1545 West 8th Avenue – An eight storey, 18 unit development with two levels of underground parking was recently approved by the Development Permit Board. The project, by Kenstone Properties, will be 23 metres in height and will have a 3.0 FSR.
Colliers has released their Q2 2012 retail market report. The retail market in Metro Vancouver has been consistently active with many landlords, retailers and investors experiencing the benefits of a high-priced market.
Highlights from the report:
- The overall vacancy rate for Metro Vancouver increased from 2.7 percent in Q4 2011 to 3.9 percent this quarter
- Accounting for the majority of increased vacancy is Chilliwack moving from 4.3 percent in Q4 2011 to 10.9 percent this quarter, Richmond moving from 1.9 percent in Q4 2011 to 6.2 percent this quarter.
- Deal velocity remained consistent so far this year with many lower priced properties trading hands, while deal volume has slowed
- The federal government increased duty-free limits for cross-border shopping, which went into effect on Jun 1, 2012, putting further pressure on Canadian retailers
Source: Colliers International
According to Colliers’ Q2 2012 Metro Vancouver Office Market Report, the Metro Vancouver office market maintained its stability once again this quarter, with the
vacancy rate decreasing minimally from 7.7 percent last quarter to 7.6 percent this quarter.
Q2 highlights:
- The Metro Vancouver vacancy rate decreased minimally from 7.7 percent in Q1 2012 to 7.6 percent in Q2 2012
- The Downtown Vancouver vacancy rate decreased to 3.5 percent this quarter, down from 3.8 percent last quarter
- Investment activity Downtown was reasonably strong, with the sale of Bentall V and several significant firms deals in place
- The Suburban vacancy rate remained unchanged from last quarter at 11.2 percent and the market as a whole was relatively slow
- Broadway Tech Centre Building 6 commenced construction this quarter after it was revealed that Golder Associates preleased approximately 130,000 square feet
David Taylor and Simon Lim of Colliers International have acted on behalf of the Vendor in the sale of 5970 East Boulevard, a 9,600 sq ft office and apartment building located in the prestigious Kerrisdale are of Vancouver. The property is zoned C-2 and was fully leased at the time of sale. The purchase price was $3,500,000, representing $347 per sq ft.