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New Strata Industrial Project Coming to Kelowna B.C.
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(Posted on Jan 18, 2017 at 07:10PM by Michelle Bogle)
Vancouver-based developer PC Urban has announced plans to build the first strata industrial building in Kelowna in more than five years. This news comes as the developer is finalizing the purchase of the industrial site at 1655 Dilworth Drive – the former home of the now-defunct Enterprise Steel Fabricators.Â
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The property is located at the corner of Enterprise Way and Dilworth Drive, just one block from Highway 97 — the main link between the North, Central and South Okanagan. According to B.C. Assessment, 1655 Dilworth is valued at $7.125 million.
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Once the sale is final, PC Urban plans to redevelop the eight-acre site into a commercial strata business complex zoned for light industry. The company is already engaged in talks with the City of Kelowna regarding their plans.
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The units would range from 2,700 sq. ft. to 4,200 sq. ft. and would be built to suit industrial businesses with office and retail components with bay doors, windows and mezzanines. PC Urban is currently doing market research to determine how many units the market could handle at the site.
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For now, pricing is not fully determined; but, in an interview with the Vancouver Sun, Garry Fawley, Principal with PC Urban, was quoted as saying that, "the price of the small bay units would likely start in the high $200s; meaning, a 3,000 sq. ft. unit priced at $280 per sq. ft., would sell for approximately $840,000." Â Â
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Construction is anticipated to begin in approximately eight months and take one year to complete.
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This new strata industry project is already generating a lot of buzz and excitement, especially from small business owners and entrepreneurs who have been chomping at the bit to purchase commercial real estate as a place to conduct business. The timing for the build couldn’t be better; the current supply of strata industrial space is very limited in Kelowna, while the demand remains very strong.
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If you or someone you know is in need of light industrial space in Kelowna, Vancouver or other parts of the Lower Mainland, please contact Marcus & Millichap to speak with one of our highly skilled commercial real estate advisors. You can also visit our Property Search Portal to view active listings across British Columbia.Â
Update: Construction Continues at Burnaby’s Amazing Brentwood
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(Posted on Jan 16, 2017 at 05:03PM by Michelle Bogle)
New Mixed-Use Development Proposed By Viva Grand Developments
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(Posted on Jan 13, 2017 at 07:42PM by Michelle Bogle)
Viva Grand Developments has applied to rezone a site at Cambie Street and West 42nd Avenue in Vancouver, which is located across from Oakridge Centre. The firm is the North American office of Xiangli, a leading real estate company with 22 years of experience and over 350,000 square feet of residential, mixed-use and infrastructure development in China.Â
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Viva Grand acquired the 31,194 square foot site, which is currently occupied by single storey retail, in 2013 for $26,000,000.
The plan includes rezoning from the existing C-2 (Commercial) to a CD-1 (Comprehensive Development) under the Cambie Corridor Plan, which will allow for a 10 and 8-storey mixed-use development, including:
The plan includes rezoning from the existing C-2 (Commercial) to a CD-1 (Comprehensive Development) under the Cambie Corridor Plan, which will allow for a 10 and 8-storey mixed-use development, including:
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• 117 residential units
• 20 studios, 28 one-bedrooms, 50 two-bedrooms and 11 three-bedrooms
• Eight live-work units at the lane
• Six commercial units at grade totalling 14,700 square feet
• 21,000 square feet of office space
• Maximum building height of 116 feet
• Total density of 5.22 FSR
• 215 underground vehicle parking spaces and bicycle spaces
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Full details of the rezoning application can be viewed here.
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To learn more about this mixed-use 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.
Department of National Defence to Sell Royal Roads Lands in Victoria, B.C.
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(Posted on Jan 10, 2017 at 04:16PM by Michelle Bogle)
After selling its Jericho Lands in Vancouver’s Point Grey for $480 million to a trio of First Nations last year, the Department of National Defence (DND) is preparing to sell its Royal Roads property in Victoria, B.C. The DND no longer has a use for the 536-acre parcel, which houses Royal Roads University.
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Currently, the DND is engaging with the Songhees and Esquimalt First Nations, which have expressed interest in the property and identified it as a core part of their claimed traditional territories.Â
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Even if they do acquire the land, Royal Roads University will continue to operate in its current location. It has 83 years remaining on a 99-year lease with the DND. Other plans for the land remain unknown.Â
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“If we do acquire it, we’ll be sitting down to see what areas can be developed, what areas people have labelled as green space, what our dreams and aspirations are and working together to – I can’t say it enough – make it work for everyone,†says Songhees Chief Ron Sam in an interview with Business in Vancouver.
