Richmond’s office market continues to recover since peaking in 2010 when one in every four offices were empty.

Avison Young’s year-end Metro Vancouver Office Market Report for 2013 shows Richmond no longer boasts the worst vacancy rate in Metro Vancouver.

At year’s end, Richmond’s rate sat at 15.4 per cent—nearly double the Metro Vancouver average of 7.8 per cent, but better than Surrey’s high of 17.3 per cent.

Richmond’s rate is now at its lowest point since mid-2008, according to the real estate firm. It reached a peak of 24.6 per cent in the 2010 Olympic year.

“While leasing activity remained limited, vacancy continued to decline in all classes as tenants occupied existing properties,” says the report.

Class A properties—the most desirable—still have the highest vacancy rate of 19 per cent. The rate for the lesser Class B rests at 7.9 per cent, while Class C properties boast the lowest rate: 5.7 per cent.

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2445 Hemlock St Brochure

A 140,000 SF strip retail centre on No. 3 Road has sold for $27,950,000. The property, located at 4551 No. 3 Road had been on the market for sale as an investment deal with the 5.5 acre site having upside for future redevelopment. Based on the 2012 reported income, the deal would appear to represent an approximate cap rate of 4.8%.

A rezoning application has been submitted for a 7.8 acre site located at 8601 Glenlyon Parkway at Marine Way. The vacant site is proposed for a 2-storey 122,000 SF warehouse and office facility, with a floor area breakdown as follows:

• Office: 30,910 SF
• Manufacturing: 7,933 SF
• Warehousing: 72,667 SF
• Commercial: 7,700 SF
• Restaurant: 2,710 SF