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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Metro Vancouver Commercial Real Estate Market Data
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Apartment, Development, Retail

4-Storey Rental Building Proposed for Commercial Drive

Headwater Projects has applied to the City of Vancouver for permission to develop a site they own at 2886 Commercial Drive, at the Northeast corner of Commercial and East 13th in East Vancouver.

The site is 14,000 sq ft and zoned C-2C1. It is currently occupied by a single storey Auto Centre with a large surface parking lot.

Detail of the proposal include:

  • 47 market rental units;
  • 21 studios, 17 one-bedrooms & 9 two-bedroom units;
  • 6,800 sq ft. of retail on the ground floor;
  • A proposed Height of 45 ft.;
  • A total density of 2.59 FSR;
  • One level of underground parking w/24 stalls.

Under the site’s existing C-2C1 zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The architect for the project is Musson Cattell Mackey.

The full development application can be viewed here: https://shapeyourcity.ca/2886-commercial-dr

June 25, 2021by david.taylor@colliers.com
Apartment, Development, Retail

Another Passive House Rental Building Planned for Hastings Heights

Another Rental 100 rezoning application has been submitted in East Vancouver on East Hastings. This is the second passive house multifamily rezoning application, just West of 8th Avenue Development Group’s “The Heights” project, an 85-unit project just completed at the corner of East Hastings and Skeena.

This application for 3435 East Hastings Street, between Cassiar and Skeena Street calls to rezone the 11,366 SF mid-block subject site from C-2C1 to permit the development of a 6-storey rental residential building. The proposal includes:

    • 45 secured market rental units;
    • 13 studios, 16 one-bedrooms, 10 two-bedrooms & 6 three-bedrooms;
    • 2,712 SF of retail space at grade;
    • a density of 3.14 FSR;
    • a building height of 68 ft.; and
    • 28 underground parking spaces.

This application is being considered under the Secured Market Rental Housing (Rental 100) Policy.

The architect for the project is Cornerstone Architecture.

March 15, 2018by david.taylor@colliers.com
Apartment, Development, Retail

6-Storey Rental Building Planned for Hastings Heights

A rezoning application has been submitted for a new rental apartment building on a 66′ lot on the South side of East Hastings Street in the Hastings Heights area of Vancouver. The site totals 6,762 SF and is currently zoned C-2C1.

The plan for the site at 3532 East Hastings Street is to rezone under Rental 100 for a 6-storey building, consisting of:

    • 34 secured market rental units;
    • 2,021 SF of retail space at grade;
    • a total density of 4.08 FSR;
    • a building height of 67 ft.; and
    • 1 level of underground car parking with 24 stalls.

This application is being considered under the Secured Market Rental Housing (Rental 100) Policy.

The architect for the project is Gair Williamson Architects.

The property last sold in June 2016 for $3,100,000 or $83 per buildable SF based on the rezoning application.

January 25, 2018by david.taylor@colliers.com
Apartment, Development, Retail

Mixed-Use Building Proposed for Commercial Drive

A development application has been filed for a site at 928 Commercial Drive, mid-block just South of Venables Street. The plan for the 33 x 121 ft site is to build a new infill building including:

  • a 5-storey, mixed use building
  • retail on first floor and residential above (2nd to 5th floors)
  • 12 rental aparment units
  • 3 parking spaces having vehicular access from the lane.

Under the site’s existing C-2C1 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

928 Commercial

The architect, Matthew Cheng, explains the design rationale:

“The existing building on the subject property is a single family building built in 1904. In order to improve the neighborhood in Grandview-Woodland community and provide more affordable residential units, a brand new 5-storey mix-use building is proposed to replace the existing single detached dwelling. The new building with rental units will not only improve the 900 block Commercial Drive streetscape but also ease the tough rental market in the “Drive area”.
The proposed new building is designed as a wood frame building with a concrete ground / second level. Residential units are location on level three to five. There are 2 compacted unit types provided, studio and one-bedroom, in order to introduce more affordable rental option for the demographic in the neighborhood., Bicycle room, coin laundry room and other residential services are location on the ground and second level. Elevator is provided so that residents and handicap people can access to every level easily.”
928 Commercial_2 928 Commercial_1
June 22, 2016by david.taylor@colliers.com
Apartment, Development, Retail

Interesting Infill Apartment Building Planned for Commercial Drive

An interesting proposal has surfaced for a 33-foot lot on Commercial Drive at the corner of Napier Street. The site, which is improved with a 2-storey heritage commercial building built in 1908, is now being planned for heritage preservation with an infill apartment building at the rear lane.

Details of the proposal include:

  • retaining the existing 2-storey Heritage B building (now occupied by Moja Coffee)
  • a new 5-storey infill residential building with 8 rental apartment units at the rear of this site;
  • a maximum height of 48.5 feet;
  • a density of 2.70 FSR (10,108 SF);
  • one-car share parking space having vehicular access from the lane;
  • removal of one street tree on Napier Street.

Under the site’s existing C-2C1 zoning, the application is conditional and requires the approval of the planning department. For this project, relaxations would be required on building height and some setbacks. The application references incentives under the Rental 100 program.1102 Commercial_31102 Commercial

1102 Commercial_1

View from Napier St – existing heritage building on the right

1102 Commercial_2

View from rear lane

The architect for the project is Cornerstone Architecture.

The property was listed for sale in 2013 and sold for $1,690,000, which equates to approx. $125 per buildable SF when the existing building is taken to account.

May 4, 2016by david.taylor@colliers.com

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16 Apr

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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West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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9 Apr

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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