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

Latest Office Proposal Demonstrates Trend for Smaller Sites

A rezoning application has been submitted for a 90 x 110 ft, C-3A zoned site at 521-525 West 8th Avenue, just west of Cambie Street (across from Whole Foods). The site is currently comprised of two single-storey retail buildings, one of which is now vacant.

The proposal calls for a nine-storey office building with retail, and includes:

    • 60,300 SF of office space
    • 2,000 SF of retail space
    • Office floorplates ranging from 6,400 to 9,015 SF
    • A total density 6.91;
    • A building height of 111 ft.;
    • 88 parking spaces on 3 1/2 underground levels; and
    • 35 bicycle parking spaces

521-west-8th525-west-8th_4 525-west-8th_3 521-west-8th_1

525-west-8th_2

Typical Tower Floorplan

This application is being considered under the Metropolitan Core Jobs and Economy Land Use Plan. The “Metro Core” plan policy has been in place now for almost ten years. The primary purpose the plan was to facilitate rezoning for commercial development, either by restricting residential use, or by allowing greater density for office uses. The site falls within the “Broadway Corridor Choice-of-Use Areas” which allow for increased commercial density by virtue of proximity to transit.

The architect for the project is Musson Cattell Mackey Partnership.

This application is the latest in a recent trend of rezoning applications for office buildings on sites under 10,000 SF which traditionally would’ve been viewed as too small to accommodate larger floorplates and parking requirements.

January 9, 2017by david.taylor@colliers.com
Development, Office

Construction Update: The Exchange

Here is a brief photo update on the construction progress for The Exchange, a 31-store, 372,000 SF office tower at the corner of Howe Street and West Pender Street in Downtown Vancouver.

Construction got underway in early  2014 with the reconstruction of the old stock exchange building at 475 Howe Street.

The project is scheduled to be completed in 2017.

475-howe-1Photo courtesy mcminsen http://po.st/kowrls via @imageshack

475-howe-2photo courtesy mcminsen http://po.st/UtQBDn via @imageshack

475-howe-3photo courtesy mcminsen http://po.st/kPoDm6 via @imageshack

475-howe-4photo courtesy mcminsen http://po.st/MDf3K3 via @imageshack

December 4, 2016by david.taylor@colliers.com
Development, Office

28-Storey Office Tower Proposed for Small Downtown Site

A rezoning application has been filed for a currently vacant site at 619 West Hastings Street for a new office tower. The 52 ft x 120 ft site is sandwiched between two office buildings, with the Royal Bank Building (675 West Hastings) located immediately to the West at Granville and Hastings. The proposal also includes the upgrade and heritage designation of the Royal Bank Building, also controlled by the same owner as the vacant lot.

The proposal for the vacant site is for a new 28-storey office building that includes:

  • 150,837 SF of office space
  • Typical floorplates of 5,400-5,800 SF
  • Overall height of 330 ft.
  • Density of 25.5 FSR
  • Five levels of underground parking with 67 vehicle parking spaces
  • Seismic upgrade and heritage designation of the exterior façade of the RBC Building at 675 West Hastings Street
  • Structural concept including sharing of lateral force resisting system between the two buildings
  • A light-well created between the two buildings to provide access to light and air for office occupants.
619-west-hastings_7

Current Site Condition

619-west-hastings619-west-hastings_8

 

619-west-hastings_5

Typical tower floorplan

619-west-hastings_1 619-west-hastings_2 619-west-hastings_3 619-west-hastings_4 619-west-hastings_6

The application is being considered under the Rezoning Policy for the Central Business District (CBD) and CBD Shoulder, the Metro Core Jobs and Economy Land Use Plan and the Downtown (Except Downtown South) Design Guidelines.

The architect for the project is Musson Cattell Mackey Partnership. MCM is the preeminent local firm for new office projects in the Downtown core.

