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Real Estate News for Vancouver
Province Approves Construction of New $100M Ski Destination in Valemount, B.C.
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(Posted on Apr 7, 2017 at 01:00PM by Michelle Bogle)
Jim Pattison Makes Record $75 Million Donation to Vancouver Medical Centre
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(Posted on Apr 3, 2017 at 01:00PM by Michelle Bogle)
Marcus and Millichap: Your Source for Vancouver Commercial Real Estate
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(Posted on Mar 31, 2017 at 01:00PM by Michelle Bogle)
One year ago, Marcus & Millichap expanded into the highly-competitive Vancouver marketplace after many years of success as a leading commercial real estate investment services firm in the United States.Â
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Since then, we’ve had the opportunity to establish our operations as Marcus & Millichap Vancouver, providing commercial real estate investors with our expert sales, research information and advisory services across British Columbia.
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We’ve also managed to grow our team from a handful of associates to a full-fledged panel of professionals who specialize in a range of assets, including multi-family, 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 remains unique in that we solely focus on commercial real estate sales – sales being the operative word, as our portfolio does not include property management or leasing.Â
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Our brokers are also trained as sole-asset focused advisors with geographical specialization, offering our clients superior expertise and proficiency. Whether you are looking to invest in a retail asset in downtown Vancouver, a seniors’ residence in Kelowna or a hospitality property in Squamish, our associates have the knowledge, know-how and professional network to make it happen.
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And, speaking of networks, Marcus & Millichap is highly connected and well-established across the industry. We have 78 offices in the United States with 1600+ agents and brokers who have access to our Vancouver listings – which also means that we have access to over $8 billion in listings within the United States. Whether you are looking to buy or sell in commercial real estate in Vancouver or the bordering states, our network has a robust inventory to pull from.Â
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Want to learn more about the Marcus & Millichap advantage and how you can partner with us? If so, please contact our Vancouver office to speak with one of our many commercial real estate advisors.Â
WeWork Leases Coworking Office Space in Vancouver's Bentall III Tower
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(Posted on Mar 27, 2017 at 05:43PM by Michelle Bogle)
WeWork, a New York-based company, recently announced that they are converting seven floors of downtown Vancouver real estate into shared office space for tech startups and freelancers. The coworking environment, located in the Bentall III tower, is looking to attract 1,500 people to what it refers to as a “community of creators.â€
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While the concept of coworking isn’t new across the Lower Mainland — Regus offers short-term office space at nine locations in Vancouver, for instance — WeWork is unique in that they are one of the largest single locations (80,000 square feet to be exact) with a specific focus on technology. With momentum gaining within Vancouver’s burgeoning “technology ecosystem,†this is great news for freelancers and startups. Flexible and affordable coworking space will allow them to build a presence while they scale their businesses without being tied down by expensive office leases, which can also be very limiting.
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The Vancouver WeWork location joins the company’s network of 138 offices in 38 cities, ranging from New York to London and Shanghai. The Bentall III location will be dubbed WeWork Burrard Station and it is expected to open by the fall.Â
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WeWork offers a range of membership options. At its most fundamental, freelance members can sign up for access to a “hot desk,†which means they can use any desk available in a shared space. However, other options include dedicated desks, offices available on a monthly basis and entire floors on a term basis. Pricing has yet to be determined, but interested parties can subscribe to updates on the company’s website.
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As the trend towards short-term, project-based employment, also known as the “gig economyâ€, continues to spread across the province, flexible office spaces, such as WeWork, will continue to pop up across major markets like Vancouver. Our team of commercial real estate advisors are keeping a close eye on this trend, as well as other news related to Vancouver’s office market.
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For more information or insight, please contact our office to speak with an associate. You can also view our current listing of commercial properties across British Columbia by clicking here.
9 Storey Office Building Proposed for 401 West Georgia Site
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(Posted on Mar 25, 2017 at 01:00PM by Michelle Bogle)
A new nine-storey infill office building is being proposed by Oxford Properties on an underutilized portion of a 59,000 sq. ft. lot on a property owned by the company at 401 West Georgia in Vancouver, B.C. The site is currently home to an existing 22-storey office building.
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B + H Architects Inc. have applied to the City of Vancouver for permission to develop this site. The proposal, which suggests that the building will be constructed on the north part of the property facing Dunsmuir Street, includes the following:
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• 4,654 sq. ft. of new retail space
• 147,000 sq. ft. of new office space
• Building height of 139.4 ft.
• Office floorplates of 14,000 – 19,000 sq. ft.
• 6,600 sq. ft. of amenity space, 2,300 sq. ft. conference centre, 4,300 sq. ft. fitness facility
• Two levels of underground parking accessed from the lane
• Retention of the existing commercial building on the south portion of the site
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The project is being proposed under the existing DD zoning; therefore, it only requires a development permit as opposed to a full rezoning.
