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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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
Office

Hotel Conversion Proposed for Newly Built Metrotown Office Space

Thind Properties has submitted a rezoning application to convert the office component of their newly constructed ‘Highline’ project from office space to hotel.

Highline’s construction was completed in late 2023 and includes a 48-storey, 336-unit condo building with 10 floors of office space at the base of the tower.

The proposal is to convert the 10-storeys of office space to a hotel with 159 hotel units, and a ground-level hotel lobby. To achieve a generously sized hotel lobby, two of the three existing ground-level retail units are proposed to be consolidated with the existing commercial lobby with a hotel lounge, concierge, business centre, and liquor primary lobby bar establishment. The remaining commercial retail unit, at the corner of Beresford and the lane, is proposed to be a liquor primary pub or food primary restaurant which can work in partnership with the hotel operator to provide food and liquor services to hotel guests and patrons.

An amendment to the Metrotown Downtown Plan is proposed to facilitate the hotel uses under the C2 zoning.

February 22, 2024by david.taylor@colliers.com
Development, Office

6-Storey Office & Light Industrial Building Planned for Mount Pleasant Site

PC Urban has applied to the City of Vancouver for permission to develop a new 6-storey at 2410 Columbia Street in Mount Pleasant.

The site is located at the southeast corner of Columbia Street and West 8th Avenue with a total site
size of 12,144 SF. The corner site fronts on to Columbia Street to the West, W. 8th Avenue to the North; the Milano coffee building shares an interior property line on the eastern side of the site.

The proposal for the site is a mixed-use commercial building with Industrial on level 1 to 2 and Office on level 3 to 6, with:

  • A building height of 100.0 ft.;
  • A density of 4.50 FSR (gross buildable of 54,591 SF);
  • Two levels of underground parking providing 53 parking spaces having vehicular access from the lane.

Under the site’s existing I-1 zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The architect for the project is MCMP Architects.

January 10, 2024by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Canderel Planning 772 Unit Project in Lougheed Area of Burnaby

Canderel has submitted their rezoning application for a site they own at 3695 North Road in the Burquitlam area of Burnaby.

The 1.32 acre property is currently improved with a gas service station and an older two-storey office commercial building.

The proposal calls a 56-storey condo tower and a 43-storey non-market and market rental building, inclusive of a 10-storey commercial podium with an office component and street-fronting retail.

The rezoning would be based on the RM5s, RM5r and C3 zoning districts.

Details of the proposal include:

  • 772 residential units;
  • 456 condo units;
  • 239 market rental units;
  • 77 non-market rental units;
  • Building heights of 612 ft. and 504 ft.;
  • 164,000 SF of office space, 9,000 SF of retail space;
  • a total density of 13.10 FAR (750,000 SF);
  • 1,038 parking spaces.

The site sits adjacent to another large scale development proposal, including an 80-storey tower, by Pinnacle International.

The architect for the project is Chris Dikeakos Architects.

October 10, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Bosa Development Proposing Two Residential Towers, 815 Units in Brentwood

Bosa Development has submitted its rezoning application to the City of Burnaby for a 76,000 SF site they own at the southwest corner of Willingdon Avenue and Halifax Street in the Brentwood area of Burnaby.

The proposal seeks to rezone the site from its existing CD zoning utilizing the RM5s, RM5r and C3 districts and the Brentwood Town Centre Development Plan as guidelines.

The overall proposal is for two high-rise residential towers atop a non-market residential rental and commercial/retail podium with underground parking. The development is anticipated to be constructed over two main phases, with Phase 1 encompassing the western half of the site, and Phase 2 the eastern half.

Details include:

  • a 60-storey condo tower (651 ft);
  • a 43-storey rental & office tower (479 ft);
  • 815 total units;
  • 472 condo units;
  • 266 market rental units;
  • 77 non-market units;
  • 200,000 SF of commercial space (13 floors of office);
  • a total combined density of 12.66 FAR (970,000 SF);
  • 1,794 parking spaces;
  • a new public square known as ‘Buchanan Square’.

It is estimated that the two phases will be built over a 7-year time horizon, although that will be ultimately determined by market conditions.

The architect for the project is Chris Dikeakos Architects.

October 10, 2023by david.taylor@colliers.com
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First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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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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