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, Retail

6-Storey Retail & Office Building Planned for Port Moody Site

A rezoning application has been submitted to the City of Port Moody for a 17,247 SF assembly of two single family lots on St. Johns Street to allow a new office building.

The site is designated Mixed Use – Moody Centre in the Official Community Plan, allowing for development up to 6-storeys.

The proposal for the site includes:

  • 24,014 SF of retail space on the lower 3 floors;
  • 19,041 SF of office space on the upper 3 floors;
  • 5,253 SF of restaurant space on the top 2 floors;
  • a total density of 3.48 FAR;
  • 103 parking spaces on 3 underground levels.

The architect for the project is Mara + Natha Architecture.

July 6, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office

902 Units, Two Towers Slated for Metrotown Site

Peterson Group has submitted their formal rezoning application to the City of Burnaby for 6645-6707 Dow Avenue in the Maywood Neighbourhood of Metrotown.

The 112,424 SF site is a five-lot assembly designated RM-5s and RM-4 under the Metrotown Downtown Plan which allow for high density residential development.

The subject properties are each improved with an older two to three storey rental apartment building which were constructed between the years of 1955 and 1964. In total, there are 112 existing rental units across the five sites proposed for redevelopment.

The proposed development for the site is for two condo towers (49 & 41-storeys), with a commercial podium, and a 6-storey non-market rental housing building.

Details include:

  • 902 total residential units;
  • 770 condos;
  • 132 rental units (median market, inclusionary & replacement);
  • 113,000 SF of office space (with option to convert to hotel);
  • a total density of 7.74 FAR (870,000 SF);
  • 1,241 underground parking stalls.

The architect for the project is BOP Architects.

June 9, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Up to 4,000 Units Envisioned for Columbia Square Site in New Westminster

A preliminary rezoning application has been submitted by Edgar Developments for the 7.2 acre Columbia Square Plaza Shopping Centre site in New Westminster.

The site at 88 Tenth Street is a large triangular shaped lot located in the Downtown neighbourhood bounded by Royal Avenue and Columbia and Tenth Streets. It is located about 100 meters from the New Westminster Skytrain Station.

The existing strip mall includes Save-On-Foods, BC Liquor Store, several banks and Pharmasave.

The site is designated Mixed Use High Density within the Downtown Community Plan and the general form of development is expected to be tower residential with a mix of retail, office and residential podiums interfacing with grade.

The proposal seeks to establish a master plan that would facilitate a multi-phased high density development that includes:

  • 6 to 8 residential towers;
  • replacement of existing retail;
  • minimum 120,000 SF of office space;
  • between 1.7-3.0 Million SF of residential space;
  • 2,200 to 4,000 units;
  • 10% inclusionary units;
  • community and public spaces.

The application is still preliminary and requires Council direction to authorize planning staff to work with the owners to refine the proposal before a formal rezoning application will be considered.

The site was acquired by Edgar in 2022 for $136,000,000.

June 9, 2023by david.taylor@colliers.com
Apartment, Development, Office, Retail

92-Unit Rental Project Planned for New Westminster Site

Third Space Properties has submitted a rezoning application to the City of New Westminster to rezone a 26,700 SF site on East Columbia Street in the Sapperton area of New Westminster.

The proposed development aims to revitalize the area by replacing an underutilized asphalt parking lot, a vacant building and four vacant lots with a thoughtfully designed building that improves the urban experience while providing housing diversity and job space.

The site is designated (ML) Mixed Use – Low Rise in the OCP. This land use designation envisions the provision of low-rise commercial or commercial and residential mixed use buildings which create active and engaging principal streets.

The overall plan for the project envisions a 6-storey building that includes:

  • 92 market rental units;
  • 18 studios, 51 one-bedrooms, 17 two-bedrooms & 6 three-bedrooms;
  • 18,000 SF of office space;
  • 14,400 SF of retail space;
  • a total density of 3.70 FSR;
  • 197 underground parking spaces.

The architect for the project is Integra Architecture.

June 8, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Land, Office, Retail

Neighbouring ‘Burnaby Lake’ Sites Seek Approval For Over 8,000 Units

The City of Burnaby will next week consider approval for the long anticipated Conceptual Master Plans of two neighbouring large-scale development sites in the Bainbridge Urban Village area being developed by Peterson Group and Create Properties.

The two sites are:

“Burnaby Lake Village”

  • 6800 Lougheed Highway
  • 19 acre site
  • formerly owned by Saputo & acquired by Peterson Group in 2018

“Burnaby Lake Heights”

  • 7000 Lougheed Highway
  • 14 acre site
  • formerly owned by Telus Pension Fund & acquired by Create Properties in 2021

The Bainbridge Urban Village Community Plan was adopted by the City in 2022 which paved the way for the master plans for these two sites, which are the largest sites in the plan area and anticipated to have the highest densities by virtue of their proximity to the Sperling-Burnaby Lake Skytrain station.

The overall concept for is a “village core mixed-use development”, with high-density residential and commercial uses to the north and south, and park space and community uses to the west.

Both Peterson and Create have undertaken considerable design development and public consultation over the past few years and are ready to proceed with their initial development phases.

The proposed Conceptual Master Plans establish the general built form, uses, building heights, signage guidelines, proposed subdivision and phasing plans. The next step for each site is individual rezoning applications for each phase.

Below is an overview of each Master Plan:


Burnaby Lake Village – 6800 Lougheed Highway

  • 14 residential and mixed-use buildings from 12 to 25-storeys;
  • over 4,800 units;
  • condo, market & below market rental residential;
  • retail, office, childcare, medical, grocery & hotel;
  • potential for seniors, industrial and brew pub space;
  • community gathering hall;
  • two new public streets;
  • a forest walk trail;
  • buildout over 5 main phases;
  • maximum permitted density of 5.05 FAR or 4.1 Million SF.

Burnaby Lake Heights – 7000 Lougheed Highway

  • 12 residential & mixed-use buildings ranging from 8 to 16-storeys;
  • over 3,500 units;
  • condo, market & below market rental residential;
  • retail, office, medical, grocery & hotel;
  • potential for seniors and industrial space such as brew pubs;
  • community club building including childcare, non-profit, meeting & fitness space;
  • two new public streets;
  • a forest walk trail;
  • buildout over 4 main phases;
  • maximum permitted density of 5.05 FAR or 3.2 Million SF.
April 20, 2023by 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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