david.taylor@colliers.com, Author at Vancouver Market

Investment, Office

576 Seymour Street, Sold

The Arts and Crafts building located at 576 Seymour Street has sold to an offshore investor for $15,200,000, or $430 per SF.

The 35,411 SF C-Class building is located on the East side of Seymour between Dunsmuir and West Pender Streets. The cap rate was 4.4%.

November 20, 2013 by david.taylor@colliers.com

Development

The View From The East

The View From The East, a photo by Clayton Perry Photoworks on Flickr.

November 19, 2013 by david.taylor@colliers.com

Development, Retail

Richmond Walmart Gets Green Light

After almost three hours of impassioned pleas begging city council to say no; it said yes, gifting to Richmond in the process its first ever Walmart.

At a packed out, standing room only public hearing at city hall council chambers, city council, by a majority 6-2 vote, approved SmartCentres’ controversial $150 million, ten-year-old proposal for a 14-acre outdoor shopping centre – anchored by U.S. retail giant Walmart.

Councillors Harold Steves and Chak Au were the only two to vote against the West Cambie plan – bound by Alderbridge Way, Garden City, Alexandra and No. 4 roads.

Before the plan was approved, veteran Steves went as far to brand the development the “worst or second worst” the city has ever been involved with.

However, although many in the audience had nothing but condemnation for the proposal – traffic concerns, loss of green space and views, environmental damage and dislike of Walmart topped the list – there was a surprising throng of approval for the project.

November 19, 2013 by david.taylor@colliers.com

Development

West End Community Plan Scheduled for Adoption Next Week

The West End Community Plan is on the City’s agenda for Wednesday November 20th. The Plan will guide rezoning and development in the West End, and focuses growth along four main corridors.

In most cases, rezoning applications will require a CAC contribution as part of the public benefit strategy, or will require a substantial social housing component.

Contact me for more information on the Plan and opportunities for redevelopment.

November 15, 2013 by david.taylor@colliers.com

Apartment, Investment, Market Research, Office

Vancouver Ranks 4th in Canada for 2014 Market Prospects

PWC’s annual Emerging Trends in Real Estate 2014 report was released this week. The annual report surveys industry professionals and rates Canada’s nine largest commercial real estate markets on prospects for investment, development and homebuilding.

This year the survey placed Vancouver fourth, just slightly behind Saskatoon, and behind the energy-driven markets of Calgary and Edmonton; in first and second respectively.

Perhaps not surprisingly, respondents placed Vancouver firmly in buy/hold territory for most asset classes in 2014. Here are a couple of examples:

Apartment Buy/Sell/Hold Recommendations

Office Buy/Sell/Hold Recommendations