Social Community Portal
Real Estate News for Vancouver
The WorkSpaces at Strathcona Village: Blending Home with Industry
Tags:
(Posted on Nov 4, 2016 at 05:00AM by Michelle Bogle)
Sales have begun for the commercial component of a mixed-use residential-industrial project on East Hastings Street – a project that is garnering worldwide attention for its one-of-a-kind offering that blends residential homes with industry.
Â
Comprised of more than 60,000 square feet of industrial-retail flex and office space, the WorkSpaces at Strathcona Village are distributed over two floors and provide maximum flexibility and accessibility for businesses seeking high-quality premises.
Â
With CD-1 zoning, there are a number of commercial operations that will be able to capitalize on the ever-growing Strathcona neighbourhood. The WorkSpaces are perfectly suited for artists’ studios, product showrooms, digital and technology companies, light manufacturing, cafes, tasting rooms and the like.
Â
There are a variety of unit sizes available, ranging from 997 sq. ft. to 6,781 sq. ft. with ceiling heights between 19’ to 22’. All units also offer modern west coast design with great street front exposure.
Â
Occupancy is currently slated for summer 2017 and comes at a time when the city is struggling with a well-documented shortage of strata industrial space. And, as vacancies continue to tighten and rental rates increase across the Lower Mainland, competition for strata industrial assets will also continue to grow, especially from entrepreneurs, start-ups and light manufacturers.Â
Â
If you are in need of industrial-retail flex or office space, our team at Marcus & Millichap Vancouver can help. To speak with one of our commercial real estate advisors, please contact our office by clicking here or visit our Property Search to view active listings across British Columbia.Â
Millennials are Changing the Face of Office Spaces
Tags:
(Posted on Oct 31, 2016 at 01:00PM by Michelle Bogle)
The millennial employee is often characterized by their desire for flexibility, work-life balance and the integration of technology into every aspect of life, not just their work. They also represent the largest generation in the Canadian workforce, making up 36.8% of our country’s workforce, as of 2014. Â
As a result, it's no wonder that their priorities are influencing the modern workplace. This not only applies to daily operations and company culture, but also office layouts as well.
Â
Here are three millennial-inspired office trends impacting the commercial real estate sector today:
Â
Millennials want flexibility
One of the things that millennials value most in a career is flexibility. They want to be able to make their own hours, customize their workflow or even work from home. But, this also translates to their office environments too. For example, when they are working on-site, they want flexible workspaces that are easy to move, feature multi-use furniture and a space that allows for the quick shuffling of tech equipment.
Â
Millennials want to be invested and inspired by their work
Compared to their generational counterparts, millennials want to feel deeply invested and inspired by their work. As a result, many millennial-focused office environments feature inspirational spaces that include values-based imagery, brainstorming areas, as well as large gathering spaces to host events, as a way to build community, foster creativity and maintain a positive company culture.
Â
Millennials want collaborative spaces
Similar to feeling part of the greater good, millennials also want office environments that break down barriers and spark collaboration between all people. This is a shift from older, less preferred hierarchical environments, with corner offices and cubicle farms, to wide open spaces that are less intimidating, more egalitarian and offer more opportunities for teamwork.Â
 One of the things that millennials value most in a career is flexibility. They want to be able to make their own hours, customize their workflow or even work from home. But, this also translates to their office environments too. For example, when they are working on-site, they want flexible workspaces that are easy to move, feature multi-use furniture and a space that allows for the quick shuffling of tech equipment.
Â
Millennials want to be invested and inspired by their work
Compared to their generational counterparts, millennials want to feel deeply invested and inspired by their work. As a result, many millennial-focused office environments feature inspirational spaces that include values-based imagery, brainstorming areas, as well as large gathering spaces to host events, as a way to build community, foster creativity and maintain a positive company culture.
Â
Millennials want collaborative spaces
Similar to feeling part of the greater good, millennials also want office environments that break down barriers and spark collaboration between all people. This is a shift from older, less preferred hierarchical environments, with corner offices and cubicle farms, to wide open spaces that are less intimidating, more egalitarian and offer more opportunities for teamwork.Â
To learn more about office trends and how they are impacting the commercial real estate sector in the Lower Mainland, please contact our Vancouver office to speak with an associate. Or, if you are interested in viewing current listings for commercial properties across British Columbia, please click here to visit our Property Search portal.
