Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
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Development

City of North Vancouver OKs Smaller Sized Units

City OKs smaller sized units.

The City of North Vancouver has agreed to reduce the minimum unit size in apartment and condo buildings.

Following a public hearing, council voted July 15 to change the minimum size requirements that currently range from 450 square feet to 850 square feet, to 400 square feet for all unit types, regardless of the number of bedrooms.

“They work in most places, so that’s the key,” said Mayor Darrell Mussatto. “I don’t think any developer is going to build a unit that’s 400 square feet for three bedrooms. That would be pretty crazy. That would be Hong Kong style.”

Though most of council approved of the changes, there was some opposition.

“Until somebody proves to me that you can make 400 square feet work as a three bedroom facility, I can’t support that,” said Coun. Rod Clark.

Read more: http://www.nsnews.com/news/City+smaller+sized+units/8700560/story.html#ixzz2aAFZlF5S
July 26, 2013by david.taylor@colliers.com

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David Taylor Personal Real Estate Corporation

Colliers International

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David Taylor

Senior Vice President, Colliers Canada

David Taylor is a Senior Vice President at Colliers International in Vancouver, BC, specializing in the sale of commercial real estate across Metro Vancouver. He has sold over $1.7 Billion in office buildings, retail properties, apartment buildings and development land since 2004.

Vancouver Market chronicles investment and development activity in Metro Vancouver, including sale prices, cap rates, $/SF metrics, and market context for commercial real estate transactions.

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