Social Community Portal
Real Estate News for Vancouver
Recent Vancouver Office Rezoning Application Demonstrates Need for Smaller Sites
Tags:
(Posted on Feb 27, 2017 at 06:41PM by Michelle Bogle)
In December of 2016, a rezoning application was submitted to the City of Vancouver by Musson Cattell Mackey Partnership to rezone 521-525 West 8th Avenue from C-3A (Commercial) District to CD-1 (Comprehensive Development) District.The site, which is located across from Whole Foods, is currently comprised of two single-storey retail buildings, one of which is now vacant.
Â
The proposed development is for a 68,000 sq. ft., nine storey office building providing approximately 60,300 sq. ft. of office space and 2,000 sq. ft. of retail space, with floorplates ranging from 6,400 to 9,015 sq. ft.
The physical site itself is 90 ft. by 110 ft. for a total of 9899 sq. ft.Â
The physical site itself is 90 ft. by 110 ft. for a total of 9899 sq. ft.Â
Â
Parking will be accommodated over 3.5 levels of underground garage space and lane side surface car-sharing stalls, to meet the current bylaw, with access from the lane, where loading will also be accessible.
Â
This application is being considered under the Metropolitan Core Jobs and Economy Land Use Plan. It's also the latest project to fall into the recent trend of rezoning applications for office buildings on sites under 10,000 sq. ft., which traditionally would have been considered too small to accommodate larger floorplates and parking requirements. One of the main key purposes of this office development, according to Musson Cattell Mackey Partnership, is the “creation of new office space in a configuration in response to market needs.â€
Â
To learn more about this unique office development or other commercial projects underway across the Lower Mainland, please contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor.
Retail News: Nordstrom’s Sugarfina Seeks Canada-Wide Expansion
Tags:
(Posted on Feb 22, 2017 at 12:25AM by Michelle Bogle)
Something sweet is happening the B.C.’s luxury retail sector. The premium candy brand Sugarfina is looking to expand beyond its Nordstrom doors into stand-alone space in major markets across Canada, including Vancouver.
Â
Sugarfina is well-known for its opulent items made from high-quality ingredients, sourced directly from international artisan candy makers. Products include gourmet chocolates, malt balls, licorice and other delicious confections, such as champagne-infused gummies and maple bourbon caramels.
Â
In Canada, Sugarfina shop-in-stores are located inside all five operating Nordstrom locations. The first boutique opened at Nordstrom’s CF Pacific Centre in Vancouver in the fall of 2015.Â
Â
The retailer has partnered with a Montreal-based brokerage on its freestanding Canadian store expansion, which could see up to 10 stand-alone locations. Initially, Sugarfina is looking at Toronto and Vancouver for stores, ideally in the 600 square foot to 1,000 square foot range, within shopping malls.Â
Â
The brand already has 27 small stand-alone boutiques boasting high sales per square foot in the United States. Its preferred co-tenants include Lululemon, Aritzia, Sephora, Apple, Godiva and other premium brands.
Â
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 advisor.
Average Vancouver One-Bedroom Rent Reaches All-Time High
Tags:
(Posted on Feb 17, 2017 at 02:51PM by Michelle Bogle)
According to a February 2017 Canadian Rent Report by the apartment website PadMapper, the average rent for a one-bedroom apartment in Vancouver, B.C. remains the highest in the country, plus it increased another 1.6% in February, reaching the highest level on record.
Â
On average, tenants pay $1,900 for a one-bedroom unit in Vancouver, beating out Toronto, which has an average price of $1,620 for this home type.
Â
Prices for two-bedroom apartments in Vancouver fell 0.6% in the month to $3,130. The city’s rent in this category remains in a class of its own in terms of high cost. The next most expensive city for this home type is Toronto at $2,060, making Vancouver a staggering 52% more expensive.Â
Â
Elsewhere in B.C., one-bedroom apartments cost 1.6% more in Victoria (as of February), with an average rent of $1,290. On the other hand, two-bedroom rents fell 1.3% to $1,470.
Â
To view the February 2017 Canadian Rent Report, please click here.
Â
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.
Â
You can also view our current listings by visiting out Property Search Portal.
