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

Surrey named one of top five real estate investment cities in Canada.

A 7-storey office building at the corner of West Pender and Hornby has sold for $20,300,000, or $495 per sq ft. The 41,000 sq ft building was built in 1968 and had been marketed for sale in early 2012.

The purchaser was a local investor. The top floor has been vacant and can be renovated to allow use as office space.

Wall Financial is proposing a 15 storey non-market rental building with ancillary office at the intersection of Seymour and Helmcken Streets.  The project will have 81 residential units that are rented at non-market rates and may form part of the Community Amenity Contribution for another Wall Financial project at the intersection of Richards and Drake Streets.

More information can be found here: http://former.vancouver.ca/commsvcs/planning/rezoning/applications/1107seymour/index.htm