5 Reasons to Invest in Vancouver’s Self-Storage Sector
Tags:
(Posted on Oct 29, 2016 at 01:00PM by Michelle Bogle)
Self-storage is becoming a hot commodity in British Columbia’s commercial real estate sector – so much so, that many properties are seeing 90% occupancy levels and per-square-foot rents that surpass that of condominiums.Take Metro Vancouver, for example; typical rent for a 100sq. ft. self-storage unit ranges between $1.84 and $2 per square foot, which is equal to a typical condo rent in Burnaby or Richmond.
Â
But, what makes this type of asset so appealing?
Here are five reasons to consider:
Here are five reasons to consider:
Â
1. As the price per square foot on residential and commercial space continues to rise, more people are turning to self-storage to solve their space dilemmas. And this demand goes beyond trends. Everyday lifestyle transitions, like marriage, divorce, retirement, estate settlements and relocation, all contribute to the growing and sustainable demand for self-storage units.
Â
2. Storage lockers are simple investments. There’s often no heat, little maintenance or complex amenities requiring expensive upkeep.
Â
3. Unlike other commercial real estate assets, self-storage properties can perform quite well in less-than-desirable locations, like small towns, noisy roads or tucked in behind industrial areas. As a result, purchase prices can be more affordable.
Â
4. Currently, there are two main factors influencing the self-storage industry: the large amount of “stuff†that people acquire and their inability to throw it away. In fact, on average, one-third of self-storage clients store their stuff for at least three years – that’s three years of steady cash flow for self-storage owners.
Â
5. Even though tenants pay little or no deposit and can leave on short notice, self-storage facility owners remain protected from long-term vacancies due to the wide tenant base and growing need for storage space.Â
Â
Currently, studies show that nearly 80% of Canadian self-storage properties remain in the hands of small independent owners or “mom-and-pop†operations – many of which rely on these relatively secure investments as steady retirement income.Â
Â
But, the landscape of self-storage is changing.Â
Â
The sector has begun to spark the attention of large institutional investors who are interested in buying from existing independent operators or converting former retail properties into self-storage meccas. A big shift is certainly underway – which is why you should act quickly before it’s too late.
Â
To learn more about B.C.'s growing self-storage opportunity, please contact our Vancouver office to speak with one of our skilled commercial real estate advisors. Or, to view our Property Search portal, please click here.
Plans for a New Strata Office are Underway in Langley, B.C.
Tags:
(Posted on Oct 27, 2016 at 01:00PM by Michelle Bogle)
Plans for a new strata office development are underway in Langley, B.C. Spire Development Corporation purchased the 43,037 sq. ft. lot at the end of August 2016 for $1.4 million. The property is located at 199 Street and 80 Avenue, Lot 8.Â
Â
Zoned for CD-57, Spire plans to build a 51,000 sq. ft. three-storey office building with suites ranging from 1,000 sq. ft. to 14,000 sq. ft.Â
Â
Strata commercial space has traditionally accounted for a fraction of the overall commercial market, but its popularity has grown over the past number of years. In fact, new strata office buildings, such as the one in development by Spire, are in high demand across the Lower Mainland. This asset class is becoming increasingly popular with professional services firms or self-employed entrepreneurs, especially those within the medical field, who are seeking an alternative from costly rental offices with increasing lease rates.Â
Â
Even in neighbouring New Westminster, B.C., the demand is for strata office is high – so much so, that a global commercial real estate service firm is forging ahead with a plan to capitalize on the demand for strata office by selling portions of New Westminster’s Anvil Centre.
Â
The 137,000-square-foot building has been slow to lease, but discussions with prospective tenants show great potential for sales. To date, a couple of lease agreements are in progress that leave the door open to a future purchase transaction.
Â
It will be interesting to see how this test plays out – and you can be sure that our team at Marcus & Millichap Vancouver will be keeping a close eye on this project, amongst others.
Â
To learn more about the strata office market in the Lower Mainland, please contact our office to speak with an associate or feel free to view our current commercial real estate listings in our Property Search portal.
