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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Land, Office

FOR SALE: 3030 Gilmore, Burnaby

I am pleased to present for sale 3030 Gilmore, a 37,500 SF office building located on a highly visible & accessible 1.50-acre corner lot in Burnaby.

This is an ideal opportunity for a user group looking for vacant possession of a freehold, move-in ready office building in a great location with strategic proximity to Highway 1 offering the unique ability for visibility and brand exposure as well as easy access to all areas of Metro Vancouver.

The building underwent significant renovations in 2020 and features a gym, games area, two kitchens and a storage area.

Floors: 2
Building Area: 37,471 SF
Private Offices: 72
Meeting Rooms: 10
Surface Parking: 88 stalls


The building can be demised for multiple tenants and can be expanded. The large lot can also be redeveloped entirely for a wide variety of commercial or light industrial uses

For further details: https://www.collierscanada.com/en-ca/properties/for-sale-3030-gilmore-burnaby/can-3030-gilmore-diversion-burnaby-british-columbia-v5g-3b4/can2015552

June 18, 2024by david.taylor@colliers.com
Development, Office

6-Storey Dealership & Office Building Planned for Burrard & 5th

Openform Properties has submitted a development application for the redevelopment of the the BMW dealership site at Burrard and 5th.

The development of the 46,000 SF site is proposed under the new IC-2 District Schedule and in the Broadway Plan, which allows a combination of retail, industrial and office uses up to a total density of 4.50 FSR.

The proposal for the site is a 6-storey building that includes:

  • A new BMM, Mini and Rolls Royce dealership on the ground floor;
  • Showroom & industrial uses on the 2nd and 3rd floors;
  • Office space on the 4th to 6th floors;
  • a total building size of 206,000 SF;
  • a building height of 95 ft.;
  • Loading to be located at the rear of the building with access from the lane
  • Four levels of underground parking with 309 stalls.

Under the site’s proposed IC-2 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 SHAPE Architecture.

May 29, 2024by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Onni Presents Master Plan Concept for 7.2 Acre Coquitlam College Site

Onni is presenting their master plan development application for the Coquitlam College site.

The 7.2 acre site is located on Brookmere Avenue at Whiting Way in the Burquitlam area and is currently improved with the Coquitlam College school and several adjacent single family residences.

Onni submitted their initial application in late 2023, but the full master plan proposal is now at council for early stage review.

Details of the overall plan include:

  • Seven towers ranging from 28-50 storeys;
  • Approx. 2,500 residential units;
  • 1,813 condo units;
  • 595 market rental units;
  • 92 below market rental units;
  • 56,000 SF of office space;
  • 7,200 SF of retail space;
  • a total density of 6.71 FAR (2.1 Million SF)

Onni acquired the site in 2021 for $148,100,000, or $71 per gross SF based on the application.

The architect for the project is Boniface Oleksiuk Politano Architects.

May 24, 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
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
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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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