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commercial real estate services local vancouverAs we embark on the second-half of 2016, the outlook for British Columbia’s hotel industry is looking very optimistic. In fact, a strong performance in the first half of the year has many commercial real estate investors eyeing Vancouver’s hospitality market.
 
In Q1 2016, high room rates and occupancy figures became the norm in Vancouver, where the revenue per available room rose an impressive 16%. Prior to that, B.C. hotel profits were up 28% in 2015 and are expected to grow an additional 13% in 2016. 
 
Hotel investment continues to concentrate within Metro Vancouver with prices for downtown assets reaching record levels, like the $548,000 per room price paid for the Westin Bayshore in Q4 2015. 
 
Favourable foreign exchange has been a key driver of B.C.’s hospitality market, especially as many film and television production houses have descended upon Metro Vancouver. The low dollar has also encouraged leisure travel from neighbouring states, which has had a direct impact on the hotel industry.
 
In 2016, more visitors are expected from abroad from traditional markets, such as the Unites States, the United Kingdom, Australia and Germany, with continued growing interest from China.
 
With this expected influx of visitors comes a stronger demand for hotels in downtown Vancouver and the Richmond/Airport areas. Burnaby, Surrey and Langley will also benefit from higher room rates as the regional average increases. 
 
This is also promising news for tourist destinations within the Sea-to-Sky corridor, including Whistler and Blackcomb, which is undergoing a major $345 million renaissance project. 
 
To learn more about commercial real estate opportunities within Vancouver’s hospitality market, please contact our office to speak with our team of skilled advisors. You can also view featured property listings by clicking here.
Our Vancouver commercial real estate office is excited to announce this newly listed 1,926 sq. ft. retail strata unit in a prime downtown location.
 
Priced at $2,620,000, this property is well-suited for an investor looking to takeover an existing business. It also offers a healthy capitalization rate of 5.86%.

vancouver bc commercial broker for retail assets commercial real estate service office vancouver bc
You cannot beat this fantastic location! To learn more about this exclusive listing, please contact our retail asset class specialist Ibrahim Aytug at (604) 675-5228. 
 
You can also follow along with Ibrahim’s blog where he shares the latest commercial real estate news and retail investment opportunities across Metro Vancouver.

For more featured listings across British Columbia, please click here.
commercial real estate services vancouver bcBuyers from China and Hong Kong are now the largest group of foreign investors in the Canadian commercial real estate market.

In Q1 and Q2 of this year, they spent $1.3 billion on commercial real estate properties – a drastic increase from last year’s $309 million.
 
Chinese investors now hold 65% of the Canadian commercial real estate market. Five years ago, that number was just 4%. 
 
Much of this activity can be seen in major markets, like Toronto and Vancouver. On the local stage, Metro Vancouver had the most active first quarter for commercial real estate sales in the last five years. 
 
One major landmark transaction that occurred in that timeframe is the sale of Vancouver’s Bentall Centre to China's Anbang Group. It represents the largest commercial real estate transaction in the history of Vancouver with a reported sale price of more than $1 billion.
 
Chinese investors have taken a keen interest in Canadian commercial real estate because of our safe haven for capital. The low Canadian dollar and European uncertainty due to the Brexit have also helped to attract foreign interest.
 
At Marcus & Millichap Vancouver, our team of advisors have a watchful eye on the foreign investment activity in our market. For more information or insight, please contact our office.

You can also view our featured listings by clicking here.

vancouver bc commerical brokerOne week ago, Squamish Nation Chiefs and Council approved a new pipeline and compressor station that will provide natural gas to the Woodfibre LNG plant in Squamish, B.C.

This approval was very important, as it is a key piece of the project, which will be built by FortisBC. 
 
The agreement comes after Squamish Nation’s own independent environmental review, which began more than two years ago.

The environmental assessment included 25 conditions for approving the LNG plant and the FortisBC pipeline extension. Nine of those conditions related to the FortisBC component of the project – specifically the location of the compressor station and the re-routing of the pipeline to avoid the Skwelwil’em Wildlife Management Area. 
 
These two conditions were hot topics at the community meetings with many Squamish Nation members voicing concerns for the surrounding land and aquatic habitats.