NEB Accepts Woodfibre LNG’s Application for a 40-Year Export Licence
Tags:
(Posted on Feb 14, 2017 at 02:00PM by Michelle Bogle)
There’s more news out of Squamish, B.C., regarding the ongoing Woodfibre liquefied natural gas plant project.Â
Â
Last week, the company announced that the National Energy Board (NEB) accepted an application for a 40-year export licence for the plant. If approved, the licence would allow the export of approximately 2.1 million tonnes of liquefied natural gas per year, for 40 years, from the Woodfibre LNG Project. Â
Â
Â
The project initially received a 25-year licence in December 2013; however, amendments to the National Energy Board Act Part VI Regulations in 2015 increased the maximum term to 40-years. Â Â
Â
“This application, if successful, would provide even more assurance to the government, First Nations partners, stakeholders and potential customers of the certainty of this project,†said Byng Giraud, Country Manager and Vice President, Corporate Affairs, Woodfibre LNG Limited.
Â
The application is available to view on the National Energy Board’s website.Â
Â
Â
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.
$32.25 Million Fairfield County Multifamily Asset Sold by Marcus & Millichap
Tags:
(Posted on Feb 12, 2017 at 02:00PM by Michelle Bogle)
Earlier this week, Marcus & Millichap announced its Institutional Property Advisors (IPA) division closed the sale of Hillcroft at Danbury, a 192-apartment home multifamily community located in the hills of Danbury, Connecticut. The $32.25 million sales price equates to just under $168,000 per unit.
Â
“The property is a value-add investment opportunity with large, well-designed apartment homes and stunning vistas overlooking Ridgewood Country Club just minutes from the Richter Park Golf Course,†said Victor Nolletti, an Executive Director who heads the Northeast for IPA’s Northeast and Florida team, in a press release. “Previous ownership constructed a club room, fitness center and leasing center that positions the property to further benefit from an easy-to-execute floor plan reconfiguration.â€
Â
Â
“Danbury has solid historic occupancy and effective rent growth,†added Steve Witten, an Executive Director of IPA in the Northeast and Florida, in the same release. “The city attracts lifestyle renters, renters by choice and young professionals, and provides them all with urban and suburban lifestyles at significantly less cost than comparable rental housing options in the Stamford-Norwalk Metro and Westchester County.â€
Â
Nolletti and Witten, along with Eric Pentore, an IPA Associate, and Wes Klockner of Marcus & Millichap’s New Haven office, represented the seller, Par Hillcroft LLC, and procured the buyer, Timberline Real Estate Ventures LLC.
Â
And, while this transaction took place outside of our Vancouver market, it displays Marcus & Millichap’s exceptional expertise as a leading specialist in commercial real estate investment sales, financing, research and advisory services within the multifamily asset category. In fact, last December, our very own Charlie Hughes, along with Mike Guinan-Browne, who represented the buyer, closed a $13.5 million sale of a 28-unit multifamily property in Vancouver.Â
Â
With a specialty in multifamily housing, along with other commercial real estate investment categories, including retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets, our team has the investment specialization, local market expertise, comprehensive research, state-of-the-art technology and the largest pool of qualified investors at our fingertips.
Â
To learn how you can partner with us, please contact our Vancouver office for more information.Â
3 Ways to Rejuvenate Aging Office Buildings
Tags:
(Posted on Feb 8, 2017 at 02:00PM by Michelle Bogle)
If you are an investor with an aging office building in your portfolio or you are looking to invest in one, it might be time to consider a revitalization of your commercial property to remain on the cutting edge of Vancouver’s increasingly competitive office market.As more millennials continue to flood the workforce and shape the way that today’s offices are designed, it’s now more important than ever before that owners focus on upgrades and improvements.
Â
Here are three tips to consider:
Â
1. Up the "Wow Factor"
First impressions are everything – especially when attracting millennials as prospective office tenants or employees. Dark, closed in spaces should be replaced with open, well-lit lobbies and public spaces that impart a welcoming vibe. Flexible work zones should promote collaboration and creativity between peers. The design should also be fresh, yet timeless, with a blend of unique furnishings, artwork, sculptures, interesting accent walls or lighting fixtures. Today’s offices should have a “wow factor†– it’s not just a place to conduct business, but a place to inspire.
Â
2. Invest in Amenities That Millennials Desire
Fitness centres, cafeterias, cafes, wi-fi internet access, outdoor space and even meditation areas are high on the list of wants of millennials in the workforce. While incorporating in these types of amenities within your office building may seem like a challenge, they are a smart investment that will not only attract new tenants, but retain existing ones. After all, more office tenants are expecting these types of amenities nowadays.
Â
3. Focus on Structures and Systems
Roof structures and HVAC systems have an average lifespan of between 15-20 years, depending on how well they were maintained and cared for. If your aging office building has systems and structures in place that exceed this lifespan, it’s imperative that improvements be completed. Not only will this make your commercial office space more comfortable and attractive to tenants, but it can solve nagging temperature control issues or leaks, which are common problems with aging buildings.