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To view the application for 401 West Georgia in its entirety, as well as contextual photos, design rationale and building renderings, please click here.Â
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For more information on commercial real estate investment opportunities and developments across the Lower Mainland, please contact our Vancouver office to speak with an advisor. You can also view our featured listings by clicking here.
Lower Mainland Commercial Real Estate Sales Reached 5-Year High in 2016
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(Posted on Mar 23, 2017 at 04:27PM by Michelle Bogle)
According to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV), demand for land helped commercial real estate sales and dollar values reach five-year highs across the Lower Mainland in 2016.
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Highlights:
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• In total, there were 2,848 commercial real estate sales last year, which equates to a 21 percent increase over the 2,353 sales in 2015.Â
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• Commercial real estate sales were also 29.7 percent above the region’s five-year sales average.Â
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• All totalled, the dollar value of commercial real estate sales in the Lower Mainland was $12.990 billion in 2016 – a 47.4 percent increase from the $8.815 billion total in 2015.Â
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“We saw steady activity across the commercial real estate market in 2016,†said Dan Morrison, REBGV President in a press release. “It’s no surprise that land sales had the largest increase last year given the supply shortages we’re experiencing in our residential and commercial markets today.â€Â
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Office and retail sales were also up in 2016 by 12.8 percent, with industrial sales making similar gains of 9.9 percent. Multi-family land sales, however, were down 4.1 percent from 2015 figures despite rising rents across the Lower Mainland.
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For more information about the region’s commercial real estate activity in 2016, or to view the press release, please click here.
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Questions? Feel free to contact our Vancouver office to speak with one of our commercial real estate advisors.
Marcus and Millichap Closes Sale of 1,164 Multifamily Units for $80.5 Million
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(Posted on Mar 19, 2017 at 01:00PM by Michelle Bogle)
Just this week, Marcus & Millichap announced that the company’s Dallas, Texas-based multi-family investment sales team closed the sale of six properties with a total of 1,164 units valued at $80.5 million.Â
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The properties include:
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•   Spring Lake, 380 units, Haltom City
•   Tradewind, 306 units, Mesquite
•   Village at the Crossroads, 200 units, Irving
•   Oaks Branch, 76 units, Garland
•   Bradford Place, 128 units, Commerce
•   The Village Condominiums, 74 units, Waco
“The Metroplex’s diverse and growing economy continues to attract investors, creating increased buyer competition for apartment assets and accelerating deal flow,†says Nick Fluellen, Senior Managing Director Investments with Marcus & Millichap. “Local investors are particularly focused on properties with some value-add component, as was the case with these assets.â€
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“All of the properties provide new ownership with excellent opportunities to add value in various ways, including the continuation or implementation of strategic upgrade plans,†adds Bard Hoover, First Vice President Investments at Marcus & Millichap. “Some also have excellent upcoming expense reduction opportunities.â€
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Fluellen and Hoover represented the sellers and procured the buyers in all of the transactions. Evan Burke, Sean Scott and Trey Caldwell, Associates with Marcus & Millichap, provided additional representation in the Bradford Place sale, and Scott and Caldwell assisted in the sale of The Village Condominiums.
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North-west of the United States border, our Canadian Associates at Marcus & Millichap Vancouver display the same exemplary expertise as our U.S.-counterparts as the leading specialist in commercial real estate investment sales, financing, research and advisory services.Â
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Since 1971, Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors. We also specialize in a number of unique asset categories, including multi-family, retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets.
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Our Vancouver office has a special interest in multi-family properties with a solid track record of success. In December of last year, our very own Charlie Hughes and Mike Guinan-Browne facilitated the sale of Taja Apartments, a 28-unit multi-family property located at 1131 Barclay St. in Vancouver, British Columbia. The building, which was built in 1941 and sits on an 8,646 square foot site, sold for $13.5 million (or $482,142 per unit).
As rent prices continue to remain the highest across Canada, beating out other popular cities like Toronto, the time to invest in multi-family commercial real estate is better than ever. To learn more about partnering with Marcus & Millichap, please contact our Vancouver office for more information.Â
As rent prices continue to remain the highest across Canada, beating out other popular cities like Toronto, the time to invest in multi-family commercial real estate is better than ever. To learn more about partnering with Marcus & Millichap, please contact our Vancouver office for more information.Â
BC Commercial Leading Indicator Ends 2016 on a High Note
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(Posted on Mar 14, 2017 at 02:02AM by Michelle Bogle)
In a recent press release by the British Columbia Real Estate Association (BCREA), the organization released details from its Commercial Leading Indicator (CLI), which forecasts changes in broad commercial real estate activity.Â
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According to the BCREA, the CLI increased for the fourth consecutive quarter, rising 1.5 index points from the third to fourth quarter of 2016. The index now sits at 123.9, a 5 percent increase from a year ago and about a 1.2 percent gain on a quarterly basis.
