High exposure retail plaza at the north east corner of East Broadway & Carolina Street Mount Pleasant area. Well-known tenants include Subway and Mac’s. Building contains a total gross leasable area of approximately 10,622 square feet on 18,117 square feet lot.
As we start the second quarter of 2014, the statistics are revealing – and may be troubling for a landlord.
Currently, Greater Vancouver has 52,333,837 square feet of office space, with vacant space at 11.4 percent of that total. There are 28 new office buildings under construction – which will add another 4,645,529 square feet of space. How do these numbers stack up against the recent past? Take a look at the following figures from the first quarter of each of the past five years. VIEW Details
In the 90 days prior to this writing, 325 new spaces – 1,181,966 square feet – have been added to the market. During the same period, 275 units were removed from inventory, totalling 797,375 square feet, for a negative absorption of 384,591 square feet. Or, to look at it another way, 128,000 square feet were added to the market monthly. VIEW Details
Sash Sasidharan of NAI Commercial Vancouver has completed the sale transaction of the 135-acre farm on 4026 Arthur Drive, Delta, BC for $9,425,000.
JD Murray and Gary Haukeland of NAI Commercial Vancouver closed the court ordered sale of a $1.25 Million freestanding warehouse on 8369 River Way, Delta, BC. Located on the North side of River Road, just east of Alexander Road in East Delta’s Tilbury Industrial area. The property is close to all amenities and easily accessible to new South Fraser Perimeter Road.
The freestanding warehouse with a total gross floor area of approximately 8,630 sq.ft., including approximately 7,340 sq.ft. of manufacturing/shop area on the main floor and 1,290 sq.ft. of office on the second floor. The building rests on a fenced 21,786 sq.ft. lot – zoned I-2 (Heavy Industrial). The building has two grade loading doors and six surface parking spots.
Jon Meder of NAI Commercial Vancouver successfully sold the 33,439 sf development site on 36-50 Sixth Street, 615-637 Clarkson Street and 612-616 Carnarvon Street, New Westminster, B.C. for $6,860,000.
The property is situated in the downtown business district, at the corner of Sixth and Carnarvon Streets, one block from the Columbia Street SkyTrain Station. Across the street to the northwest at 56-62 Sixth Street, the Onni Group of Companies built a high-rise in 2004 with a 6.2 FSR and a total of 186,950 sf, built out on a 30,168 sf lot. Across the street to the northeast at 39 Sixth Street and 545 Clarkson Street, Bosa Properties Inc. built a high-rise in 2005 with a 5.2 FSR and a total of 136,688 sf, built out on a 26,292 sf lot.
PRINCETON, NJ – March 5, 2014: NAI Global, the world’s largest, most powerful network of owner-operated commercial real estate firms, earned the top five spot in the 2014 Lipsey Survey of Top 25 Commercial Real Estate Brands. The survey was conducted among 100,000 commercial real estate professionals using a combination of ballot voting, phone interviews and focus groups to identify the top global brands. NAI Global is the only commercial real estate network represented in the top five.
“As an organization, our strategic focus is to build the brand and drive growth for and with our Member firms worldwide with a goal to provide excellent service to our clients. It is gratifying to see this reflected in the results of this year’s Lipsey survey,” said Jay Olshonsky, President, NAI Global. “Our success is built on the strength of our Members, who are local market-leaders collectively achieving extraordinary results for their clients through the power of the NAI Global network.”
The survey is conducted by The Lipsey Company, a leading training and consulting firm specializing in the commercial real estate industry to equip organizations and their practitioners with the skills necessary to succeed in today’s competitive environment. The 2014 survey results can be found here http://www.lipseyco.com.
Overall the 2013 market has been stronger than in 2012. Even though the perception is things have slowed down, we find sales activity remains strong. Generally, activity is driven by local investors, but we see for the second year running a marked interest by Mainland Chinese investors. The tertiary markets were dominated by a couple of larger buyers who are gentrifying some of the areas such as New Westminster. Most of the activity is still focused in Metro Vancouver. With only 14% of the sales taking place in the Fraser Valley. Some sub-markets in Metro Vancouver experienced modest price declines. We expect to see continued demand in 2014, but limited product coming available.
How much is my business worth? How long will it take to sell? Two questions I have been asked many times as I help the leading edge of the baby boomer demographic sell their businesses and either retire or at least scale down their business activities.
The baby boomers as a group are the wealthiest and most active generation of modern times and opportunities abound for entrepreneurs in this era. Many have started on a small scale and built a successful business. For example I recently sold a business started by an ex‐banker in his garage almost thirty years ago. The sale of the business and acquired property was in the area of $4,500,000.
NAI Commercial would like to invite our valued clients as well as retailers, developers, landlords and property owners to visit our booth and to meet with our brokers at the 2013 ICSC Whistler Conference, which will be held January 26 – 28, 2014 at Chateau Whistler Hotel.
NAI Commercial has invested considerably to ensure optimal visibility for the company and its local, national and international clients. The conference is an excellent platform to meet with brokers and retailers present throughout the event, to gain insight on new or existing real estate projects and to promote business growth and development