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, Office

Market Update: Downtown Office Projects

Here is a snapshot of current downtown office buildings at various stages of construction:

Deloitte Summit, 410 West Georgia Street (Westbank)

24-storeys, 355,000 SF

photo credit: mcminsen
photo credit: mcminsen

B6, 1090 West Pender Street (BentallGreenOak)

32-storeys, 534,000 square feet

source: http://b6vancouver.com/live-updates

The Stack, 1133 Melville Street (Oxford Properties)

36 storeys, 540,000 SF

photo credit: mcminsen

Vancouver Centre II, 753 Seymour Street (GWL)

33-storeys, 371,000 SF

photo credit: mcminsen

The Post, 349 West Georgia Street (Quadreal)

22 & 21 storeys, 1.3 Million SF

photo credit: mcminsen
photo credit: mcminsen

601 West Hastings Street (PCI Group)

25 storeys, 285,000 SF

photo credit: mcminsen
photo credit: mcminsen

Bosa Waterfront Centre, 320 Granville Street (Bosa Development)

30-storeys, 355,000 SF

photo credit: mcminsen
photo credit: mcminsen
December 5, 2020by david.taylor@colliers.com
Investment, Office

South Granville Office Building Sells in $28.6 Million Deal

TPMG Capital has acquired 2695 Granville Street, a 7-storey office building located at the Northwest corner of Granville and West 11th Avenue.

The 27,812 SF concrete office building was built in 1965 and sits on a 54 x 120′ C-3A zoned lot.

At the $28,600,000 price equates to $1,028 per SF of building area including ground floor retail.

The building had most recently been listed for sale for $29,900,000 following an initial asking price of $36,000,000 in early 2020.

December 5, 2020by david.taylor@colliers.com
Apartment, Development, Retail

32-Unit Market Rental Building Planned for East Van Site

A rezoning application has been submitted for a site at 2735 E 41st Avenue in East Vancouver. The 14,382 SF C-1 zoned site is currently occupied by an older lowrise commercial building occupied by G&F Financial Group.

The proposal is to allow for the development of a 5-storey mixed use rental building under the Rental 100 policy. The proposal includes:

  • 32 market rental units;
  • 2 studios, 10 one-bedrooms, 14 two-bedrooms & 6 three-bedrooms;
  • 6,129 SF of retail space in 5 CRUs at grade;
  • A total density of 2.48 FSR;
  • A building height of 49 ft.;
  • 25 vehicle parking spaces and 80 bicycle parking spaces.

The application is being considered under the Secured Market Rental (Rental 100) Policy.

The architect for the project is Barnett Dembek Architects Inc.

December 5, 2020by david.taylor@colliers.com
Development, Office, Retail

Strata Industrial/Office Project Slated for SW Marine Site

A rezoning application has been submitted by Chard Development for a site at 750 SW Marine Drive, a block and a half West of Cambie Street. The I-2 zoned site is 18,100 SF in size and occupied by lowrise commercial buildings with tenants including Once a Tree Furniture.

The proposal is to allow for the development of an 8-storey building that includes office, light industrial and at-grade retail uses. The proposal includes:

  • 6,100 SF of retail space at grade;
  • 18,300 SF of light industrial space on levels 1 and 2;
  • 65,000 SF of office space on levels 3 to 7;
  • Amenity space on level 8;
  • A total density of 4.94 FSR;
  • A building height of 35 ft.;
  • 99 vehicle parking spaces and 62 bicycle parking spaces.

The application is being considered under the Marpole Community Plan and the Employment Lands & Economy Review Phase 2 Report.

The architect for the project is Proscenium Architecture & Interiors Inc.

December 3, 2020by david.taylor@colliers.com
Condo, Development

133-Unit Condo Project Slated for Cambie Corridor Site

Alabaster Homes has submitted a rezoning application for a land assembly of 8 single family residential lots at 4992-5138 Ash Street, one block West of Cambie and just North of West 35th Avenue.

This area was redesignated as part of the Cambie Corridor Phase 3 Plan in 2018 to allow condo buildings up to 4-storeys, or rental buildings up to 6-storeys (buildings fronting West 35th are permitted up to 6 storeys for condo or 8 storeys for rental). In this case, Alabaster has elected to pursue a condo development.

The proposal for this site is to allow for the development of two 4-storey buildings and one 6-storey building and includes:

  • 133 condo units;
  • 7 studios, 39 one-bedrooms, 59 two-bedrooms & 28 three-bedrooms;
  • A total density of 2.0 FSR;
  • A building height of 67 ft.;
  • 185 vehicle parking spaces and 242 bicycle parking spaces.

The proposal also accomodates a City requirement to dedicate the Southern 35 ft. to allow a dedication for the extension of West 35th from Cambie to Ash Street.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is GBL Architects.

December 1, 2020by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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