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To learn more about the sale of the DND’s Royal Roads property in Victoria, please contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor.
Marcus & Millichap: Vancouver’s Commercial Real Estate Experts
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(Posted on Jan 5, 2017 at 05:13PM by Michelle Bogle)
One year ago, Marcus & Millichap broke into Vancouver’s commercial real estate scene, offering a fresh, new approach to the Canadian marketplace.Â
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Since then, our team of highly skilled sole-asset focused commercial brokers and advisors have had the privilege of facilitating many notable transactions across British Columbia and beyond, including the sale of a 12-unit apartment building in Vancouver for $6,435,000, the sale of a $13.5 million multi-family property in Vancouver’s coveted west end market, and a $103 million North American resort retail portfolio transaction. 2016 was certainly a monumental year for our organization!
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And, as we embark into the New Year with great motivation and gusto, we are eager to partner with additional private investors, professionals and institutions to fulfill all of their real estate investment sales, research information and advisory needs as it relates to the following asset categories:
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• Multifamily
• Retail
• Office
• Industrial
• Single-tenant net-lease
• Self-storage
• Seniors housing
• Manufactured homes
• Hospitality
• Land and special assets
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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. You can also view our current listing by visiting our Property Search Portal by clicking here.
Growth in TAMI and Senior Rental Sectors Make Kelowna One of the Best Regions for Multi-Family Investments
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(Posted on Dec 31, 2016 at 02:00PM by Michelle Bogle)
If you’ve been following Vancouver's residential real estate market, you know that Canada’s West Coast is one of the world’s hottest. From local tech enterprises to wealthy foreign investors, demand for properties across British Columbia seems endless. And, it is.Â
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But, even as the residential housing market is going gangbusters, the province’s multi-family sector is equally booming. Property values continue to climb, vacancy rates continue to drop and rental rates are reaching unseen levels – some of the highest in Canada.
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And, as we welcome the new year, certain regions in B.C. are expected to perform better in 2017, especially as growth in the technology and senior rental sectors continues to drive demand.Â
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In today’s post, we take a closer look at Kelowna, which is named one of the best regions for multi-family investments in the coming year.
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Kelowna
Forecast: rental vacancy rate of 1.5% through 2017
Average two-bedroom rental in 2017: $1,050
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With the completion of Kelowna’s Okanagan Centre for Innovation, the Okanagan’s biggest city has emerged as a top spot for the TAMI sector – technology, advertising, media and information – and the hundreds of millennials that it employs. There are now 140 TAMI firms in Kelowna, driving a forecast of employment growth of 2.2% into 2017. The rental vacancy, which is now at 0.5%, is expected to inch up next year, but remain one of the lowest in Canada.Â
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Investors can find older multi-family buildings in the $85,000 - $90,000 per door range with capitalization rates of 6%. Also, Kelowna’s Rental Housing Grants program provides up to $320,000 in annual grants for purpose-built rental housing projects, which adds to the region’s appeal. Â
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Seniors make up another strong rental sector with 20.6% of Kelowna’s population. This figure is well above the national average of 16.1%.Â
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For off-shore investors, Victoria is also exempt from the 15% property transfer tax on foreign buyers in Metro Vancouver, making it a next-best choice for those looking to invest in B.C.’s burgeoning multi-family sector.
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For more information on investment opportunities in Kelowna, please contact Marcus & Millichap’s Vancouver office to speak with one of our highly skilled commercial real estate advisors.
Start 2017 with a Career in Commercial Real Estate Investment Sales
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(Posted on Dec 29, 2016 at 12:00PM by Michelle Bogle)
As we are about to embark on a fresh new year, Marcus & Millichap Vancouver is pleased to announce that our office is looking to expand upon our talented team of real estate investment sales associates.We are currently hiring subject matter experts for our key property specialties, including multi-family, retail, office, industrial, land, senior housing, hospitality, self-storage and more.
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This is a unique opportunity to work and learn from the best in the industry. Through our hands-on training and mentorship program, you’ll benefit from real world experience that propels you into a successful career in commercial real estate sales.
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In this role, you will be responsible for:
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•   Researching potential clients and properties
•   Attending networking and industry events
•   Building relationships with potential clients and referral sources
•   Marketing properties to potential buyers using external/internal platforms
•   Fielding offers on listed properties from interested buyers
•   Working with attorneys, bankers and 3rd parties to coordinate a smooth closingÂ
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After a banner year for Vancouver’s commercial real estate industry, the timing couldn’t be better for you to start your new career with us. In fact, recent data from the Real Estate Board of Greater Vancouver (REBGV) shows that the third quarter of 2016 was the busiest quarter in the last five years with B.C.’s Lower Mainland, logging 645 commercial sales. This figure is up 6.3% from 607 in the same quarter of 2015 while the aggregate value was down 1.9% from last year at $2.4 billion. There is so much opportunity for personal, professional and financial growth within Vancouver’s commercial real estate industry.