B.C.’s Energetic Retail Scene Has Its Eye on the Big Red Bullseye
Tags:
(Posted on Oct 25, 2016 at 01:00PM by Michelle Bogle)
When Target announced in January 2014 that it would be ceasing operations in Canada and closing all of its 133 locations, it sent shockwaves throughout Canada’s retail, labour and commercial real estate sectors.And, almost three years later, many landlords across the country are still struggling to find new retailers to take over their empty Target stores – especially in cities like Edmonton, Calgary, Saskatoon, Brandon, Winnipeg and the Greater Toronto Area.
Â
However, the province of British Columbia is in much better shape. Twelve of the 19 former Target stores across B.C. have been filled, outpacing the national rate at which landlords have been able to secure new tenants.
Of those 12 retailers, Lowe’s, Canadian Tire and Walmart all scooped up four locations each. The seven remaining locations in B.C. are either sitting unused while landlords wait for the next ideal tenant or are being renovated to attract other big box retailers, like Winners,Sport Chek and Marshalls.Â
Of those 12 retailers, Lowe’s, Canadian Tire and Walmart all scooped up four locations each. The seven remaining locations in B.C. are either sitting unused while landlords wait for the next ideal tenant or are being renovated to attract other big box retailers, like Winners,Sport Chek and Marshalls.Â
Â
According to a recent article in the Vancouver Sun, industry insiders thank B.C.’s strong retail growth for the province’s success in filling vacant Target stores compared to other parts of Canada.Â
Â
Craig Patterson, a retail consultant and the editor-in-chief of Retail Insider, agrees. According to Patterson, the Lower Mainland offers landlords and retailers more protection because of its unique market compared to other provinces.Â
Â
“Target had some exceptional locations in Canada and it also acquired some real estate that was a challenge at the best of times. When Target took over the Zellers leases, it got all of the company’s real estate – the good and the bad,†says Patterson. “A lot of real estate came onto the market all at once and I think that landlords across Canada have struggled to find the best uses for these spaces once they became vacated by Target.â€Â
Â
But, while other parts of Canada are still struggling, B.C. is certainly in recovery mode and fairing much better. And, as our province leads the country once again in retail growth and is expecting 6% in sales growth throughout 2016, it’s further proof that now is an ideal time to invest in retail assets across B.C.
Â
To learn more, please contact Marcus & Millichap’s Vancouver office to speak with a broker.
Exclusive Land Offering: 1050 Depot Road in Squamish, British Columbia
Tags:
(Posted on Oct 15, 2016 at 02:20PM by Michelle Bogle)
Marcus & Millichap Vancouver is pleased to showcase a new exclusive land offering in Squamish, B.C.
Â
Located at 1050 Depot Road, this large parcel of land is situated on one of the world’s most renowned bald eagle viewing areas, banking on the picturesque Squamish River. It also offers close proximity to Whistler's world-class skiing and year-round outdoor activities.
Â
Priced at $10,000,000, the land is currently zoned as RL-2, which splits the beautiful treed property into 7 x 10 acre parcels. A development proposal has been submitted to bring the lot sizes down to 2 acres and the proposal has already been through a second reading by the Squamish Council.
Â
Bordering on a residential area, this plot is an ideal choice for an investor looking to transform the 3,432,528 sq. ft. of buildable land into single-family dwellings offering stunning river views.
Â
For more information, please click here or contact our associate Mike Guinan-Browne in our Vancouver office at (604) 675-5258.
To view other amazing commercial real estate investment opportunities across British Columbia, please visit Marcus & Millichap’s Property Search Directory.
To view other amazing commercial real estate investment opportunities across British Columbia, please visit Marcus & Millichap’s Property Search Directory.
New Industrial/Office Development Proposed for Vancouver’s Mount Pleasant Neighbourhood
Tags:
(Posted on Oct 12, 2016 at 01:00PM by Michelle Bogle)
The City of Vancouver has received a proposal from Conwest Developments for permission to develop on a 6,039 sq. ft. site, located on the south-west corner of 2005 Quebec Street and East 4th Avenue in the Mount Pleasant area of Vancouver.Â
Â
Development plans include a three-storey mixed use building consisting of industrial and office space. Specifically:
Â
Â
- Manufacturing uses on the first floor and mezzanine above
- General office uses on the second and third floors
- Underground garage with 15 parking spaces
- General office uses on the second and third floors
- Underground garage with 15 parking spaces
Â
The building has a total density of 2.92 FSR and a peak height of 61 ft. It also boasts an I-1 zoning, which was awarded in 2014 to allow for more office space in the area.
