The Arts and Crafts building located at 576 Seymour Street has sold to an offshore investor for $15,200,000, or $430 per SF.

The 35,411 SF C-Class building is located on the East side of Seymour between Dunsmuir and West Pender Streets. The cap rate was 4.4%.

PWC’s annual Emerging Trends in Real Estate 2014 report was released this week. The annual report surveys industry professionals and rates Canada’s nine largest commercial real estate markets on prospects for investment, development and homebuilding.

This year the survey placed Vancouver fourth, just slightly behind Saskatoon, and behind the energy-driven markets of Calgary and Edmonton; in first and second respectively.

Perhaps not surprisingly, respondents placed Vancouver firmly in buy/hold territory for most asset classes in 2014. Here are a couple of examples:

Apartment Buy/Sell/Hold Recommendations

Office Buy/Sell/Hold Recommendations

Download the full report here: http://www.pwc.com/ca/en/real-estate/emerging-trends-real-estate-canadian-summary.jhtml

The so-called International Trade Centre at Versante could bring 214,008 square feet of new commercial, hotel and office space to North Richmond, according to a report presented Tuesday at city hall.

Marketed as “Richmond’s next epicentre of business,” the proposed development consists of three towers—nine, 12 and 14 storeys—and a common five-storey podium. Included in the project is a 110-room hotel.

The proposal comes from Hotel Versante Ltd., which is seeking to rezone a 0.7-hectare (1.6-acre) triangular site at 8451 Bridgeport Rd. to build it. City council’s planning committee considered the project this week, 14 years after council approved a previous rezoning application that’s now being abandoned.

The site is located in Bridgeport Village, near the Airport Connector Bridge and next to Duck Island, where a multi-phase development of retail, entertainment, office, hotel and conference uses is in the early planning stages.

Read more: http://www.richmondreview.com/business/230718231.html