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Exclusive Hospitality Offering in the Heart of Squamish, B.C.
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(Posted on Jun 8, 2016 at 06:58PM by Michelle Bogle)
Investors looking to break into Squamish’s growing market, take note!The Hotel Squamish with liquor store and restaurant is available as an exclusive hospitality offering in the heart of the downtown area.
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Located at 37991 Second Avenue, this property offers a limited service 24-room hotel, a fully licensed 3,000 sq. ft. retail liquor store and a newly leased upscale restaurant business.
The land and zoning also offers future redevelopment potential for up to six stories of hotel, commercial or residential opportunities.Â
The land and zoning also offers future redevelopment potential for up to six stories of hotel, commercial or residential opportunities.Â
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Listed at $4,600,000, this property offers exciting growth potential, especially since the town is amidst a renaissance. Its midway location between Vancouver and Whistler, with convenient access from the improved Sea-to-Sky highway, make it a great investment.Â
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Full listing details can be viewed here.
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As the town and surrounding areas continue to grow, tourism, industry and residential pressure will continue to increase demand within Squamish. Currently, Whistler Blackcomb is undergoing a massive $345 million modernization and the Woodfibre $1.6-billion liquefied natural gas plant also received the Ministry of Environment’s official go ahead.Â
This property represents a great opportunity for investors to enter the market as Squamish is poised for expansion.
This property represents a great opportunity for investors to enter the market as Squamish is poised for expansion.
For more information on this exclusive listing or to stay abreast of commercial real estate activity in Squamish, please contact David C. Fox, our Sea-to-Sky Corridor expert, for details.
Marcus and Millichap Featured on the Cover of Real Estate Forum Magazine
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(Posted on Jun 3, 2016 at 04:00PM by Michelle Bogle)
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Marcus & Millichap was recently featured in the May issue of Real Estate Forum magazine with the cover article titled “Marcus & Millichap Turns 45 With Renewed Energyâ€.Â
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The five-page article takes a closer look at the history of our company and looks ahead to the future with Hessam Nadji as the new President and Chief Executive Officer. Mr. Nadji’s appointment took effect earlier this spring.Â
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Despite the new leadership, one very important guiding principle remains for our company and that’s putting our clients’ best interests first – a principle that has been with Marcus & Millichap since establishing in 1971 by our founders and co-chairmen George Marcus and William Millichap. The article delves into this and much more.
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To view the full story, please click here.
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For more information regarding commercial real estate opportunities within the Greater Vancouver Area, please contact our office for details.
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.
Strata Office is Quietly Outperforming the Strata Apartment Market
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(Posted on May 26, 2016 at 06:00PM by Michelle Bogle)
Move over apartment market – there is a new hot performer in Vancouver’s bustling real estate market and that’s strata office.Â
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With $280 million worth of sales in the last two years, office condos are quietly outperforming the apartment market. In fact, some office condos are even selling for more than their residential counterparts.Â
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In 2015, office strata sales totaled $120 million – that’s double the sales volume from five years earlier. Even though this number was down from the peak achieved in 2014, which saw $160 million of condo office sales, it wasn’t from lack of interest, but more from lack of inventory.Â
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This asset class is becoming increasingly popular with small professional services firms and self-employed entrepreneurs, such as doctors, who are seeking an alternative from rental spaces that offer zero gains. Low interest rates, strong price-per-square-foot growth, increasing lease rates and opportunity to build equity are driving factors behind this growing trend.
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Much like home ownership, strata office ownership is a solid investment in your financial future. To learn more about office condo developments within the Vancouver Metro Area, please contact us to speak with our office asset specialists.Â
Vancouver’s Hyatt Regency Included in $2.1 Billion Deal
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(Posted on May 20, 2016 at 01:00PM by Michelle Bogle)
BlueSky Hotels & Resorts Inc., a private company backed by capital from Hong Kong, has agreed to buy Toronto-based InnVest Real Estate Investment Trust in an $2.1 billion all-cash deal.Vancouver’s Hyatt Regency is one of the hotels included in the sale.
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The deal will give BlueSky one of Canada’s largest hotel portfolios, which includes 109 properties across the country and a stake in some of the most historic hotels. InnVest REIT also holds a 50% stake in Choice Hotels Canada Inc., which is one of the biggest franchisers of hotels in the nation.
The BlueSky transaction is expected to close in the third quarter of this year.
The BlueSky transaction is expected to close in the third quarter of this year.
