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commercial real estate services local vancouverWesgroup Properties has acquired the Chevron site at Dunbar and West 39th Avenue in Vancouver. The 18,009 sq. ft. C-2 zoned site sold for $19,400,000, or $430 per buildable sq. ft. based on the density permitted under the existing zoning.
 
The gas station site was one of a few properties offered for sale by Chevron in 2016. Others included the site on West Georgia Street in downtown Vancouver and the Clark Drive station located on the eastern border of the False Creek Flats. The only remaining gas station in downtown Vancouver remains an Esso station on the south-west corner of Burrard and Davie Streets.
 
Last summer, Chevron announced its plan to close and sell three Vancouver locations for redevelopment. All three gas stations sit on highly appraised land, according to the latest evaluation by BC Assessment. 
 
The West Georgia Street station occupying one-third of a city block on the border of the West End and Coal Harbour is valued at $32.77 million. The adjacent White Spot property, which is largely a ground-level parking lot for restaurant patrons, takes up the remaining city block and holds an assessed value of $52.2 million.
 
Comparatively, the Dunbar Street station, which was purchased by Wesgroup Properties for over $19 million, had an assessment of $14.44 million. The Clark Drive station is worth $5.56 million.
 
For more information on these recent transactions or other land investment opportunities across the Lower Mainland, please contact our Vancouver office to speak with a commercial real estate advisor.
https://www.woodfibrelng.ca/woodfibre-lng-awards-pre-construction-contract-to-bc-firm/There is more news from Squamish, B.C. regarding the ongoing Woodfibre LNG facility. A pre-construction contract has been awarded to MATCON Environmental Ltd., a B.C.-based civil contractor.
 
This contract marks the first phase of a multimillion-dollar site clean-up that Woodfibre LNG is undertaking to meet health, safety, environmental and maintenance obligations in anticipation of construction of the facility.
 
Over the next few weeks, phase one of the project will begin on the former pulp mill lands, which will include site remediation by removing industrial debris, such as storage tanks and other abandoned equipment.
 
“MATCON is pleased to be awarded this first pre-construction package for the Woodfibre site in Squamish, B.C.,” said Stephen Custeau, Managing Partner, MATCON Environmental Ltd. in a press release. “We are excited to be involved in this brownfield remediation project and look forward to delivering the project safely and on-time, while strengthening our relationships in the region.”
 
Future phases of pre-construction work are expected to commence in the second quarter of 2017, pending approval of required permits. This work is anticipated to require up to 25 on-site workers and will involve the removal of the pulp warehouse, contaminated soil and thousands of creosote pilings from the foreshore.
 
The project is also expected to bring 650 jobs to the area at the peak of construction, and more than 100 jobs at the Woodfibre site, plus additional office administration positions in Squamish and Vancouver per year of operation.
 
Aside from employment, major projects, such as Woodfibre, are transforming Squamish’s economy and fueling demand for real estate, especially within commercial asset classes. The area is poised for growth and our team of associates are keeping a close eye on the region.
 
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. You can also view our current listings by visiting Marcus & Millichap’s Property Search Portal.
While it’s no secret that renting an apartment in Vancouver is expensive and highly competitive, a new report argues that the cost is reasonable when compared to those living in the world’s top financial centres.
 
The study, conducted by U.S.-based apartment listing service RentCafé, found affordability in Vancouver is reasonable when compared to other global financial cities, determined on the basis of competitiveness and transaction volume.
 
“Vancouver is the 20th most important financial centre in the world, but with [an average one-bedroom rent of] $1,400 per month [in U.S. dollars], it drops to number 24 on our list,” the company said.

As part of the study, RentCafé measured rents across the globe and translated them into U.S. dollars. The $1,400 USD per month listed for Vancouver translates to just under $1,900 CDN, which is consistent with the average rent found by Canadian listing service Padmapper.
 
Here’s Hayley Woodin from Business in Vancouver with more:
 
 
For more information, please see RentCafé’s study in its entirety by clicking here.

For all other inquiries related to the Lower Mainland’s multi-family market, please contact Marcus & Millichap’s Vancouver office to speak with one of our highly skilled commercial real estate advisors.
 
You can also view our current listings by visiting out Property Search Portal.
information blog commercial real estate properties vancouverLast year, the provincial government implemented a 15 percent foreign buyer tax on residential home purchases (including multi-family properties) in Vancouver, B.C. Since then, the local housing market’s price growth and sales volume have relatively slowed, yet the levy’s actual impact on the residential and commercial segments remains unknown.
 