Â
You can view the design rationale from MGBA Architecture by clicking here.Â
Â
For more information regarding other commercial real estate investment opportunities and developments across the Lower Mainland, please contact our Vancouver office to speak with a broker.Â
Celebrated Vancouver Architect, Bing Thom, Dies
Tags:
(Posted on Oct 8, 2016 at 01:00PM by Michelle Bogle)
One of Vancouver’s brightest architects, Bing Thom, passed away on October 4, 2016, of a brain aneurysm at Hong Kong’s Eastern Hospital. He was 75. Â
He leaves behind a legacy across the globe of notable projects – many of which are located right here in Vancouver.
Â
After completing a Bachelor of Architecture degree from the University of British Columbia, followed by a Master's Degree from the University of California at Berkeley, Thom joined Canadian architect Arthur Erickson at his firm. There, he worked on projects, such as the Vancouver Courthouse and Robson Square Complex.
Â
In 1982, Thom stepped out on his own and established Bing Thom Architects. Here, he completed a number of significant international projects through the years, including:
Â
• The Expo 92 Canada Pavilion in Seville, Spain
• Arena Stage Theatre in Washington, D.C.
• Xiqu Centre Opera House in Hong Kong
• University of Chicago Centre in Hong Kong
 • Arena Stage Theatre in Washington, D.C.
• Xiqu Centre Opera House in Hong Kong
• University of Chicago Centre in Hong Kong
But, he also continued to work on a number of notable local projects across British Columbia, such as:
• The Chan Centre for the Performing Arts at UBC
• Central City Surrey
• Sunset Community Centre
• Surrey City Centre Library
• Guildford Aquatic Centre
• Simon Fraser University’s Sustainable Energy and Environmental Engineering Building
Thom also had a great impact on Vancouver’s commercial real estate scene. He could often be found wading through urban planning debates or suggesting out-of-the-box ideas, like creating a beach on the northeast shore of False Creek in 2011. His ideas have helped to spark other innovations from young entrepreneurs; just this summer, a group proposed to build a surf park on that site with a beach.Â
Â
In his 75 years on this earth, Bing Thom made a difference through his work. He will be missed by his family, colleagues and community – both here in Vancouver and across the globe.
Canadian Government Closes Capital Gains Tax Loophole for Foreign Real Estate Buyers
Tags:
(Posted on Oct 4, 2016 at 07:32PM by Michelle Bogle)
New Senior Housing Development Coming to Vancouver in 2018/2019
Tags:
(Posted on Sep 30, 2016 at 01:00PM by Michelle Bogle)
As the senior population in British Columbia continues to grow, the need for quality senior housing increases as well. But, the demand isn’t just for traditional senior housing options – there’s also a call for luxury residences too.
Â
The Opal, which is expected to open in late 2018 or early 2019, addresses this need. It’s a new luxury residence for seniors in Vancouver that will allow spouses with different health conditions to stay together in the same place – an often overlooked level of care in other senior housing options.
Â
The development is expected to offer one six-storey building and two four-storey buildings connected at ground level. The project, which is being built by Element Lifestyle Retirement Inc., will replace what used to be eight single-family homes at 408-488 West King Edward Avenue, just east of Cambie Street.
Â
According to Candy Ho, Director and V.P. for Marketing and Corporate Relations, Opal will provide a continuum of care, so that senior couples do not have to be separated as their health needs change.
Â
“This kind of better lifestyle for seniors has been provided by other operators, but without offering the whole aging-in-place continuum,†says Ho. “If it’s development-oriented, it means a high-profit margin. If it’s government care, it’s just bare need. So we are trying to provide the whole spectrum.â€Â
Â
The development will have 56 rental suites and 44 condo units for future residents needing help in their everyday life. In addition, there will be 30 beds in the facility for complex care, an arrangement that will make it possible for the healthier spouse to visit an ailing partner several times a day.
Â
In 2015, Vancouver city council approved the rezoning application for the project in order to expand housing options for seniors. According to a staff report considered at the time by council, the project reflects the city’s priority to encourage strong and inclusive communities, where residents can “age in placeâ€.
Â
At Marcus & Millichap Vancouver, our Senior Housing Specialists are keeping an eye on this changing asset class and the opportunities that today’s demographics present. For more information, please contact our Vancouver office to speak with a broker.
Error getting status updates from Twitter.