious mixed-use development on the final parcel in the city-owned Shipyards District.Â
Known as Lot 5, the parcel is slated to become an interactive, year-round centre that will feature the Lower Mainland’s largest outdoor skating rink in the winter and a water play area in the summer, covered by a retractable roof. In addition to the hotel, the site will also offer 64,000sq. ft. of commercial space, including a restaurant and other retail spaces.
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In recent months, the site has undergone environmental remediation and has been leveled for construction. Building is expected to begin on the site early next year, with the centre slated to open in late 2018. Quay Property Management Corp. has been selected by the city to develop the $35-million project.
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As the development prepares to break ground, QPM is in the process of selecting a hotel operator for the building. The small hotel is expected to host 60 to 70 rooms and offer a higher-end experience to visitors.
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As for the commercial space, it will feature mixed-use retail, restaurants and various commercial uses, which will bring the waterfront site to life in a number of exciting ways – a space that has sat largely unused since 1992 when industrial operations ceased on the land.
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“This project is going to provide the community with a new level of interaction with the City’s waterfront, and will be providing new businesses with a truly unique environment to operate in,†says Gary Mathiesen, President of QMP. “The result will be a world-class destination for year-round activity in the Shipyards. We are honoured to be a part of the continued growth of this vibrant community.â€
For more information regarding this development, including project renderings, please click here.
To stay abreast of other 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.
Just Listed: Exclusive 11-Unit Multi-Family Offering on 1014 W 11th Avenue in Vancouver
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(Posted on Aug 26, 2016 at 03:52PM by Michelle Bogle)
Marcus & Millichap Vancouver is proud to present this rare investment opportunity to secure one of the city’s most prized assets – a recently completed 11-unit multi-family building located in one of Vancouver’s most desirable neighbourhoods.
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Known as the Muir House, this brand new building features premier construction materials and luxury finishes throughout, driving record-setting rents for the area. Located next door to Vancouver General Hospital, law offices and highly regarded service-based businesses, this listing draws from the city’s strongest tenant pool, which has resulted in a hand-picked selection of doctors and lawyers for the building’s rent roll.Â
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In terms of investment potential, the Muir House is one of Vancouver's safest assets, which drives nearly a quarter of a million dollars in net operating income annually. It also requires almost zero maintenance, thanks to its brand new construction and thoughtful design.
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The location of Muir House is also unbeatable! It is just minutes away from several major transit hubs, Queen Elizabeth Park, waterfront Olympic Village, Broadway's international cuisine, Charleson Park, world-renowned Granville Island, Kitsilano's beaches and the downtown core. The proposed Oak Street Rapid Transit Skytrain Station is also within close proximity.
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The future is proving to be very bright for this property. It’s a must-see for any investor looking for a solid multi-family asset in a highly regarded Vancouver neighbourhood.Â
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For full listing details, please click here.
Interested parties are also encouraged to book a private showing by contacting our Multi-Family Specialist, Charlie Hughes, in our Vancouver office at 604-675-5259. But, hurry – this property will not last!
Interested parties are also encouraged to book a private showing by contacting our Multi-Family Specialist, Charlie Hughes, in our Vancouver office at 604-675-5259. But, hurry – this property will not last!
Mission Mall Sold for $68 Million in Deal with U.S.-Based LaSalle Investment Management
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(Posted on Aug 22, 2016 at 06:36PM by Michelle Bogle)
Earlier this summer, Chicago-based LaSalle Investment Management bought Mission, B.C.’s major shopping centre, known as "The Junction", for $68.05 million from RioCan Real Estate Investment Trust and Kimco Realty Corp. The two are currently in the midst of unwinding a 15-year venture with a portfolio of 35 jointly owned properties.
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The plaza, which is a 282,533-square-foot, class-A shopping centre near the intersection of Highways 11 and 7 in the Fraser Valley, is 96% occupied and anchored by major retailers, including Save-On-Foods, London Drugs, Cineplex/Silvercity, Staples and Goodlife Fitness. LaSalle was motivated to purchase the property, as it provided their company with a unique opportunity to acquire and improve upon a prominent, physically attractive and well-anchored retail asset within a fast-growing community.Â
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And, since acquiring the property just a few short months ago, work has already begun on improving the property with one long-term anchor store renewal project already complete. LaSalle is also looking to refresh the mall's mix with new retailers as a way to enhance the overall shopping experience for consumers, which residents are very pleased to hear.
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Your Vancouver Retail Asset Specialists
At Marcus & Millichap Vancouver, our team of commercial real estate brokers have a close eye on retail asset investment opportunities within the Lower Mainland. To learn more, please contact our office to speak with an associate.
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