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, Retail

Oxford Planning New Office Building on West Georgia Site

401wgeorgiastvanfjan12Oxford Properties has applied to the City of Vancouver for permission to build a brand new infill office building on an underutilized portion of a 59,000 SF lot and existing 22-storey office building property they own at 401 West Georgia (built in 1987) , which runs along Homer Street all the way to Dunsmuir Street on the North, where the new building will be located.

The plan is to build a new 9-storey office building on the North part of the property facing Dunsmuir Street. Details include:

  • retail and office use on the ground floor and office use on the 2nd-9th floors;
  • 4,654 SF of new retail space
  • 147,000 SF of new office space
  • Office floorplates of 14,000 – 19,000 SF
  • 6,600 SF of amenity space, 2,300 SF conference centre & 4,300 SF fitness facility
  • a building height of 139.4 feet
  • two levels of underground parking accessed from the lane; and
  • retention of the existing commercial building on the south portion of the site.

401 West Georgia

401 West Georgia_3 401 West Georgia_2 401 West Georgia_1 401 West Georgia_4The project is being proposed under the existing DD zoning and so only requires a development permit as opposed to rezoning.

The architect for the project is B + H Architects Inc.

March 22, 2017by david.taylor@colliers.com
Apartment, Development, Retail

52 Rental Units Planned for Main & 41st

Rendition Developments has submitted a rezoning application  for a long-vacant site at the NW corner of Main and 41st. The proposal for the 11,684 SF site at 5679 Main Street is for a 6-storey mixed-use building including:

  • 52 rental apartment units;
  • 5 studios, 29 one-bedroom units, 15 two-bedrooms & 3 three-bedroom units
  • 4,089 SF of ground floor retail space
  • a total density of 3.46 FSR
  • a building height of 76 ft.; and
  • 33 underground parking spaces and 72 bicycle parking spaces.
5679 Main

Existing condition

5679 Main_15679 Main_25679 Main_3This application is being considered under the Secured Market Rental Housing (Rental 100) Program.

The site sold in May 2016 for $6,000,000, or $149 per buildable SF based on the rezoned density anticipated in the application.

EDIT: This post previously mentioned that the site was an old gas station, which is not accurate, it was previously a commercial building torn down many years ago.

March 21, 2017by david.taylor@colliers.com
Development, Retail

19-Unit Condo Building Planned for Granville

A rezoning application has been submitted for a 6,301 SF mid-block site at 8795-8803 Granville Street, near the Southern end of Granville. The proposal includes a rezoning from RM-3A to CD-1 to allow a new six-storey residential building, including:

      • 19 residential units
      • 4 studios, 8 one-bedrooms, 6 two-bedrooms and 1 three-bedroom
      • 2,306 SF of ground floor retail space
      • a total density of 2.48 FSR;
      • a building height of 66 ft.;
      • 17 underground parking spaces and 25 bicycle spaces.

8795 Granville8795 Granville_18795 Granville_2The application is being considered under the Marpole Community Plan.

The architect for the project is Matthew Cheng Architects.

March 15, 2017by david.taylor@colliers.com
Apartment, Development

New Rental Building Planned for Marpole Site

Domus Homes has submitted a rezoning application for the redevelopment of a 16,200 SF apartment property in Marpole. The application seeks to rezone 8615 Laurel Street from RM-3A to allow a 6-storey secured market rental building that includes:

  • 65 market rental apartment units;
  • 43 One-bedrooms, 21 Two-bedrooms, and 1 Three-bedroom
  • a total density of 2.50 FSR;
  • a building height of 66 ft.;
  • 35 vehicle parking spaces; and
  • 87 bicycle spaces.

8615 Laurel8615 Laurel_18615 Laurel_2The application is being considered under the Marpole Community Plan.

The architect for the project is Birmingham & Wood.

March 13, 2017by david.taylor@colliers.com
Development, Office

Portion of Exchange Building Now Slated for Hotel

In an interesting move, 10 floors of the Exchange Building are being converted to hotel use instead of office use. This comes as Executive Group has acquired the adjacent Edward Chapman property at 833 West Pender, with soon to be released plans for a hotel on the site.

A development application has been submitted for The Exchange Building to allow:

  • conversion of office use to hotel on floors 2 through 11
  • 110,000 SF of the building will be converted

475 Howe_1Under the site’s existing CD-1 (555) zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

March 9, 2017by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

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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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