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Bluesky is the latest Asian firm to swoop into the North American hotel industry. A unit of China’s HNA Group Co. agreed to buy Carlson Hotels Inc. in April, gaining popular banners, such as Radisson and Park Plaza.Â
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Beijing-based Anbang Insurance Group Co. also made an unexpected $14 billion bid for Starwood Hotels & Resorts Worldwide Inc. in March; however, they walked way before the deal was finalized.Â
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Foreign investors are growing increasingly interested in Canada’s hospitality sector, thanks to the low dollar and the booming hotel industry, which has seen record-breaking revenues per available room each year – from $92 in 2015 to an expected $98 by 2017. Asian capital will undoubtedly be a driving force over the next number of years.Â
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For more information on Vancouver’s hospitality asset class, please contact our office to speak with our skilled team of advisors.
Woodfibre’s Impact is Proving Positive for Squamish’s CRE Industry
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(Posted on May 16, 2016 at 09:58PM by Michelle Bogle)
The Woodfibre LNG proposal in Squamish, British Columbia, has already lined up a potential sale for almost half of its planned output to a customer in China. This comes on the heels of the Ministry of Environment's approval, which the plant received last month.Â
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The potential sale is between Woodfibre’s Singapore-based affiliate, Woodfibre LNG Export Pte. Ltd., and the Guangzhou Gas Group Co. Ltd. The two companies have signed an agreement, which is expected to reach a 25-year deal for the sale of one million tonnes of liquefied natural gas from the plant.
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A contract, such as this, would see Guangzhou Gas take up to a 10% equity stake in the Woodfibre project, which would begin delivering gas starting in 2020. It also points to the increased interest of B.C.-produced liquefied natural gas with Asian countries.
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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.
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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.
Strong Demand and Low Supply Keeps Vancouver’s CRE Prices High
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(Posted on May 12, 2016 at 10:41PM by Michelle Bogle)
Despite uncertainty in Canada's economy, a number of Vancouver’s real estate assets continue to receive strong interest with investors, especially in the industrial class.
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In fact, the Greater Vancouver Area continues to see a strong performance with industrial availability rates holding steady at 4.1%, despite 1.1 million square feet of newly created space at the beginning of the year.
As a result, demand for space in industrial properties has continued to match or exceed supply, leading to increased commercial real estate prices.Â
As a result, demand for space in industrial properties has continued to match or exceed supply, leading to increased commercial real estate prices.Â
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The low Canadian dollar, historically low interest rates, dropping energy prices and the belief that Canada’s industrial sector offers stable returns has made Vancouver highly attractive to foreign investors.
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This growth is also largely being driven by an increase in e-commerce, as demand for warehouse and distribution facilities continues to rise.
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Robust growth in this asset class in expected to continue to rise over the coming years. If an industrial real estate investment is in your near future, please contact our office to speak with one of our skilled advisors.Â
Ibrahim Aytug is an investment sales broker with Marcus & Millichap’s Vancouver office.Â
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Originally from Turkey, Ibrahim moved to Canada at the young age of 16. After graduating from Simon Fraser University, he began his specialization in commercial real estate, setting his sights on the growing retail sector.Â
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Ibrahim is a member of the Canadian Real Estate Association (CREA), the Real Estate Board of Greater Vancouver and the British Columbia Real Estate Association (BCREA).
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His asset focus is largely centered around retail investment properties in the Vancouver region, including the downtown core, where he provides his clients with sales, financing, research and advisory services.
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For more information or investment guidance regarding Vancouver’s trending retail property market, please contact Ibrahim Aytug directly for sound advice.
Before joining Marcus & Millichap’s Vancouver office in 2015, David C. Fox enjoyed a successful career as a senior executive and advisor in the manufacturing technology and aerospace industries.Â
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Having built businesses and been through many stages of growth and transition, he is highly knowledgeable in assessing and addressing acquisition and divestiture of industrial and other commercial real estate assets in Vancouver and surrounding areas.Â
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As a member of the Association for Corporate Growth, David is closely tapped into mid-market deal-making where transactions of commercial real estate assets are featured. He also mentors at the Entrepreneurship@UBC Program and has assisted a broad spectrum of hi-tech start-ups over the years.Â
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David has a special interest in British Columbia’s Sea-to-Sky Corridor and closely follows commercial real estate activity in Whistler and Squamish. He keeps tabs on proposed and ongoing projects, such as Squamish’s Woodfibre LNG project and the Whistler Blackcomb Renaissance.
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To connect with David C. Fox to learn more about Vancouver's industrial and office asset classes, please click here.
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