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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Condo, Development, Hotel, Retail

New Westminster Condo/Hotel Project Moving Forward

Reliance Properties has submitted a rezoning and development permit application for their 811 Carnarvon project in Downtown New Westminster.

The 48,000 SF site is located at the corner of Carnarvon Street and Eighth Street. A pre-application for the site was made in 2018.

The proposed development for the site is a mixed-use condo, hotel project with retail along Eighth and Carnarvon frontages. Details include:

  • 44-storey condo tower;
  • 8-storey hotel;
  • 469 condo units;
  • 145 hotel rooms;
  • 11,000 SF of retail space;
  • 2,000 SF dog park;
  • a total density of 9.62 FSR;
  • a tower height of 493 ft.;
  • 407 underground parking stalls.

The architect for the project is Yamamoto Architecture.

March 21, 2024by david.taylor@colliers.com
Development, Rental

141 Woodframe Rental Project Planned for East Van Site

Aragon Properties has submitted a development application for a new rental project in East Vancouver at East 49th Avenue, just West of Killarney Street in the Killarney neighbourhood.

The site was approved at public hearing for rezoning under the Secured Rental Policy in October 2023.

The proposal is for a 5-storey plus amenity level apartment building and two three-storey townhouses on this site, consisting of:

  • 141 market rental units;
  • a total density of 2.20 FSR;
  • A proposed Height of 55 ft.;
  • One level of underground parking, having vehicular access from the lane.

Under the site’s proposed RR-2B zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The site was acquired in 2022 for $15,420,000 or $151 per buildable SF based on the application.

March 14, 2024by david.taylor@colliers.com
Development, Rental, Retail

Revised Rezoning Application for Broadway-Commercial Safeway Site Includes 981 Rental Units

Westbank and Crombie REIT are getting closer to going to council for their long anticipated redevelopment of the 105,000 SF Safeway site at 1780 East Broadway, just East of Commercial Drive.

The project, first proposed in 2019, has since been redesigned multiple times due to feedback from planning as well as changing market conditions. Primarily envisioned as a condo project originally, the revisions have since seen the project become taller and denser, and all rental units.

The current proposal includes three rental towers at 35, 36 and 39-storeys above a retail base. Details include:

  • 981 rental units;
  • 99 units secured at below market rates;
  • A total density of 7.87 FSR;
  • A max. building height of 425 ft.;
  • Commercial retail space at grade, including a 50,000 SF Safeway;
  • Office and commercial space within the podium levels;
  • A public plaza running parallel to the SkyTrain station;
  • Publicly accessible outdoor pace on top of the retail base; and
  • 440 vehicle parking spaces and 2006 bicycle spaces.

This application is being considered under the Grandview-Woodland Community Plan. The application requests consideration of height and density in excess of the existing policy.

The architect for the project is Perkins & Will.

March 14, 2024by david.taylor@colliers.com
Development, Rental, Retail

21-Storey Rental Tower Planned for East 13th Near Main Street

A new rezoning application has been submitted by JTA Development Consultants on behalf of Five Mile Holdings and Prospero International Realty for a site at 215-229 East 13th Avenue, just East of Main Street for a new rental project under the Broadway Plan.

The site is currently improved with two older lowrise apartment buildings.

The proposal calls to rezone the 20,364 SF site to allow for the development of a 21-storey mixed-use building that includes:

  • 193 rental units;
  • 20% below market rental units;
  • 6,000 SF of retail space;
  • a total density of 6.80 FSR;
  • A building height of 212 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Studio One Architecture.

March 8, 2024by david.taylor@colliers.com
Development, Office

Large Scale Office & Industrial Proposal For Mount Pleasant Site

PCI Group has submitted a rezoning application for a site at West 4th Avenue and Ontario in Mount Pleasant.

The site is a combination of two parcels, one fronting West 3rd Avenue. The combined site area is 72,468 SF.

The proposal is to allow for the development of two 12-storey and 11-storey mixed-use industrial and office buildings with industrial and retail on the ground floor on two parcels separated by a lane and includes:

  • An overall density of 6.60 FSR;
  • A total buildable area of 442,251 SF, and
  • Four levels of underground parking.

5 West 4th Avenue (South / Heritage building)

  • 11-storey building;
  • A building height of 170 ft.;
  • 119,906 SF of light industrial space;
  • 80,475 SF of office space;
  • 20,365 SF of retail space;
  • Retention of the 36,000 SF Dominion Steam Laundry Heritage building;
  • Childcare facility within the heritage building; and,
  • 244 underground parking spaces and 193 bicycle parking spaces.

4-36 West 3rd Avenue (North Building)

  • 12-storey building;
  • A building height of 181 ft.;
  • 119,906 SF of light industrial space;
  • 90,268 SF of office space;
  • 39,343 SF of retail space;
  • 141 underground parking spaces and 66 bicycle parking spaces.

This application is being considered under the Broadway Plan.

The architect for the project is Perkins & Will.

February 29, 2024by david.taylor@colliers.com
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16 Apr

First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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16 Apr

First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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16 Apr

West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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Greater Vancouver commercial real estate transactions down 8.3% in 2025 via @westerninvestor

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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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