In an interview with the Canadian Press, Dan Morrison, President of the Real Estate Board of Greater Vancouver (REBGV), said that while it’s probable that investors have redirected their funds from residential to commercial properties in response to the tax, no data currently exists to conclude one way or the other. 
 
“I would attribute it more to the economy than anything else,” added Morrison.
 
On the other hand, NDP housing critic David Eby argued that this situation underscores the need for the provincial government to diligently collect transaction data across all property types.
 
“As far as we know, the province isn’t collecting any data about these sales. We're one of the few provinces that doesn't collect this type of information and we really need to know what is driving these prices,” Eby stated. “There are a lot of small businesses facing huge property tax hikes because the perceived value of their property is higher. It's driving a lot of small businesses out of business.”

These statements came after the REBGV released 2016 sales data, which revealed that the value of commercial real estate sales in the Lower Mainland grew by $12.990 billion last year – a 47.4 percent increase from the $8.815 billion total in 2015. 

“It's really the confidence in the B.C. and Vancouver economy,” Morrison said in the same interview with the Canadian Press. “It's no surprise that we see the same thing happen with commercial properties as has been happening for residential properties.”
 
Foreign investment remains a hot topic not only in Vancouver, but nation-wide. For more information and insight, please contact our office to speak with one of our knowledgeable commercial real estate advisors.
commercial real estate services local vancouverTwenty-sixteen was a milestone year for commercial real estate transactions across the Lower Mainland with demand for land being one of the key drivers of sales and dollar value growths.
 
In total, there were 2,848 commercial real estate sales in the region last year – a 21 percent increase over the 2,353 sales in 2015. Commercial real estate sales in 2016 were also 29.7 percent above the Lower Mainland’s five-year sales average. The total dollar value of commercial real estate sales was $12.990 billion in 2016 – a 47.4 percent increase from the $8.815 billion total in 2015. 
 
Here’s a closer look at the numbers by category:
 
Land
There were a record 1,177 commercial land sales in 2016, which is a 41 percent increase from the 835 land sales in 2015. The dollar value of last year’s land sales was $7.202 billion, which equates to an 81.3 percent increase over $3.973 billion in 2015. 
 
Office and Retail
There were a record 918 office and retail sales in the Lower Mainland in 2016, which is up 12.8 percent from the 814 sales in 2015. The dollar value of last year’s office and retail sales was $3.621 billion; a 46.9 percent increase over $2.466 billion in 2015. 
 
Industrial
There were 612 industrial land sales in the Lower Mainland in 2016, which is up 9.9 percent over the 557 sales in 2015. The dollar value of last year’s industrial sales was $1.067 billion – a 3.4 percent increase over $1.032 billion in 2015. 
 
Multi-Family
There were 141 multi-family land sales in the Lower Mainland in 2016, which is down 4.1 percent based on the 147 sales in 2015. The dollar value of last year’s multi-family sales was $1.100 billion; an 18.2 percent decrease from $1.345 billion in 2015. This is the only category to not experience any growth last year.
 
For full details about the region’s commercial real estate activity in 2016, please click here.

Interested in learning more? If so, please comment below with your questions or contact our Vancouver office to speak with one of our knowledgeable commercial real estate advisors.
commercial real estate advisors vancouver bcEarlier last month, JR Canada Restaurant Group Ltd. announced that the company will be opening its fourth Johnny Rockets Restaurant in British Columbia – a second Vancouver location on the popular West Broadway corridor at the intersection of West Broadway and Oak Street, close to the Vancouver General Hospital. 
 
In a press release, Lewis Gelmon, President and CEO of JR Canada Restaurant Group, stated, "This will be the largest Johnny Rockets in Western Canada to date at just under 2,600 square feet utilizing the new restaurant look and feel of Diner 2.0, featuring our high-efficiency kitchen. 988 West Broadway is a state-of-the-art building adhering to LEED Gold standards, which made this location very attractive."

The popular burger chain will be part of the development project at 988 West Broadway, which will also include up to 85,000 square feet of premium commercial space with main floor retail and nine floors of office space. It is slated to be completed by the fall of this year.
 
This latest Johnny Rockets restaurant also joins other B.C. locations in Victoria and Downtown Vancouver on Nelson Street. 
 
For more news and insight into Vancouver’s hospitality asset class or for information regarding investment opportunities, please contact Marcus & Millichap to speak with a commercial real estate advisor.
https://blog.padmapper.com/2017/03/15/march-2017-canadian-rent-report/It will still cost more to rent an apartment in Vancouver, British Columbia, than in any other major Canadian city, according to a March 2017 Canadian Rent Report by the apartment website PadMapper. But, not by much, as it appears the gap may be closing.
 