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To learn more about this exciting opportunity, please see our job posting by clicking here. Interested applicants can submit their resume and cover letter to yunia.lubega@marcusmillichap.com.Â
East Vancouver Ranks as a Top Region for Multi-Family Investments
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(Posted on Dec 24, 2016 at 02:00PM by Michelle Bogle)
As we approach the coming of a new year, one of Vancouver’s commercial real estate asset classes is expected to gain continued traction throughout 2017 and that’s the multi-family property market.Â
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Over the last number of quarters, this category has been driven by rising property values, increased rental rates and low vacancies. Demand for multi-family properties is booming across British Columbia’s Lower Mainland with certain regions coming out on top.
One of those regions in East Vancouver, which is bordered to the north by Burrard Inlet, to the south by the Fraser River and to the east by the city of Burnaby.Â
One of those regions in East Vancouver, which is bordered to the north by Burrard Inlet, to the south by the Fraser River and to the east by the city of Burnaby.Â
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In today’s post, we take a closer look at East Vancouver’s multi-family market to uncover why it is considered one of the top regions to invest in next year.
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East Vancouver
Forecast: rental vacancy rate of 0.8% through 2017
Average two-bedroom rental in 2017: $1,460
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East Vancouver is a multi-family investor’s dream, despite the initial high cost of entry.
Government intervention has driven condominium sales down by 40% from the peak that took place this past spring, which is causing many tenants to remain within the renter pool.Â
Government intervention has driven condominium sales down by 40% from the peak that took place this past spring, which is causing many tenants to remain within the renter pool.Â
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The new Emily Carr University of Art and Design (opening fall 2017), the new hospital and a rapidly expanding technology sector are also putting pressure on East Vancouver’s multi-family market, creating higher demand for quality rental units in the region. There is an influx of students, professionals and millennials currently in search of housing.
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In terms of property sales, even older rental apartment buildings in East Vancouver are fetching more than $250,000 per door. Cap rates are in the 2.5% range, but that could be offset by price appreciation.Â
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Having said that, East Vancouver remains a promising multi-family market as we move into 2017 – one that many investors have their eyes on, especially with the anticipated growth in the area.
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For more information or insight into multi-family investment opportunities across the Lower Mainland, please contact Marcus & Millichap’s Vancouver office to speak with one of our advisors. You can also stay abreast of commercial real estate news and other hot topics by liking our Facebook page.
Thank You for the Support of the REALTORS® Care Blanket Drive
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(Posted on Dec 22, 2016 at 02:00PM by Michelle Bogle)
Victoria, B.C. Named One of the Best Regions for Multi-Family Investors
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(Posted on Dec 20, 2016 at 04:13PM by Michelle Bogle)
The multi-family sector in British Columbia is booming and property investors are revelling as values continue to rise, vacancy rates are near record low levels and rental rates are the highest across Canada.Â
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But, even though the multi-family sector is strong across the province, there are certain regional markets that are expected to do better in 2017, especially as growth in the technology field continues to drive rental demand.Â
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In today’s post, we take a closer look at Victoria, which is named one of the top five regions for investing in the multi-family sector in 2017.
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Victoria
Forecast: rental vacancy rate of 0.8% through 2017
Average two-bedroom rental in 2017: $1,200
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British Columbia’s capital represents one of the best multi-family markets in the province, if not in all of Canada. The rental vacancy rate is resting at a super low 0.7% and is expected to remain below 1% for the next two years, according to a forecast from Canada Mortgage and Housing Corporation (CMHC).
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As for the rental demand, it is being driven by three tenant pools: students, employees in the high-tech sector and seniors. Net migration for people aged 16 to 25 has added 18,000 residents to the population since 2006 – the largest single cohort of migrants to the region. Many of these are post-secondary students or employees in the city’s burgeoning tech sector, which now employs 23,000 people. Layered on this is the growing demand from seniors, who are choosing Victoria as their retirement destination.Â
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The downside of investing in this region is the high cost of rental apartment buildings, currently in the $185,000-per-door range and up. Also, capitalization rates for multi-family properties average 4%, which is the lowest across B.C.
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Having said that, investing in Victoria’s multi-family sector is still a solid choice. For more information on the region, please contact Marcus & Millichap’s Vancouver office to speak with one of our highly skilled commercial real estate advisors.
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