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The CLI was propelled higher by strong fourth quarter growth in the B.C. economy; specifically, gains in the retail, wholesale and manufacturing sectors. Growth in wholesale trade jumped nearly 12 percent year-over-year in the fourth quarter and was up 5 percent on a quarterly basis. The dramatic increase was the result of higher sales of machinery and equipment, as well increased sales in the food and beverage sector. Retail sales were up 6.6 percent year-over-year and about 1.5 percent on a quarterly basis. Manufacturing sales also increased, rising 2.1 percent on a quarterly basis.Â
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Growth in the CLI’s economic activity component more than offset modest quarterly declines in the employment and financial component. According to the BCREA, Canadian REITs were down about 1 percent at the end of the fourth quarter, while rising short- and long-term interest rates following the US presidential election caused a widening of risk. That combination led to a second consecutive decline in the CLI’s financial component. The CLI measure of office employment was also flat in the fourth quarter, following six months of strong gains. The manufacturing sector shed close to 1,600 jobs in the fourth quarter despite strong manufacturing activity.Â
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However, the underlying CLI trend continues to push higher, signalling further growth in investment, leasing and other commercial real estate activity over the next two to four quarters.Â
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To view the full BCREA Commercial Leading Indicator index in its entirety, please click here. Or, for more insight into British Columbia’s commercial real estate market, please contact Marcus & Millichap’s Vancouver office to speak with an advisor.
Industrial News: Ironworks Brings New Life to Former Foundry Site
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(Posted on Mar 7, 2017 at 09:18PM by Michelle Bogle)
Vancouver’s historic Terminal City Iron Works will be getting a new lease on life thanks to Conwest Group.Last week, the company hosted a ground-breaking ceremony to mark the construction of Ironworks – a two-building, 200,000 sq. ft. industrial-commercial project on the site of the former foundry.Â
The land, which is located at the north end of Victoria Drive and was once used to make heavy-duty waterworks equipment, war effort materials and even TV and movie productions, will now be home to dozens of post-industrial firms, like software companies and craft brewers, employing up to 500 workers.
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With the ground-breaking underway, it is expected that the development will be complete by the end of 2018. The two- and three-level buildings will cover a full city block between Pandora and Franklin Streets.
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The project is valued at $90-million and is being sold off in strata units, with half of them already sold. The building will include showroom, warehouse, wholesale and office space. It is being designed by Taylor Kurtz Architecture and Design.
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Many commercial real estate insiders are keeping a close eye on this unique project, especially as industrial space across Vancouver remains scarce. If Ironworks proves to be a success, it could encourage other developers to follow suit – and perhaps even go a step further by combining office, industrial and residential projects to create more vibrant neighbourhoods.Â
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The WorkSpaces at Strathcona Village are a prime example – its three-tower, 350-unit complex blends 280 condos, 70 social housing units, 12,000 sq. ft. of office space and 60,000 sq. ft. of industrial-retail units. The Workspaces are currently under construction with occupancy slated for later this year.
If you are in need of industrial-commercial space, our team at Marcus & Millichap Vancouver can help. To speak with one of our advisors, please contact our office by clicking here or visit our Property Search Portal to view active listings across British Columbia.Â
If you are in need of industrial-commercial space, our team at Marcus & Millichap Vancouver can help. To speak with one of our advisors, please contact our office by clicking here or visit our Property Search Portal to view active listings across British Columbia.Â
Foreign Investors to Buy Vancouver’s Rosewood Hotel Georgia for $145 Million
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(Posted on Mar 7, 2017 at 02:35AM by Michelle Bogle)
A deal has been inked to sell one of Vancouver’s oldest and most historic hotels. Established in 1927, the Rosewood Hotel Georgia will be sold for $145 million in a joint-venture of two Hong Kong-based firms, owned by two brothers – Able Shine Enterprises and Magnificent Hotel Investments.Â
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The investors are buying the hotel from Vancouver-based Delta Land Development Limited, but will continue to be managed by Dallas-based Rosewood Hotels & Resorts.
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The Rosewood Hotel Georgia will join Magnificent Hotel’s portfolio of other hospitality assets, including five Best Westerns and other hotels in Hong Kong and Shanghai. Last June (post-Brexit), the company made international news when its subsidiary purchased the Travelodge London Kings Cross Royal Scot Hotel for 70 million pounds.
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An update on Magnificent’s website describes the recent acquisition of the Rosewood Hotel Georgia as: “An excellent opportunity to enter the vibrant Vancouver real estate and hotel market at a nearly construction-replacement cost, for a new and most prestigious building on the most prominent address of the city centre with an initial yield of 4%.â€Â In 2011, the historic landmark completed a four-year, $120-million restoration that preserved the heritage facade and expanded the rooms inside. It was also brought under new management.Â
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As we continue into 2017, the outlook for Vancouver’s hospitality market continues to stay positive. Overall, hotels are expected to remain a thriving asset class, thanks to our awareness on the global scene for attracting travellers (individual, business and group) and cross-border investors.
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For more information regarding hospitality asset opportunities across the Lower Mainland, please contact our office to speak to our skilled team of advisors. You can also view our list of featured properties by clicking here.
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