A rezoning application has been filed with the City of Vancouver for the Petro-Canada site at 8072 Granville Street in Marpole. The proposal would replace the service station with an 11-storey mixed-use building combining residential, hotel, office and retail space. It’s one of the more ambitious proposals to come forward on the Granville corridor south of 70th Avenue.

The application asks to rezone the site from C-2A (Commercial) to CD-1 (Comprehensive Development), which is the route typically used for projects that go beyond what existing zoning allows.

What’s proposed

The building would rise 152 feet at a floor space ratio of 6.11. The mix of uses is stacked by floor:

• Ground floor: 8,755 SF of commercial retail space
• Levels 2 to 3: 34,841 SF of office space
• Levels 4 to 6: a 65-room hotel
• Levels 7 to 11: 65 residential strata units
• Rooftop: an amenity space, over three levels of underground parking

Beyond the Marpole Community Plan

The application is being considered under the Marpole Community Plan, and the applicant has asked the City to consider height and density in excess of what the plan envisions. That is the key question for this site. Staff will review the proposal and report back, and the final project statistics will be set out in the referral report. The figures above are as submitted.

Why it’s worth watching

The mix of uses is unusual for Marpole. Hotel and office space are in short supply in this part of the city, and a project that adds both alongside strata housing and street-level retail would be a significant change for the Granville corridor. Marpole sits next to the Canada Line, and larger-format commercial and mixed-use sites along Granville rarely come up for redevelopment.

For owners of neighbouring commercial properties, the outcome of this application will be a useful indicator. If the City supports additional height and density here, it will inform how nearby sites along the corridor are valued for future redevelopment. If it holds closer to the community plan, that sets a different benchmark. The City’s Q&A period runs from December 2 to December 15, 2026.

If you own a commercial or redevelopment property in Marpole, South Granville or elsewhere in Vancouver and would like an opinion of current market value, I’d be happy to help.

The full application can be viewed here: https://www.shapeyourcity.ca/8072-granville-st

A 16-storey office building at 1185 West Georgia Street in downtown Vancouver has sold for $74,000,000.

Sale Price: $74,000,000
Price per SF: $446
Cap Rate: Low 4%
Building Size: 165,855 SF
Lot Size: 17,424 SF

Built in 1984 on the northeast corner of West Georgia and Bute Streets, the tower includes 157 underground parking stalls and was multi-tenanted at the time of sale, with occupants including Crowe, Hub, PGL Environmental Consultants, and Allen McMillan. The property was approximately 40% vacant at time of sale.

The vendor, Toronto-based Allied Properties REIT. Allied has been actively selling assets over the past year in an effort to re-fortify its balance sheet, and the building was listed earlier this year. The buyer was Holborn group who owns the neighbouring Paradox Hotel.

At $446/SF, the sale prices well below the $814/SF Allied paid in 2022 — a roughly 45% decline over four years that reflects the broader repricing downtown Vancouver’s office sector has undergone amid elevated vacancy and Allied’s own well-documented balance sheet pressures, which included a billion-dollar writedown on property values and an accompanying billion-dollar net loss reported in its most recent quarter. Notably, BC Assessment valued the property at $60.1 million as of July 1, 2025, down from a prior assessed value of $81.3 million — putting the $74 million sale price almost exactly between the two.

The deal was brokered by Marcus & Millichap and RBC Capital Markets Real Estate Group.

A two-storey concrete office building in Vancouver’s Armoury District has sold for $6,250,000, representing a price of $868 per square foot.

Sale Price: $6,250,000
Price/SF: $868
Building Size: 7,202 SF
Lot Size: 5,040 SF

The property at 1777 West 8th Avenue is a 7,202 square foot multi-tenant office building situated on a 5,040 square foot lot at the corner of West 8th Avenue and Burrard Street. Built in 1975 and zoned C-3A, the building features floor-to-ceiling glazing, move-in ready office improvements, and secured underground parking. The property carries a Broadway Plan designation of FGBE (Granville/Burrard Slopes – Area E), which permits 5 to 10 storeys and a density of 3.5 to 4.5 FSR, adding a meaningful residential redevelopment layer to the asset.

The transaction was brokered by Matthew MacLean and Paul Carrothers of Cushman & Wakefield.

I am pleased to announce the off-market sale of Main Gate, a 5-storey boutique office building steps from Granville Island. The property at 1505 West 2nd Avenue was acquired by Commonwealth Management Ltd.

The building is one of the more distinctive office assets on Vancouver’s Westside — a 45,000 SF concrete structure built in 1990 on a 20,000 SF freehold waterfront lot along the Seawall. The building is anchored by the Pacific Institute of Culinary Arts and its Blue Hat Café at grade, with upper floors of office space arranged around a bright central atrium. The property includes 82 secured underground parking stalls and sweeping views over Granville Island, False Creek, and the city.

The transaction was completed off-market and structured as a share sale. This marks only the fifth office building purchased by an investor in Metro Vancouver in 2025, reflecting continued caution among buyers toward the asset class. For well-located, physically distinctive office assets with a clear value-add story, buyer appetite does exist — the challenge is finding assets that meet the bar.

DETAILS:

• Sale structure: Share sale (price not disclosed)
• Building size: 45,000 SF
• Lot size: 20,000 SF
• Asset type: Office
• Year built: 1990
• Parking: 82 secured underground stalls

The sale was brokered by David Taylor of Colliers International.

A two-storey flex office building at 33376–33386 South Fraser Way in Abbotsford’s Historic Downtown sold for $5,950,000.

• Sale Price: $5,950,000
• Price/SF: $413
• Cap Rate: 4.0%
• Building Size: 14,410 SF
• Lot Size: 24,481 SF (0.562 acres)

The multi-tenant property sits on a 24,481 SF corner lot with frontage on both South Fraser Way and Roberts Avenue, and includes both surface and underground parking. Zoned C5 (City Centre Commercial), the site carries an Official Plan designation of Apartment under the Historic Downtown NCP, adding a longer-term redevelopment dimension to what is otherwise an income-producing flex office asset.

At $413/SF and a 4.0% cap rate, the sale reflects continued investor appetite for Fraser Valley commercial assets. For context, recent suburban office trades in the Metro Vancouver region have ranged from roughly $410–$925/SF depending on market, building quality, and lot size, with Abbotsford pricing generally sitting at a discount to Surrey and Delta.

The transaction was brokered by Momentum Realty.