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Dustin Miller is a commercial real estate broker with Marcus & Millichap’s Vancouver office, where he specializes in value-add and opportunistic land properties. He exclusively represents investment property buyers and sellers throughout Greater Vancouver and Vancouver Island.Â
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Dustin’s career in British Columbia’s real estate industry began in 2013 with Fair Realty, followed by roles with the British Columbia Investment Management Corporation and Sotheby's International Realty Canada. During his tenure with the BCIMC, he provided strategy and research intelligence for an $18 billion portfolio of real estate assets.
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As a real estate investor himself, Dustin provides his clients with realistic advice when it comes to evaluating a transaction. As an Economics graduate from the University of Victoria, Dustin offers highly analytical insight and utilizes decision-making skills based on opportunity costs, expectations, incentives and statistics.
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To learn more about Dustin Miller, please click here to view his associate profile.
You can also follow along with Dustin’s blog where he shares the latest commercial real estate news related to land assets throughout Greater Vancouver and Vancouver Island.Â
You can also follow along with Dustin’s blog where he shares the latest commercial real estate news related to land assets throughout Greater Vancouver and Vancouver Island.Â
Integrated Social Network Generates Global Commercial Real Estate Leads
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(Posted on Jul 3, 2016 at 04:56PM by Michelle Bogle)
At Marcus & Millichap Vancouver, we are always seeking new and innovative ways to share our findings and insights related to commercial real estate investment sales, financing, research and advisory services.Â
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Our team of experienced associates are thought-leaders in our field with years of expertise as sole-asset advisors. We share this knowledge and our learnings through online marketing initiatives to help spread our messages, insights and findings to investors in Vancouver and beyond, and to generate new leads for our business.
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Rene Palsenbarg, Managing Broker of our Vancouver office explains: "We've discovered that by integrating our social networks into a single voice from our mmsocial.ca website, that we not only increase our company visibility for Marcus & Millichap, but also client visibility as well.â€
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He adds, “Our associates have their own detailed online profiles, galleries and blog engines to share their insight and findings with their audiences. These digital marketing tools also integrate to all of their social accounts, as well as crowdsourcing tools, to further spread their individual messages far and wide.â€Â
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And, according to Mr. Palsenbarg, this tactic is working. “When in need of a North American commercial real estate investment firm, a major European client took to researching online. In their search, our mmsocial.ca portal was in their top search results. After extensive negotiations, our Vancouver office is now representing this client for a multi-million dollar purchase in New York.â€
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Palsenbarg adds, “They were impressed with the global reach of our integrated social platform, the depth that our research team delivered about our market and the extent of our associates' profiles. As smart real estate professionals, it didn't take them long to determine that we were the agency of choice to locate the kind of investments they were looking for."Â
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See for yourself how Marcus & Millichap is changing the industry! Please contact our Vancouver office to speak to our team of experienced commercial real estate investment advisors. You can read our team profiles here.
You can also follow along on Facebook and Twitter for the latest news.
You can also follow along on Facebook and Twitter for the latest news.
Development Options for “Site 8†in North Vancouver
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(Posted on Jun 29, 2016 at 10:29PM by Michelle Bogle)
Locally owned and operated since 1980, the Polygon family of companies has built more than 26,000 homes throughout the Lower Mainland, ranging from concrete highrises to wood-frame condominiums, townhomes and single-family communities.Â
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Most recently, they have submitted a proposal including two options for a development at 119 – 131 West Esplanade, also known as “Site 8â€, which includes lands owned by the City of North Vancouver.Â
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The overall rezoning application seeks an amendment to the allowable building height and to rezone the site for construction of a mixed-use building consisting of a residential tower over a commercial podium. The project will also be supported by four levels of underground parking.
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Two option are up for consideration:
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Option 1 with Non-Market Office Space will include:
• An 11-storey tower with 107 residential units
• A building height of 122 ft.
• A total density of 3.78 FSR
• The sale of City lands, transfer density and density bonus, resulting is a cash contribution of $10.3 Million
• 6,000 SF of office space owned by Polygon and rented at below market rates to non-profits
• 100 parking spaces for off-site uses
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Option 2 with Community Amenity Space will include:
• A 12-storey tower with 117 residential units
• A building height of 139 ft.
• A total density of 4.07 FSR
• The sale of City lands, transfer density and density bonus, resulting is a cash contribution of $8.7 Million.
• 16,155 SF of City-owned community space for a museum
• 100 parking spaces for off-site uses
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For complete details regarding this project, please click here.Â
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For more information regarding this development plan, including its impact on commercial real estate opportunities in Vancouver, please contact our office to speak with one of our advisors.
