We've got a streetfront retail space available in a highly desirable area in the heart of Chinatown which has seen an influx of new developments. Vancouver\'s Chinatown is universally appealing to tourists and locals alike with its rich culture, striking heritage buildings and world-renowned delicacies. This location is in walking distance to Gastown, Strathcona and the Downtown Core and is in close proximity to transit hubs.

The subject property boasts a unique layout with character storefront, exposed cement bricks, 16ft ceilings and polished concrete floors. This newly and extensively renovated unit is exposed to high vehicle and pedestrian traffic and has prominent signage opportunities which is perfect for a retailer, cafe, office or fitness studio! The unit also includes an enclosed board room, storage room, kitchenette and two individual washrooms. The space can also be accessed through a grade level loading door at the rear of the space.

Contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca for additional information.

Listing: https://spacelist.ca/p/bc/vancouver/161_e_pender_st/main_floor 

The Commercial Leading Index (CLI) provides insight on early signals of turning points between expansions and slowdowns in commercial real estate. The BCREA CLI "forecasts changes in broad commercial real estate activity. [Their] research shows that the variables that compose the CLI reliably forecast BC commercial real estate activity at a lag of two to four quarters. The index is revised each quarter, due to revisions in the underlying data". 

For the fifth consecutive quarter, the CLI has seen another rise in index points of 0.5 from the 2016 Q4 to 2017 Q1. The index is now 128.0 which is a 4% increase from a year ago and a 0.4% increase on a quarterly basis. The economic activity and employment components of the CLI have been contributing factors to the economic and employment growth in the province and BC has been continually leading all provinces in this type of growth. There are indications of further growth in investment, leasing and other commercial real estate over the next two to four quarters as signaled by the CLI trend.

The increase in the CLI is reflective of the economic growth in BC with its real GDP growth exceeding 3%, which is the second time this has occurred in the past 37 years. This can be attributable to key commercial sectors such as retail and wholesale trade along with the increase in manufacturing sales. As for employment, 2016 ended on a high note with an increase of over 3% in employment which has trickled into 2017.

For all your commercial and residential real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca. 

Source: British Columbia Real Estate Association

FOR LEASE - 161 East Pender Street || Main Floor Retail / Office Space
The main floor collides modern design with subtle cultural elements to bring together this beautiful space. This unit is exposed to high vehicle and pedestrian traffic and has prominent signage opportunities. The subject property boasts a unique layout with character storefront, exposed cement bricks, 16ft ceilings, polished concrete floors and a brand new HVAC system.

The unit also includes an enclosed board room, storage room, kitchenette, and two individual washrooms. The space can also be accessed through a grade level loading door at the rear of the space.

Contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca for showings or for additional details on the three properties listed above. 

Below you will find the commercial sales activity broken down by category for the Lower Mainland for Quarter 3 of 2016 and 2015 and the relevant percentage change. As well, there is a year-to-date comparison which encompasses the first three quarters. Quarter 4 statistics should be released in the next few weeks! The statistics for the Lower Mainland are inclusive of the following 18 cities: Abbotsford, Burnaby, Chilliwack, Coquitlam, Delta, Langley, Maple Ridge, Mission, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, Surrey, Vancouver, West Vancouver and White Rock. Thus, the first table is not representative of only Vancouver commercial real estate (a separate table will break down the statistics for Vancouver).

Below you will find information from the above table which has the Vancouver data extracted from it. While the Quarter 3 results year over year have primarily seen a decrease in both unit sales and sales dollars, the year-to-date figures show a different story. All four categories see an increase in sales dollars when comparing 2015 to 2016. 

In addition to residential real estate and property management, we also do commercial real estate here at WeSellVancouver. We'd love to help you with your next investment or business venture. Contact the WSV Real Estate Services office at 604-801-6654 or at info@wesellvancouver.ca for all your real estate needs.

NOW is the time to invest in the revitalization of Historic Chinatown. We've got four brand new glass and concrete units available at amazing prices. These raw shell spaces come with both a main floor and mezzanine and are well suited for business owners and investors alike. These units enable operators to build to best suit their business. This new development is ideally located just west of Main Street in the Hastings Crossing District, a unique area defined by its historic character and ethnic diversity. It is located in a central area that is in walking distance to Gastown, Strathcona, Crosstown, Railtown, Downtown and the Waterfront.

Contact either Amalia Liapis at 604.618.7000 or Kane Ryan at 778.223.5961 today for more details!

Want to be a part of the gentrification within Vancouver's evolving Chinatown? We only have 4 more brand new concrete and glass units available for sale. Contact us today for more details!

Investment in commercial real estate is a great way to enhance the value of your portfolio. Take a hold of this rare opportunity to OWN waterfront commercial space along Beach Avenue! Contact Kris Hall today at info@wesellvancouver.ca or alternatively at 604-716-6155 for additional information on this listing.