This is especially true for two-bedroom units. The average Vancouver rent for this home type remained unchanged in March at $3,130 – the highest in Canada. Trailing close behind was Toronto at $2,160, making the average two-bedroom rent 45% higher in Vancouver. At the beginning of the year, that gap was 60%.
 
For one-bedroom apartments, the average Vancouver rent also remained stable in March at $1,900. This was just under 12% higher than the average of $1,700 in Toronto.
 
Elsewhere in B.C., the average rent for a one-bedroom apartment dropped 3% in March to $1,250, while two-bedroom rents jumped 4.8% to $1,540.
 
To view the March 2017 Canadian Rent Report, please click here.

For all other inquiries related to the Lower Mainland’s multi-family market, including investment opportunities, please contact Marcus & Millichap’s Vancouver office to speak with one of our highly skilled commercial real estate advisors. The time to invest is now!
 
You can also view our current listings by visiting out Property Search Portal.
information blog commercial real estate properties vancouverPrivate sector construction in Prince George, British Columbia, hit a record-setting high throughout 2016.

According to City Hall, building permits for an unprecedented $122.5 million worth of work were taken out over the year. Prior to 2016, this value never surpassed $120 million.
 
“[Based on] our digital records, which go back to 1990, 2016 was a record year in a very positive way for Prince George’s economy,” says the City’s Manager of Economic Development, Melissa Barcellos in a press release. “The fact that private sector dollars are driving the development of Prince George reflects the confidence that business owners and investors have in the current economy and their expectations for the future.” 
 
In 2016, the City of Prince George issued a total of 455 building permits worth $127,850,777; 96 per cent were investments from the private sector.

Here's a closer look at the numbers: 
 
• Residential: $72,553,262 
• Commercial: $46,353,836
• Industrial: $3,617,866 
• Institutional: $5,225,813 
• 143 new single family residences 
• 15 new commercial developments
• 173 new multi-family units
• 14 new duplexes
• 39 new single family secondary suites 
 
In addition, the Prince George saw five new industrial developments, 446 new businesses, over $100,000 of grants awarded for projects totalling $750,000, as well as façade improvements on 17 downtown businesses. 
 
“At each meeting over the past year, Council has looked at the building permit numbers and remarked at how well the city has been performing. We are pleased to share these numbers with the public and the business community,” says Mayor Lyn Hall in the same press release. “As many developers have stated recently: Prince George is open for business.” 
 
For more insight into the investment opportunities available in Price George and other areas of Northern B.C., be sure to contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor
commercial real estate service office vancouver bcFor over two decades, the Vancouver Real Estate Forum has become the largest annual conference on real estate investment and management in the region. It has developed this reputation by offering high-quality speakers on very topical issues that are relevant to today’s industry.
 
This year’s forum is no different. It promises to deliver a fast-paced, information-packed program focusing on key issues and challenges facing real estate investors, developers, asset managers, brokers and other professionals within commercial, industrial, residential and investment real estate.
 
The conference is scheduled for Tuesday, April 11, 2017, at Vancouver Convention Centre West. 
 
Early bird pricing of $456.75 is on now until March 17, 2017, then regular rates of $488.25 apply until April 10, 2017. Day-of-event tickets will also be available at the door for $582.75.
 
To secure your early bird pricing, please register on the Vancouver Real Estate Forum’s website. An overview of the day’s programming is also available by clicking here, including a comprehensive schedule of engaging speakers and topics.
commercial real estate retail experts vancouver bcOn January 27, 2017, Vancouver-based Shoes.com shut down all operations for its e-commerce businesses, including ShoeMe.ca and OnlineShoes.com. The abrupt closure also extended to the retailer’s two brick-and-mortar stores, including its Vancouver, B.C. location on 779 Burrard Street.
 
Three years ago, ShoeMe.ca acquired OnlineShoes.com and Shoes.com and had grand plans to expand operations, which followed with quick success. The company was named a top performing Canadian-owned e-commerce company in Internet Retailer’s 2016 Top 500 Guide, as well as a recipient of a 2016 E-commerce Experience Award.
 
According to a press release, employees were made aware of the decision on January 27 and compensated through the end of the month. The company is currently working with its secured lenders to determine the process to liquidate assets and intends to assign some, or all, of the group companies into bankruptcy.
 
Prior to closing, it is reported that ShoeMe.ca, OnlineShoes.com and Shoes.com served eight million customers within Canada and the U.S. through its e-commerce and brick-and-mortar operations.
 
For more insight into the Lower Mainland’s retail sector, as well as commercial real estate investment opportunities, please contact our Vancouver office to speak with an associate.
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