More Highrises Could Be Coming to the Joyce-Collingwood Neighbourhood
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(Posted on Jun 25, 2016 at 09:16PM by Michelle Bogle)
The neighbourhood surrounding the Joyce-Collingwood SkyTrain station in East Vancouver could see a big boost in building heights and density if City Council approves a local development plan.
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At the present time, current land use does not take advantage of highly suitable sites located around the SkyTrain.
The new plan calls for a trio of highrises and a handful of mid-rise buildings around the station transitioning into townhouses and four-storey multi-family apartments.
It also aims to breathe more life into the area with improved:
The new plan calls for a trio of highrises and a handful of mid-rise buildings around the station transitioning into townhouses and four-storey multi-family apartments.
It also aims to breathe more life into the area with improved:
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• Land use, density and building forms
• Public spaces
• Amenities needed to support additional population
• Safety and connections for people walking, cycling, driving and taking transit
• Safety and connections for people walking, cycling, driving and taking transit
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While many people are in support of such a development, some community members have concerns about tower height, traffic congestion and the amenities proposed to support growth in the area. A recommendation to transition from large buildings around the station to lower townhouses near the edges of the plan area has been recommended as a result.
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To view the full Joyce-Collingwood Station Precinct Plan and Related Rezonings report, please click here.Â
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For more information regarding this development plan, including its impact on multi-family and retail commercial real estate opportunities in Vancouver, please contact our office to speak with one of our associates.
Commercial Real Estate Sales Reaches New Levels in Q1 2016
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(Posted on Jun 21, 2016 at 04:57PM by Michelle Bogle)
Industrial Demand is Emerging from B.C.’s Film and TV Production Industry
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(Posted on Jun 17, 2016 at 01:00PM by Michelle Bogle)
While logistics and distribution companies remain a key driver of industrial growth in Vancouver, additional demand is emerging from the province’s well-established film and television production industry.Â
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According to recent industry reports, direct spending on film and television production in British Columbia surpassed $2 billion in 2014, which makes the province the third-largest production center in North America.Â
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Vancouver is already home to a number of studios, including Mammoth Studios, Vancouver Film Studios, North Shore Studios, Ironwood Studios, Bridge Studios and Canadian Motion Picture Park. As demand from U.S.-based production companies has exceeded the local studio infrastructure, film and television production groups are now signing some of the most impressive industrial leases in the area.
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While leasing industrial space to production companies is not new, the current size of the leases and associated terms are. Once an industry dominated by month-to-month leases, now many production companies are signing on in years. The rental market for industrial film and television space has also started to expand from within Vancouver to parts of surrounding Surrey and Coquitlam.Â
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This renewed source of demand for industrial space is having a direct impact on the market. For other smaller tenants looking to secure industrial space, they are presented with fewer options; many commercial landlords are enticed by the higher rents that production companies are willing to fork out for more permanent leases. As a result, demand in industrial submarkets south of the Fraser River and Pitt Meadows is growing.
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With the weakened loonie, it is anticipated that more production studios will be migrating north to Canadian soil in search of industrial space in our region. To stay abreast of investment opportunities in this competitive asset class, please contact our Vancouver office to speak with one of our advisors.
You can also view our current commercial real estate listings by clicking here.
You can also view our current commercial real estate listings by clicking here.
Victoria Looking to Regulate Vacation Rentals
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(Posted on Jun 13, 2016 at 06:13PM by Michelle Bogle)
The City of Victoria could soon be turning its magnifying glass towards short-term vacation rentals.The intent is to shine a light on the city’s “invisible†hotel industry and subject these rentals to the same provincial taxes and rules as traditional hotels, as well as ensuring that B.C. Assessment Authority designations reflect the commercial nature of the rental use.
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In British Columbia, an 8% provincial sales tax is applied on rentals by hotels, motels, cottages, inns or resorts with four or more rental units. In addition, many municipalities, including Victoria, charge a 2% tax that is used to promote local tourism.Â
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These undercover “stealth hotels†currently do not have to charge those taxes and their property taxes are far less than a commercial property. But, that could all change, as early as this fall.
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City officials estimate that 200 to 300 short-term vacation rentals are operating in Victoria. Many of these rentals are also operating in residential areas where commercial operations are not allowed. With websites that promote home sharing, like Airbnb and Expedia, this market of short-term vacation rentals is not going away anytime soon. Rather, it’s going to continue to grow.Â
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To date, there are approximately 27,000 rental-housing units in Victoria with a vacancy rate of 0.6%. If all of the estimated short-term vacation rentals found their way back into the market pool, city officials figure that the vacancy rate would increase to between 1.2 and 1.7%.