As a result, FortisBC went back to the drawing board and selected another site near Mount Mulligan for the compressor station. They also agreed to re-route sections of its pipeline to avoid the Skwelwil’em Wildlife Management Area. 
 
With these two conditions met, Squamish Nation Council approved the FortisBC EA Agreement. 
 
The Woodfibre LNG Project is a proposed natural gas liquefaction and export facility located at the former Woodfibre Pulp and Paper Mill, about seven kilometres southwest of Squamish.
 
The Eagle Mountain – Woodfibre Gas Pipeline Project is an expansion of FortisBC’s existing Vancouver Island natural gas transportation system to provide service to the Woodfibre LNG Project. The project includes building about 47 km of pipeline between Coquitlam and the Woodfibre site.
 
Major projects, such as Woodfibre, are transforming Squamish’s economy and fueling demand for real estate, especially within commercial asset classes. The former lumber town is now once again poised for growth and expected to draw an increased supply of labourers into the area.
 
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 advisors vancouverEarlier this year, our team at Marcus & Millichap Vancouver opened our new office to specifically serve the commercial real estate needs of investors in the Lower Mainland. 
 
Since then, we’ve been offering up a fresh, new approach to the Canadian marketplace – one that leverages Marcus & Millichap’s knowledge and expertise as one of the largest commercial real estate investment companies in the United States, but with a Vancouver-centric approach.
 
Spearheaded by Rene Palsenbarg, Managing Broker at Marcus & Millichap, our office specializes in real estate investment sales, research information and advisory services within the following asset categories:
 
• Multifamily
• Retail
• Office
• Industrial
• Single-tenant net-lease
• Self-storage
• Seniors housing
• Manufactured homes
• Hospitality
• Land and special assets
 
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.
 
Let us show you our difference! To learn how you can partner with us, please contact our Vancouver office for more information. 
commercial real estate services local vancouverThe City of Vancouver recently received an application to rezone 3868 Rupert Street from Commercial District C-1 to Comprehensive Development District CD-1, which will allow the development of a six-storey mixed-use building.
 
The proposal includes:
 
• 112 secured market rental units
• Commercial uses at grade
• A proposed floor space ratio of 3.60
• A building height of 69 ft. 
• 158 underground parking spaces
 
The 29,130 sq. ft. site is currently home to an existing 50-year-old single-storey retail building, which accommodates approximately half of the site with an at-grade parking lot. The existing retail building has a number of tenants who have established successful businesses at this location. The largest of which is Chong Lee Market, which has been trading for over 20 years. 
 
As part of this proposal, the project will provide new commercial premises for these existing tenants, which will help bolster their businesses and the local economy.
 
This project will also address the lack of affordable housing in the area and low supply of good quality rental accommodations. The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.
 
To view the full Rezoning Application for 3868 Rupert Street, please click here. 
 
For more information regarding this development plan, including its impact on multi-family and retail commercial real estate opportunities in Vancouver, please contact our office to speak with one of our advisors.
Construction is reaching its final stages at a new shopping centre in Tsawwassen, B.C. The 1.2-million sq. ft. indoor shopping centre, called Tsawwassen Mills, is slated to open on October 5, 2016.
 
As a result, retailers are hosting jobs fairs this weekend in an effort to recruit more than 1,000 employees. This is an initial wave of hiring for tenants in the Ivanhoé Cambridge-owned mall. About 3,000 people are expected to work on the site once it opens.
 
An additional 1,000+ other jobs will also be created when the 550,000 sq. ft. Tsawwassen Commons Mall, next to Tsawwassen Mills, completes construction.
 
 
Conveniently located at Highway 17 and 52nd Street on Tsawwassen First Nation lands, Tsawwassen Mills is a 30-minute drive north of the Washington border and a few kilometers away from the Tsawwassen Ferry Terminal. It’s easily accessible from Richmond, Vancouver, Surrey, Delta, Langley, Burnaby and New Westminster and is expected to be a retail mecca for both Canadian and American shoppers.
 
Construction for this project began in January 2014 and created an upwards of 4,500 jobs during peak construction. Several Tsawwassen First Nation joint venture companies won contracts to build components of the project and significant offsite infrastructure was delivered alongside the construction of the shopping centre.  
 
