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

Construction Update: The Exchange

Construction for The Exchange is now well above ground and becoming noticeable from street level.The construction had just reached the ground level back in December.

The 31-storey, 369,000 SF office tower is now over a year into construction, with completion slated for 2017. Aside from National Bank, there have been no major tenants announced for the building yet.

Exchange_Apr 2016

courtesy mcminsen http://po.st/WpSyw2 via @imageshack

Exchange_Apr 2016_1

courtesy mcminsen http://po.st/NI3oQY via @imageshack

Exchange_Apr 2016_2

courtesy mcminsen http://po.st/fsUIU5 via @imageshack

April 20, 2016by david.taylor@colliers.com
Development, Office, Retail

Construction Update: Solo District

Here is a construction update on the second phase of Appia’s Solo District project in the Brentwood Area of Burnaby.

The first phase of the project included a tower branded ‘Stratus’, a 367-unit 45-storey tower which has just recently completed and which is substantially sold out. Burnaby’s first Whole Foods is an anchor of the retail component of the project.

The second phase of the project is ‘Altus’, a 48-storey tower at the corner of Lougheed and Willingdon that includes 284 condo units above 250,000 SF of office space on 12 floors. Pre-sales launched in 2013 and this phase of the project is also nearing sell-out.

Solo District Feb 2016 (1)

photo courtesy mcminsen http://po.st/RDvsVU via @imageshack

Solo District Feb 2016 (3)

photo courtesy mcminsen http://po.st/avE0BU via @imageshack

Solo District Feb 2016 (2)

photo courtesy mcminsen http://po.st/ut93EP via @imageshack

February 24, 2016by david.taylor@colliers.com
Development, Office

Market Spotlight: City of Vancouver Public Hearings

A couple of rezoning applications make their way to public hearing next week. Public hearings are generally the last hurdle for proponents before formal enactment and development permits. Two projects going to council next week highlight some minor changes to previously proposed projects:

988 West Broadway

This 10-storey office tower project was originally approved way back in 2011, and finally went forward in 2015. The project, by BlueSky Properties, was rezoned under the Metro Core plan to allow a 5.22 FSR density, and site clearing began in late 2015.

Changes: An amendment is being requested to suit the needs of a “prospective tenant”. The original plan had been to have a common area space on the top floor. The plan now calls for the common area space to be located on the 2nd floor, with the top floor being expanded for a tenant’s use.

  • Density increase from 5.22 to 5.52 FSR (heritage density is being purchased + public art contribution)
Amended proposal with additional 10th floor space

Amended proposal with additional 10th floor space

1575 West Georgia

This Coal Harbour proposal by Bosa Properties was originally unveiled in 2014. The site is currently improved with a 3-storey office building, and a small city-owned surface parking lot.

The project is moving forward with only small revisions as a result of staff recommendations and public feedback, with a one-storey reduction in height, a reduction in the unit count from 184 units to 175 units, and a reduction in density from 10.83 to 10.59 FSR.

1575 West Georgia_3

Height context perspective. Note concept tower heights for 1500 West Georgia (Bosa) and 1550 Alberni (Westbank) and 1400 Alberni (Wall). Concept tower heights are also included on Cardero at Georgia and Alberni corners.

1575 West Georgia_5

 

February 18, 2016by david.taylor@colliers.com
Development, Office

Construction Update: 510 Seymour

Here is a construction update on Serracan Properties‘ latest office building project at the southeast corner of Seymour St. and West Pender St. in Downtown Vancouver.

510 Seymour will be 82,000 square feet and 10-storeys tall. Upon completion, the majority of the building will be occupied by Adler University and shoes.com.

UQpCqMCourtesy mcminsen http://po.st/eCGhJv via @imageshack

3nfAn7

Courtesy mcminsen http://po.st/zpoCdk via @imageshack

February 10, 2016by david.taylor@colliers.com
Apartment, Development, Office, Retail

Mixed-Use Building Proposed for Victoria Drive Site

A development application has been made for a 4,850 SF C-2 zoned site on the Northeast corner of East 36th Avenue and Victoria Drive in East Vancouver. The plan the site at 5195 Victoria Drive is for a 4-storey mixed-use project containing:

  • retail and office uses on the main floor
  • 10 residential units (4 one-bedrooms and 6 two-bedrooms)
  • a total density of 2.41 FSR (11,626 SF)
  • 9 underground parking spaces

5195 Victoria 5195 Victoria_2The architect for the project is Cornerstone Architecture.

February 9, 2016by 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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