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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 vancouver bcOn August 9, 2016, B.C.’s Environment Minister Mary Polak and Natural Gas Development Minister Rich Coleman announced that approval has been given to FortisBC for the proposed Eagle Mountain – Woodfibre Gas Pipeline (EGP) Project.
 
“We’re pleased to receive the provincial environmental assessment approval,” said FortisBC Vice President Cynthia Des Brisay. “The decision is the result of more than two years of engineering and environmental studies to gather information, and countless hours of work by our project team and consultants to design a project that will minimize local impacts as much as possible.” 
 
The provincial environmental assessment process was coordinated by the BC Environmental Assessment Office. It included the evaluation of various potential pipeline routes and compressor station locations. In response to feedback from the public and local Aboriginal groups, FortisBC proposed a number of design changes to the original plan, including:
 
- Changing the crossing method to reduce disturbances in the Skwelwil’em Squamish Estuary Wildlife Management Area
 
- Modifying the proposed corridor to avoid areas of importance to Tsleil-Waututh Nation
 
- Moving the proposed Squamish compressor station to the base of Mt. Mulligan
 
- Locating a temporary worker camp west of the Squamish River to reduce potential impacts on worker accommodations in the area
 
Background
The EGP Project is a 47km long pipeline expansion to FortisBC’s existing Vancouver Island natural gas transmission system to deliver natural gas to the Woodfibre LNG facility, which received an environmental assessment certificate last fall. The pipeline system was built in 1990 to serve Squamish, the Sunshine Coast and Vancouver Island. It was last expanded before the 2010 Winter Games to convert Whistler from piped propane to natural gas.
 
For more information on the EGP Project, visit TalkingEnergy.ca. To review the full list of conditions and design parameters outlined in the Environmental Assessment certificate, please visit the BC Environmental Assessment Office’s website.
 
Local Impact
Major developments, such as Woodfibre, are having a positive impact on Squamish’s economy and, as a result, are fueling demand for real estate, especially commercial assets. The former lumber town is now once again poised for growth and expected to draw an increased supply of workers into the area.
 
Want to learn more? For more information about commercial real estate activity in the Sea-to-Sky corridor, including Whistler and Squamish, please contact our area expert, David Fox, in our Vancouver office. 
commercial real estate service office vancouver bcAPA Group, Japan’s largest hospitality firm, has announced that it will buy Vancouver-headquartered Coast Hotels for $210 million from Okabe Co. Ltd., another Tokyo-based corporation.
 
The sale is being made by way of a share transfer agreement, which was completed at the end of July and is expected to close in early September. 
 
In total, Coast Hotels has 36 properties under its banner in North America, including landmark properties, such as Vancouver’s Coast Coal Harbour Hotel, the Benson Hotel in Portland and Waimea Plantation Cottages in Hawaii. 
 
The purchase of Coast represents a bigger foray into the North American market for APA Group. They emerged into the U.S. just nine months ago by striking a partnership with New Jersey-based Friendwell Group of Companies. Its first hotel under that partnership is the 200-room APA Hotel Woodbridge in Metropark, N.J., which reopened in June following major renovations.
 
For Vancouver, the outlook for our hospitality market continues to stay positive. Overall, hotels are expected to remain a thriving asset class for the rest of 2016, thanks to our awareness on the global scene for attracting travelers (individual, business and group) and cross-border investors.
 
For more information regarding hospitality asset opportunities within Metro Vancouver, please contact our office to speak to our skilled team of advisors. You can also view our list of featured properties by clicking here.
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 Huntley Lodge presents investors and developers with a tremendous opportunity to secure a 6,250 square-foot lot currently possessing 12-units in one of the most sought-after locations in Canada.

The property sits on Oak Street and is steps from the proposed Oak Street Station of the Broadway Rapid Transit Extension, breaking ground as early as 2019. 
 
As a pure rental play, the property possesses a highly desirable suite mix of one studio, eight 1-bedrooms and three 2-bedrooms with below market rents. Nearby hospital, law offices and professional services businesses draw top-tier tenants to potentially high-end renovated suites. 
 
The property currently rests in an RM-3, 1.0 FSR zoned territory with 6,250 square feet buildable on its 50' x 125' lot. This corner lot on the NE side of Oak Street and West 15th Avenue has the potential to be joined with the 50' x 125' lot to the East (985 15th Avenue), which creates one of the most prime development opportunities in the city with 125' of frontage on Oak Street and a 100' wide lot. 
 
A nearby project on a 100' x 125' lot at 2975 Oak Street and 14th Avenue in 2014 received a density bonus up to 2.8 FSR allowing the site to increase from a 3-storey, 14-unit building to an 11 storey, 50-unit tower through an HRA agreement. Adjoining the 985 15th Avenue site would create a 100' x 125' corner lot, grant a 1.9 FSR and have the potential for 2.8+ FSR in the future, nearby the proposed Broadway Rapid Transit Oak Street Station.
 
The location of Huntley Lodge simply cannot be beaten! It is just minutes away from several major transit hubs, Queen Elizabeth Park, waterfront Olympic Village, Charleson Park, world-renowned Granville Island, Kitsilano's beaches and the downtown core.

