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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Apartment, Development, Retail

Redevelopment of Point Grey Safeway Site Moves Forward

The formal rezoning application has been submitted by Bentall Green Oak for the former West Point Grey Safeway site at 4545 West 10th Avenue.

The 3.0 acre site had been the subject of planning for several years before entering a more detailed preliminary planning phase in 2022.

The proposal for the site is to allow for a mixed-use development comprised of two 6-storey buildings, and a central building with a 17-storey and a 19-storey tower, and includes:

  • 569 rental units;
  • 455 market rental units;
  • 114 moderate income rental units;
  • 41,000 SF of commercial space on the ground floor, including a supermarket;
  • a total density of 3.84 FSR;
  • 444 vehicle parking spaces and 1,107 bicycle spaces.

This application is being considered under the Moderate Income Rental Housing Pilot Program.

The architect for the project is MCMP Architects.

December 6, 2023by david.taylor@colliers.com
Apartment, Development, Retail

PCI Proposing 25-storey Rental Tower for Broadway Plan Site

PCI Developments has submitted a rezoning application for a mid-block site in the Fairview neighbourhood. The site at 1434 West 8th Avenue is located half a block East of Granville Street.

The 17,000 SF site sits just to the Northeast of their Broadway & Granville tower, now under construction.

The proposal for the West 8th site is to allow for the development of a 25-storey mixed-use building with a one-storey podium and includes:

  • 162 rental units with 20% below market (approx. 32 units);
  • 5,500 SF of retail space on the ground floor;
  • A total density of 8.07 FSR;
  • A building height of 265 ft.; and
  • 93 vehicle parking spaces and 281 bicycle spaces.

This application is being considered under the Broadway Plan.

The architect for the project is MCMP.

December 5, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Canderel Planning 772 Unit Project in Lougheed Area of Burnaby

Canderel has submitted their rezoning application for a site they own at 3695 North Road in the Burquitlam area of Burnaby.

The 1.32 acre property is currently improved with a gas service station and an older two-storey office commercial building.

The proposal calls a 56-storey condo tower and a 43-storey non-market and market rental building, inclusive of a 10-storey commercial podium with an office component and street-fronting retail.

The rezoning would be based on the RM5s, RM5r and C3 zoning districts.

Details of the proposal include:

  • 772 residential units;
  • 456 condo units;
  • 239 market rental units;
  • 77 non-market rental units;
  • Building heights of 612 ft. and 504 ft.;
  • 164,000 SF of office space, 9,000 SF of retail space;
  • a total density of 13.10 FAR (750,000 SF);
  • 1,038 parking spaces.

The site sits adjacent to another large scale development proposal, including an 80-storey tower, by Pinnacle International.

The architect for the project is Chris Dikeakos Architects.

October 10, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Bosa Development Proposing Two Residential Towers, 815 Units in Brentwood

Bosa Development has submitted its rezoning application to the City of Burnaby for a 76,000 SF site they own at the southwest corner of Willingdon Avenue and Halifax Street in the Brentwood area of Burnaby.

The proposal seeks to rezone the site from its existing CD zoning utilizing the RM5s, RM5r and C3 districts and the Brentwood Town Centre Development Plan as guidelines.

The overall proposal is for two high-rise residential towers atop a non-market residential rental and commercial/retail podium with underground parking. The development is anticipated to be constructed over two main phases, with Phase 1 encompassing the western half of the site, and Phase 2 the eastern half.

Details include:

  • a 60-storey condo tower (651 ft);
  • a 43-storey rental & office tower (479 ft);
  • 815 total units;
  • 472 condo units;
  • 266 market rental units;
  • 77 non-market units;
  • 200,000 SF of commercial space (13 floors of office);
  • a total combined density of 12.66 FAR (970,000 SF);
  • 1,794 parking spaces;
  • a new public square known as ‘Buchanan Square’.

It is estimated that the two phases will be built over a 7-year time horizon, although that will be ultimately determined by market conditions.

The architect for the project is Chris Dikeakos Architects.

October 10, 2023by david.taylor@colliers.com
Apartment, Development, Retail

63 Rental Units Planned for East 1st & Renfrew in East Vancouver

A rezoning application has been submitted for the redevelopment of the Poor Italian Restaurant site at the Southwest corner of East 1st Avenue and Rupert Street in East Vancouver.

The 16,100 SF site is currently zoned CD-1 and is located within the Rupert and Renfrew Interim Rezoning Policy boundary, adopted by council in 2022. This policy allows rezonings for rental apartments in advance of the overall area plan being finalized.

The development proposal anticipates replacing the existing restaurant building with a new 6-storey mixed-use rental building with the Poor Italian Restaurant on the ground floor over 2 levels of underground parking and includes:

  • 63 market rental units;
    • 16 studios, 27 one-bedrooms & 20 two-bedrooms;
  • 5,700 SF of new space for Poor Italian on the ground floor;
  • A total density of 3.34 FSR;
  • A building height of 71 ft.; and
  • 53 vehicle parking spaces and 106 bicycle spaces.

The architect for the project is Cornerstone Architecture.

September 28, 2023by david.taylor@colliers.com
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First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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Greater Vancouver commercial real estate transactions down 8.3% in 2025 via @westerninvestor

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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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