Â
The bottom line: If you are an owner of an antiquated office building, it’s essential to ensure your commercial property is up-to-date and ready to lease, so you can attract and retain quality tenants. On the other hand, if you are a tenant in need of office space, be sure your commercial real estate broker does their due diligence to ensure any buildings on your radar have undergone recent upgrades or have plans in place to do so in the near future.
Â
To learn more about office trends and how they are impacting the commercial real estate sector in the Lower Mainland, please contact Marcus & Millichap’s Vancouver office to speak with an associate.
You can also view our current listings of commercial real estate properties by clicking here.Â
You can also view our current listings of commercial real estate properties by clicking here.Â
Marcus & Millichap Closes the Largest Medical Office Transaction in Michigan Since 2014
Tags:
(Posted on Feb 6, 2017 at 05:08PM by Michelle Bogle)
Last month, Marcus & Millichap announced the sale of the Women’s Health Center of West Michigan, a 106,806-square-foot medical office building. The $43.5 million sales price equates to more than $400 per square foot and is the largest dollar value sale for a medical office transaction in the state since 2014.
Â
The four-story Class A asset is 93% occupied and anchored by Metro Health OAM Surgery Center and Grand Rapids Women’s Health.
Â
“The recent acquisition of Metro Health by the University of Michigan, along with the significant lease term remaining on the anchor tenants, generated a high level of interest in the asset,†said Seth Haron, senior associate in Marcus & Millichap’s Detroit office in a press release. “The tenancy also includes hospital-based medical practices and a complementary mix of private physician groups.â€
Â
Haron and Ashish Vakhariya, Vice President Investments in Detroit, represented the seller, Pinnacle Construction Group, and procured the buyer, a private real estate investment trust.
Â
“Built in 2008, the medical center greatly benefits from its strategic location within the ‘Medical Mile’ of Grand Rapids,†added Vakhariya in the same release.
Â
Spectrum Butterworth Hospital, the Meijer Heart Center, Helen DeVos Children’s Hospital, and the Lemmen-Holton Cancer Pavilion are some of the notable medical facilities within this corridor. There are more than 17.8 million square feet of office space and over 253,000 people within a five-mile radius of the building.
Â
And, while this transaction took place south of the border, it displays Marcus & Millichap’s exemplary expertise as a leading specialist in commercial real estate investment sales, financing, research and advisory services. Since 1971, our firm 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 multifamily, retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets.
Â
To learn more about the Lower Mainland commercial real estate market and how you can partner with Marcus & Millichap, please contact our Vancouver office for more information.Â
Senior Housing: Top Five Retirement Communities in B.C.
Tags:
(Posted on Jan 31, 2017 at 05:09PM by Michelle Bogle)
For retirees looking for a pleasant climate, unending scenery and a host of recreational opportunities, British Columbia is an obvious choice. In fact, it’s home to Canada’s fastest-growing population of retirees with many choosing to settle on Vancouver Island, the Sunshine Coast and the Okanagan.Â
Â
Of these three regions, there are five communities that are in high demand for senior housing options right now. Read on to learn why:
Â
Qualicum Beach
Situated on the Strait of Georgia, just a short distance north of Nanaimo, Qualicum Beach is B.C.’s top retirement community with nearly half its population aged 65 years or older. Seniors choose this area for its temperate climate, low crime rates, close-knit community, access to quality medical services, like Nanaimo General Hospital and Oceanside Health Centre, as well as residences/amenities geared to their needs.Â
Â
Comox
With relatively affordable real estate, regular air service and the new St. Joseph’s General Hospital in neighbouring Courtenay, Comox is a popular destination for seniors in B.C. It’s also known for its great leisure activities, like fishing, boating, skiing and hiking, as well as its wonderful dining opportunities and retail shops.
Â
Sechelt
Across the Georgia Strait from Vancouver Island lies the Sunshine Coast – another major retirement hotspot. Separated from the rest of the Lower Mainland by Howe Sound, the Sunshine Coast runs from Gibsons to Powell River and enjoys the sheltered, temperate environment that characterizes the communities around the Salish Sea. In Sechelt, more than one in four residents are 65 years or older. These seniors choose this area for its affordable real estate, arts and culture, outdoor activities and small-town feel. It also offers access to Sechelt Hospital, which is a 38-bed facility serving Langdale, Gibsons, Roberts Creek, Halfmoon Bay and Pender Harbour.