EDIT: As of January 14, 2016, the property has been SOLD! 

Our last blog took a look at 2014 statistics in the realm of commercial real estate. Today we'll be exploring statistics for 2015 thus far. As noted in our last blog, commercial land sales have driven sales activity for the first quarter. It has been an upward trend for the past four years in terms of dollar value in land sales.

“It was the most active first quarter we’ve seen in our commercial market over the last five years,” Darcy McLeod, REBGV president said. “This activity reflects the growth we’re seeing in related sectors within our economy such as retail and manufacturing.”

Below you will find a comparison chart of Quarter 1 commercial real estate activity by category for the years 2014 and 2015. As you can see, the number of sales has seen an increase from 2014 to 2015 whereas the dollar value for each respective category has increased in some categories and decreased in others.

Category Classifications

Land - Includes properties that are holding properties, farmland, garden centres, redevelopment sites, land assembly sites, vineyards, etc.

Office and Retail - These properties are defined by the zoning according to each municipality and must have a building on the site. This includes office, office condo, retail, retail condo, shopping centre, gas station, car dealerships, banks, community centres, daycares, educational facility, institutional, golf courses, movie threatre, hotel, churches, restaurants, truck stops, etc.

Industrial - These are defined by the zoning according to each municipality and must have a building on the site. This includes warehouses, warehouse bays and multi-bay warehouses.

Multi-Family - These include nursing homes, high rises, low rises and any condo or townhome properties containing four or more units with at least one zoned for commercial use.

Before diving into the statistics for the commercial real estate market in the Lower Mainland for 2015, let's back track and take a look at 2014. The Lower Mainland's commercial real estate market topped out at 1,963 sales allowing it to hit a five-year high in terms of the number and value of sales. The commercial real estate sales for 2014 were 4.4% above the region's five-year sales average totalling $6.086 billion in sales.

Ray Harris, REBGV president stated, "[o]ur commercial real estate market was up in 2014 thanks in large part to increased demand for raw land transactions within the development and investor community. An increase in land transactions is often a signal of confidence in the market because it required a multi-year investment."

Following in suit with the trend of growing sales in the area of raw land, an increase in raw land sales contributed to boosting commercial real estate totals for the first quarter of this year. Year over year, the commercial land sales has seen a significant increase in both number of sales and dollar value of sales. With the exception of the actual number of sales transactions in 2013, there have been continual increases from 2011 to 2014. Below you will find comparative data for the commercial land sales for the past four years.

The real estate market for 2015 so far has seen a positive start. In comparing 2014 Q1 and 2015 Q1 sales, the total dollar value of commercial sales in Vancouver has increased by 7.6%, totalling $1.5 billion. As for the number of sales transactions, there has been an increase of 8.6% compared between the first quarters of 2014 and 2015. “It was the most active first quarter we’ve seen in our commercial market over the last five years,” Darcy McLeod, REBGV president said. “This activity reflects the growth we’re seeing in related sectors within our economy such as retail and manufacturing.”

Stay tuned for our next blog post on the comparison of 2014 and 2015 first quarter commercial sales, broken down by category.

For all your real estate needs, contact us at info@wesellvancouver.ca or alternatively at 604-801-6654.

[1] A new mixed-use complex mingles modern office space with fashionable retail space by expanding the existing Pacific Center complex by 565,000ft². The redevelopment project also features 290,000ft² of AAA class office space and 45,000ft² of space for fresh and new retailers. This project, located at 725 Granville Street, will be home to Microsoft, Sony Pictures Imageworks and Miller Thomson LLP.

One of the headliner retail spaces in this redevelopment project is the construction of the 230,000ft² flagship Nordstrom Department Store. News regarding the development of Nordstrom in the pre-existing Sears space, however, has been released for quite some time. On the other hand, the major lease transactions for the two technology giants and the national law firm have been the most recent lease transaction. This exciting project will strengthen Pacific Center's position and reputation in the marketplace as Vancouver's paramount mixed-use complex. 

 [2] A recent lease renewal has been made for Allstream, located at 175 West Cordova Street. They are a Canadian-owned national communications provider for voice, data and Internet services. They have helped their clients transition from traditional telephone services to IP-based solution as a way to reduce costs, simplify IT operations and connect their businesses more effectively. 

 [3] Tetra Tech, a leading provider of consulting, engineering, and technical services worldwide, has recently gone into a lease agreement for 885 Dunsmuir Street. They offer clear solutions made possible with sound science, understanding, innovation and industry-leading approaches.

 [4] Odlum Brown Ltd., is a full-service investment management firm that prides itself on providing superior investment advice and service. The lease renewal is for PWC Place, located at 250 Howe Street. This office tower by Waterfront Properties was originally built a little over a decade ago in 2002 and features an impressive grand lobby which exhibits a sleek design that is manifested throughout the building. This building is named after PricewaterhouseCoopers, a prestigious, multinational accounting services firm.