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At Marcus & Millichap Vancouver, our advisors are keeping a close watch on B.C.’s hospitality industry. For more information regarding this asset class, please contact us for the latest insight and commercial real estate listings.
Residential Land Sales Dominate Vancouver’s Commercial Real Estate Sector
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(Posted on Jun 9, 2016 at 01:00PM by Michelle Bogle)
Sales of residential land and apartment buildings dominated Vancouver’s record-setting commercial real estate market in the first quarter of this year.
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In fact, four out of the five top transactions in the $2.7 billion buying splurge during the first quarter involved residential land. In all, sales of residential land accounted for more than $1.3 billion and represented more than half of the total sales volume.
Industry experts believe that much of the land is being bought for higher-density zoning.
Industry experts believe that much of the land is being bought for higher-density zoning.
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In the commercial market, the overall dollar volume for property in the first three months of 2016 increased by 7% and set a record for the second quarter in a row. Residential land sales advanced 60% from the previous quarter.
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All of the top residential land sales in the first quarter are by developer acquisition and located in the city of Vancouver. They include the Omni Group’s $302 million purchase of the 24-acre Pearson Dogwood lands, a 1.3-acre site on West 8th Avenue that was bought by Delta Group for $70 million and one-third of an acre in Vancouver’s West End, which was snatched up by an unknown private investor for $59 million.
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Additionally, the sales of rental apartment buildings, totalling $243 million, were worth more than the sales of all Metro Vancouver office buildings and retail property combined in the first quarter.Â
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For more information regarding Vancouver land assets, please contact our office to speak with one of our skilled associates.Â
Investor interest for multi-family assets in British Columbia was exceptionally high in 2015 with no signs of slowing in 2016.
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According to new industry stats, multi-family investment activity achieved record levels last year with 80 transactions valued at $1.41 billion – a figure that far surpasses the 43 transactions valued at $582M in 2014.
Even more impressive is that 54 transactions, valued at more than $1 billion, occurred in the second half of 2015 compared to the 26 deals, worth $370 million, in the first half of the year.Â
Even more impressive is that 54 transactions, valued at more than $1 billion, occurred in the second half of 2015 compared to the 26 deals, worth $370 million, in the first half of the year.Â
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This change marks a reversal in sales patterns for multi-family assets, which typically slow in the later months of the year. With pricing so attractive in late-2015, many vendors, who typically would never conceive of selling, decided to dispose of assets.Â
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Vendors were virtually all private owners, with a handful being institutions and real estate investment trusts. Foreign investors, especially those with ties to Mainland China, continue to proliferate the multi-family market and other commercial real estate asset classes.Â
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This trend is expected to continue as more foreign investors arrive in the Greater Vancouver Area over the next year and a half.Â
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For more information on Vancouver’s mutli-family asset class, please contact our office for details.
You can also view our commercial real estate listings by clicking here.
You can also view our commercial real estate listings by clicking here.
Rene Palsenbarg Now Managing Broker for Marcus and Millichap’s Vancouver Office
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(Posted on Jun 1, 2016 at 04:00PM by Michelle Bogle)
On behalf of Marcus & Millichap, it is our pleasure to announce that Rene Palsenbarg is now the Managing Broker of our Vancouver Office.
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Mr. Palsenbarg joined our team in the spring of 2015 as the Regional Manager for the Vancouver office. He brought with him over 30 valuable years of senior management and consulting experience within real estate, development, corporate finance, business administration, facilities management and organizational effectiveness.Â
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Prior to joining Marcus & Millichap, Mr. Palsenbarg was president of commercial properties with Century 21 In Town Realty, where he focused on commercial real estate investment sales, finance, land development and project management.Â
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He is also a member of the National Association for Industrial and Office Properties (NAIOP) and the International Facilities Management Association (IFMA). He attended Simon Fraser University, Capilano College, the British Columbia Institute of Technology and the Sauder School of Business at the University of British Columbia.
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His Managing Broker licensing was recently approved by the Real Estate Council of British Columbia last month.Â
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As Managing Broker, Mr. Palsenbarg will now oversee his growing team of sole asset focused commercial real estate associates and continue to provide real estate investment sales, research information and advisory services. His team specializes in multifamily, retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets.
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Congratulations to Mr. Palsenbarg on this achievement!
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For more information or to speak with Mr. Palsenbarg, please contact our Vancouver office for details.
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