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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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, Office

340,000 SF Office/Industrial Project Planned for South Vancouver

Wesbild Holdings Ltd. has applied to the City of Vancouver for permission to subdivide and develop a portion of a 5.0 acre site at 8188-8232 Manitoba Street, just South of Marine Drive.

The zoning for the site is I-2 which permits a density up to 3.0 FSR for a mix of industrial and office uses.

The proposed development would sit on a 3.2 acre parcel and will include two unique 6-storey industrial/office buildings. Details include:

  • 231,000 SF of industrial space on levels 1-4;
  • 108,235 SF of office space on levels 5-6;
  • a total density of 2.42 FSR;
  • a building height of 93 ft.;
  • 439 parking stalls on one level of underground parking and at grade.

To accommodate mid-floor industrial tenants, the building will feature a number of unique building elements, including:

  • Increased underground parking clearance height;
  • Exterior corridors on all floors & separation of freight & pedestrian traffic;
  • Cross Laminated Timber construction for the office space.

The application also notes that most of the potential mid-floor industrial tenants would be conditional approval uses under the I-2 zoning and that flexibility may be required in order to make the project work.

The architect for the project is MGBA Architecture.

The full development application can be viewed here: https://development.vancouver.ca/pc8188manitoba/index.htm

May 26, 2020by 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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