Commercial real estate market remains stable, new inventory expands.

Metro Vancouver’s commercial real estate market remains stable, according to the latest CBRE Ltd. reports.

The company’s second-quarter industrial report for the region noted that the overall availability rate of industrial property remained unchanged from the first quarter’s 7.3 per cent. The regional vacancy rate rose 30 basis points to 4.7 per cent but has risen from a two-year low reported in the first three months of the year.

The West End’s Central Presbyterian Church, located at 1155 Thurlow Street is in the initial stages of planning a redevelopment of their over 17,000 sq ft property. The Church’s initial concept plan shows a 207 ft mixed use 21-storey tower, including 14 floors of market residential units, 4 floors of non-market seniors housing and 3 floors to accommodate a new church and community space. The site is zoned RM-5B.

Source: Central Presbyterian Church