November 17, 2016by david.taylor@colliers.com
Apartment, Development, Office, Retail

Rezoning Plans Unveiled for Downtown Canada Post

Bentall Kennedy has submitted their formal application for rezoning of the Downtown Canada Post site. The 2.98 acre site comprises a full city block at 349 West Georgia Street formerly occupied by Canada Post and bought by bcIMC in 2013 for $159 Million.

The proposed redevelopment is interesting in that it contemplates retaining the existing Post Office building and adding two residential towers and one office tower above with parking uses above grade in the podium.

Details include:

  • Retention of heritage building and its conversion into a seven-storey podium containing retail along all street frontages, rental housing, office, and parking
  • Adding three towers above podium, including 17 storeys of office, and 18 and 20 storeys of residential
  • 427 rental apartments, 372 condo units
  • 512,000 SF of office space
  • 274,000 SF of retail space
  • An overall density of 12.9 FSR
  • Tower heights of 150 – 222 feet
  • Six levels of parking with 1,474 parking spaces & 1,168 bicycle spaces
  • A 49-space childcare facility

The site’s primary constraint is the view cones which limit the building heights.

349-w-georgia 349-w-georgia_1 349-w-georgia_2 349-w-georgia_3 349-w-georgia_4

 

November 3, 2016by david.taylor@colliers.com
Development, Office, Retail

Plans Proceeding for Second Phase of Burrard Place

Reliance Properties has submitted their formal development application for the second phase of Burrard Place. The first phase includes a 54-storey condo tower that was sold out in 2015 and is now being excavated.

The second phase of the project, located at the corner of Burrard and Drake, includes a 13-storey office building, including:

  • Restaurant on the ground floor,
  • A 3-storey auto dealership (to be the replacement of Downtown Toyota – Pattison is a partner in the deal)
  • Office space on floors 4-13
  • 5 levels of underground parking and underground vehicle repair space;
  • Overall height of approximately 182 ft; and
  • Overall density of 7.86 FSR.

The overall concept was already approved via rezoning application in November 2013.

1280-burrard_2 1280-burrard_1

A third phase includes a 36-storey condo tower fronting Hornby Street just north of the first tower.

1280-burrard_3 1280-burrard

The architect, IBI Group, explains the design rationale:

“Tower B is the “front door” of the proposed mixed-use development. It anchors the critical and highly visible corner of Burrard and Drake Street. As the lowest of the three towers in the development with an important architectural mandate, Tower B unifies the expression of its two primary uses as an office building and a car display showroom in one distinctive built-form. This deliberate gesture sets it apart from the podium/tower expression of the rest of the development. The Toyota showroom, occupying the lower 3 levels of the building, is highly transparent visible from Burrard st, Drake and lane. The entrance of the Toyota showroom is strategically located at the corner of Burrard and Drake where the Drake Street elevation showcases a 3-storey and highly transparent street wall acting like a giant display window of cars which are uniquely arranged on multi- levels of display showroom. The office tower is anchor ed by a cylindrical volume at the plaza level unfolds into a fluid glass wall above, fronting on Burrard Street. Three spiral shaped elements revolve dow n the west façade marking the office entrance on Burrard Street. Around the corner on Drake Street, a tapering glass wall exemplifies the vertical dimension of the tower giving it a sculptural and slim profile. For privacy and comfort, the glass skin of the entire building will be articulated with “random” placement of insulated spandrels, fritted and vision glass, further animating the appearance of the building. The new centralized core of the office floor plate simplifies the structural system and at the same time provides a high level of flexibility for either single or multi-tenant use. The sculptural building form with its articulated glass skin defines Tower B truly as a “jewel box” in downtown Vancouver.

The mixed use activities of this tower extend below grade where the Toyota Service Centre and office parking are located. To provide separation and clarity between these two principal uses, a doubletreaded helix parking has been proposed with each tread having adiscrete circulation system that continuously loops down to their spaces below grade. The loops are tied together with cross overs that allow for shared exiting and access to services.”
October 14, 2016by david.taylor@colliers.com
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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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