Colliers’ Q4 2012 retail report shows that the Metro Vancouver retail leasing market sustained healthy growth heading into 2013. Notable highlights from the Colliers retail report.:

• From a leasing perspective, there was a spike in activity with many international, national and eclectic retailers looking for space. This is evident through the vacancy rate decreasing to 3.5% this quarter from 3.9% in the second quarter of 2012.
• The most notable changes in vacancy were in Squamish decreasing from 7.1 to 3.3 percent; Chilliwack decreasing from 10.9 to 9.3 percent; North Delta decreasing from 5.9 to 3.6 percent; and Richmond decreasing from 6.2 to 4.7 percent.
• Both transactional sales volume and deal velocity maintained a steady pace through the last quarter of 2012. From the fourth quarter of 2011 to the end of the third quarter of 2012, 125 transactions closed in the improved retail property category (for properties valued over $1 million).
• Harbour Centre unveiled plans for a multi-million dollar redevelopment of the landmark Harbour Centre building in Downtown Vancouver. In the spring of 2013, they will embark on an extensive redevelopment of the food court, a refresh of the lower level common area, and a newly revitalized streetscape of the complex.

In an effort to improve the viability of development proposals in the Hastings Heights area, the City of Burnaby is proposing that the number of storeys in the C8 and C8a District be changed in rezoning to allow for a residential mezzanine floor (or a 5th storey) in the rear portion of the grade level commercial envelope. Design details include:

• Development of a residential mezzanine should not impact the viability of grade level commercial uses fronting Hastings Street.The residential mezzanine must occupy the rear, upper portion of the commercial envelope.
• Taking into account the minimum depths for the commercial and residential mezzanine units and the established front and rear yard setback requirements of the C8 and C8a District, lots with a minimum depth of 112.5 ft. would qualify for consideration for a building with a residential mezzanine floor.

Source: City of Burnaby

New Westminster News Leader – Breathing life into New Westminster’s main streets.

Lots of places to eat and drink, few storefronts that aren’t retail oriented, and at least some representation of chain outlets are all signs of successful main streets, according to a university term paper written by a New Westminster councillor.

Along with sitting on council, Jonathan Coté is also an urban studies student at Simon Fraser University, and has written the paper “Reviving New Westminster’s Main Streets,” which looks at what makes a main street work and what New West’s streets need in order to improve.

“New Westminster has a tremendous advantage in that we have traditional main streets already in existence. For most municipalities in the Lower Mainland these don’t exist except in Vancouver. We have the bones in place. The challenge is how do we bring these to life and make sure these are neighbourhoods our residents want to shop in.”

Coté found the highest vacancy rates were on Twelfth Street (11.6 per cent) and East Columbia in Sapperton (11.4), while Columbia in the Downtown area was just 6.4 per cent and Sixth Street was 8.7. The latter two compared favourably to a pair of Vancouver’s most dynamic retail streets, Robson (6.9) and Denman (5.4).

Read more: http://www.newwestnewsleader.com/news/186342442.html