This well-situated site presents investors with a phenomenal opportunity to secure this valuable land, potential development site and a safe income-generating rental property in one of the world's most desired cities. 
For full listing details, please click here. 
 
To book your private showing, please contact our Multi-Family Specialist, Charlie Hughes, in our Vancouver office at 604-675-5259.
 
For other amazing commercial real estate investment opportunities across British Columbia, please visit Marcus & Millichap’s Property Search Directory for details.
commercial real estate services local vancouverAt first glance, this modest-looking 69-year-old wood frame rental apartment building on West 6th Avenue in Kitsilano may not look like much. But, look again – it just sold in competition for $4.5 million last month and for $50,000 above list price. 
 
Broken down, that equates to $750,000 per unit in the six-unit building. The two-bedroom suites average $1,680 per month in rent and, just one year ago, the property was assessed for $2.9 million with the value of the building at $199,000 and the land at $2.7 million. 
 
If this isn’t any indication of just how stratospheric prices are in Vancouver’s booming multi-family sector, then we don’t know what is! In the last year alone, sales volumes have soared 47% to above $1.1 billion and industry experts are anticipating that number to reach a record $2 billion by the end of 2016.
 
If investing in Vancouver’s multi-family market is on your radar, we urge you to call our office immediately to speak with our team of advisors, who can provide you with a thorough market evaluation and sound investment advice.

The time to act is now! 
Don’t miss your chance – contact us today.
hospitality commercial real estate specialists vancouver bcMarcus & Millichap Vancouver is proud to showcase this fantastic hospitality offering in beautiful Revelstoke, B.C.
 
The Mulvehill Creek Wilderness Inn is an award-winning lodge and wedding chapel located on Peninsula at Upper Arrow Lake. The resort is situated on 33.1 acres of scenic land, offering fantastic vistas of the surrounding mountains, forest and water.
 
Priced at $3,250,000, this investment opportunity is an ideal choice for someone looking to purchase an established, award-winning hospitality asset with great returns.
 
Investment Highlights:
 
•    33.1 acres of land on Peninsula at Upper Arrow Lake
 
•    Currently zoned for Resort Commercial 
 
•    Huge development opportunities – up to 6 units per hectare (86 in total)
 
•    Quick 25km drive to Revelstoke Mountain Resort 
 
•    Award-winning B&B with romantic wedding chapel on-site
 
•    Ability to operate during all four seasons – year-round income potential
 
•    Hydro powerhouse (18 x 18), plus 100 m3 underground reservoir
 
•    Possibility to upgrade hydro into an income stream with B.C. Hydro
 
•    Comfortable owner suite with three bedrooms
 
For full listing details, please click here. To book your private showing, please contact our Hospitality Specialist, Shay Dadon, in our Vancouver office at (604) 675-5257.

To view other amazing commercial real estate investment opportunities across British Columbia, please visit Marcus & Millichap’s
Property Search Directory for details.
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.
vancouver bc commerical brokerMarcus & Millichap Vancouver is proud to offer this latest land investment opportunity in picturesque Agassiz, B.C.
 
Nestled on the south side of Woodside Mountain, this 4.97-acre lot offers breathtaking water and mountain vistas of the Harrison River, Fraser River and Mount Woodside. This is an ideal opportunity for a developer looking to build a dream home.
 
Priced at $449,000, this property is conveniently located just 20 minutes away from Chilliwack, B.C. and 30 minutes from Mission, B.C.
 
Investment Highlights:
•    Dream home building lot
•    Soaring views of the Fraser Valley 
•    Full geotechnical, environmental, surveys available 
•    200 amp electrical, 15 gallons per minute well, septic 
•    $800 per month interim holding income 
•    4,000 sq. ft. house plans available 
•    Lot Size (SF): 216,493 
•    Lot Size (Acres): 4.97 
•    Frontage: 118m
•    List Price: $449,000
•    Price Per Acre: $90,342 
•    Taxes (2015): $1,350
 
Don’t miss out on this great land investment opportunity to live, relax and play in nature’s backyard. For full listing details, please click here or contact the Dustin Miller at 604-675-5253 to view all that this property has to offer.

To view other commercial real estate listings across Metro Vancouver and beyond, please see our featured properties on the Marcus & Millichap website.
Our Vancouver office recently listed this prime 0.5 acre parcel of land in the highly coveted area of Ocean Park in Surrey, B.C. – just a 10 minute walk to picturesque Crescent Beach. 
 
Priced at $2,350,000, the property’s current RF zoning allows for subdivision into two 50’ x 200’ lots. The Development Cost Charges (DCCs) are estimated at $35,000 for city service upgrades.
 
Currently, the lot has an existing 2,041 sq. ft. structure with 3 bedrooms and 2 baths. However, the land is best-suited for re-development by a builder for greater investment potential as a multi-family property.
 
Here’s a closer look at 12552 25th Avenue:
 
 
For complete listing details regarding this land asset in Surrey, please click here or contact Dustin Miller at 604-675-5253. 
 
You can also follow along with Dustin’s blog where he shares the latest commercial real estate news and land investment opportunities in Greater Vancouver and Vancouver Island. 
 
For more featured listings across British Columbia, please click here.




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