Questions? For more information regarding retail asset opportunities in the Lower Mainland, please contact our Vancouver office for details.
vancouver bc commerical brokerThe British Columbia Real Estate Association’s (BCREA) Commercial Leading Indicator (CLI) pushed higher in Q1 2016, reflecting a strong and growing provincial economy. The CLI index posted a 1.1 point increase to 120.8, compared to the previous index high of 120.1 in Q1 2015. 
 
With the B.C. economy swelling, growth in investment, leasing and other commercial real estate activity is also expected to rise over the next year. 
 
Most of the growing activity in the CLI in Q1 2016 can be traced to the economic activity component of the index. B.C. has led all of Canada in economic growth for the last two years and is currently tracking at over 3% growth in 2016. 
 
Consumer spending is also the main driver of retail sales, posting 7% growth through Q1 2016. Wholesale trade and manufacturing sectors earned solid gains as well, pushing the CLI’s economic activity component higher by 1.2 index points. 
 
According to BCREA, employment in B.C. is also gaining traction – total employment has jumped 2.9% this year, which is the fastest pace of job growth since 2007. However, employment generated in key commercial real estate sectors remains mixed. The CLI measure of office employment increased for the first time since mid-2014, increasing by 6,600 jobs. On the other hand, manufacturing employment, which had posted consistent gains for several consecutive quarters, dropped in Q1 2016 by 2,900 jobs.
 
At Marcus & Millichap Vancouver, our advisors always have their eyes on the provincial economics factors that drive our commercial real estate sector. To stay abreast of investment, leasing and other commercial real estate activity, please contact our office to speak with an associate.
commercial real estate service office vancouver bcDemand for purpose-built rental construction continues to intensify as affluent renters face near zero vacancies in Vancouver and as housing prices in the region continue to skyrocket.
 
Much of the rental stock that is available is often outdated construction and apartment buildings – many of which are approaching the end of their function and life span, thus increasing the call for new builds.
 
For investors, purpose-built rental construction is very appealing, especially those looking to capitalize on the rise in rents in a populous city of renters willing to pay for modern condo-style accommodations.
 
Add in the City of Vancouver’s incentive programs in support of purpose-built rental construction and we have an equation for steady growth and rejuvenation of the city’s dated rental stock.
 
There are a number of approved purpose-built rental buildings in Vancouver including:
 
Townline Homes, a 389 unit building on 1335 Howe Street 
Westbank Corp., a 236 unit building on 5050 Joyce Street 
Austeville Properties, a 171 unit building on 1754-1772 Pendrell Street 
G6 Venutures Ltd., a 95 unit building on 7350 Fraser Street 
 
BlueSky Properties, a 191 unit building located in Vancouver’s Chinatown, was recently completed and is actively leasing to renters.  The list of proposed purpose-built rental buildings is also growing. 
 
For more information on multi-family assets in the Lower Mainland, please contact our Vancouver office to speak with our team of skilled commercial real estate advisors.

You can also view our current listings by clicking here.
commercial real estate advisors vancouver bcEarlier this week, Hessam Nadji, CEO of Marcus & Millichap, spoke with Yahoo Finance’s Seana Smith about a possible housing bubble and its effects on the commercial real estate sector.

Despite the wide-spread fear of a housing bubble, the commercial real estate sector has emerged as a great investment vehicle. It continues to offer yields in the 5-7% range and the sector is not trapped in a cycle plagued by overbuilding or too much supply.
 
In fact, Mr. Nadji notes that the fundamentals of the sector are very healthy – even from a retail perspective where the demand for brick and mortar retail has recovered significantly. Convenience, neighbourhood-based retailers are especially feeling the increase, such as grocery stores, fast food chains, casual dining restaurants – all are performing very well.
 
Historically low-interest rates have helped both residential and commercial real estate. As rates are anticipated to increase in the future, this may add to the volatility of the market, but at a very small impact, especially since interest rates are expected to increase in slower, smaller increments. 
 
From a commercial real estate perspective, Mr. Nadji believes that even if interest rates do go up, there will still be plenty of runway left in the marketplace in terms of yield versus debt costs.
 
Coastal markets, such as Vancouver, Seattle, San Francisco and Los Angeles, are also expected to continue to do well, thanks to steady job growth in the last two years and a solid foundation.
 
For more insight on the commercial real estate market in the Lower Mainland, please contact our team of associates in our Vancouver office.




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