Â
Sidney
Located on the coast of the Saanich Peninsula, Sidney is home to the highest proportion of seniors than any community in the Greater Victoria Area. For retirees who like to travel, Sidney offers great proximity to the Victoria International Airport, as well as ferries to Tsawwassen and the U.S. It’s also the gateway to the Gulf Islands National Park Reserve, with its many wildlife and eco-adventure experiences. Seniors also choose this area for its waterfowl and marine life, wineries, farmers markets and local restaurants. Great medical care is also nearby, including the Victoria General and Royal Jubilee hospitals, as well the Saanich Peninsula Hospital.Â
Â
Summerland
Summerland is a popular choice for Canadian retirees thanks to its affordable housing options and year-round arid climate, which is ideal for those who enjoy golfing, boating, downhill skiing and other outdoor activities. It’s also home to some of the region’s best orchards and vineyards, making it an ideal retiree spot for those who enjoy delicious food and wine. Healthcare is available at the Penticton Regional Hospital, while a recent expansion of the Kelowna General Hospital ensures premier care for residents in the central and north Okanagan.
Â
Want to learn more? For investors looking to expand into the senior housing sector, the timing is right – especially in Vancouver, where many seniors are looking to sell their million dollar homes and transition into luxury residences, offering a range of senior care options, services and activities. But, to get into this unique market, you need the expertise of an experienced investment specialist – like our team at Marcus & Millichap Vancouver.Â
Â
We offer highly effective research, advisory, financing and transaction services tailored to meet the needs of each seniors housing property type. Our associates are well-versed in all assets, including seniors’ apartments, assisted living facilities, independent living facilities, skilled nursing facilities and continuing care retirement communities.
Â
To learn more about our services and expertise, please contact our office to speak with a broker or to view current investment opportunities, please see our featured listings here.
Crunch at the Pumps: Vancouver to Lose More Gas Stations Amid Real Estate Boom
Tags:
(Posted on Jan 28, 2017 at 03:06AM by Michelle Bogle)
As the real estate market in Vancouver continues to boom, drivers across the city may find it harder to fill up their vehicles with fuel as Chevron Canada Ltd. plans to put another five stations up for sale.
Â
The company decided to sell the five locations after marketing three others last year, including one on Georgia Street that is currently one of only two gas stations in the downtown core. Although the sales haven’t finalized on the first three, interest in the properties was strong enough to persuade the company to list the next lot of stations, especially as land remains in high demand across the city.
Â
"There's intense demand for housing in the city and, with that in mind, it makes sense that we market these properties in some of the most valuable parts of the city," said Chevron spokesman Adrien Byrn in an interview with CTV Vancouver. "That's really the primary driver behind this decision."
Â
However, this trend isn’t just applicable to Metro Vancouver – it’s a trend in other major markets too. According to industry watchers, gas stations have been disappearing steadily across North America over the past quarter century, as companies drive consumers toward fewer higher-volume, multi-pump stations.Â
Â
To date, Vancouver’s business license database shows 70 active retail gas stations, along with three others listed as pending. Chevron, which has the largest market share of all the gas companies in the city, says that even when the listed stations sell, the company will retain 19 other locations.
Â
For more information on these Chevron locations or other land investment opportunities across the Lower Mainland, please contact our Vancouver office to speak with a commercial real estate advisor.
Retail News: Cadillac Fairview Sells Part of Vancouver Portfolio
Tags:
(Posted on Jan 26, 2017 at 05:27PM by Michelle Bogle)
Interesting news out of Vancouver’s retail industry: Cadillac Fairview has agreed to sell half of its Vancouver portfolio to the Ontario Pension Board and the Workplace Safety and Insurance Board. The deal was announced last week on January 20; however, full terms have not been disclosed.Â
Â
The Ontario Pension Board and the Workplace Safety and Insurance Board will each take a 25% stake in the property management company’s Vancouver assets, including CF Pacific Centre, 200 Granville Square and Waterfront Centre. In total, the deal represents approximately 4 million square feet of leasable space.
Â
This news comes on the heels of the December 2016 Canadian Shopping Centre Study by the Retail Council of Canada, which ranked Vancouver’s CF Pacific Centre as one of the most productive malls in Canada. It brought in $1,523 in sales per square foot in the year ended August 31, 2016. To read the full study, please click here.
Â
As you can see, there is a lot of action swirling around Vancouver’s retail sector – one that our team of commercial real estate advisors is keeping a close eye on. For more information or insight, please contact Marcus & Millichap’s Vancouver office to speak with an associate, or click here to view our current property listings.
Error getting status updates from Twitter.