Research & Forecast Report | Year End 2015 | Metro Vancouver / Investment | Colliers International
Introduction ..........................................................................................................................1
Investment Overviews
Office ..............................................................................................................................2 Multifamily .............................................................................................................. 3 Retail ...................................................................................................................... 4 Industrial................................................................................................................. 5 Glossary ............................................................................................................................... 7
Table of Contents
1 Research & Forecast Report | Year End 2015 | Metro Vancouver / Investment | Colliers International
Introduction
The Metro Vancouver Investment Report incorporates all investment activity greater than $1 million region wide including share sales, covering the four major asset classes: Office, Multifamily, Retail and Industrial. In addition to providing coverage of the most recent market transactions, we offer insight and analysis regarding trends in the Metro Vancouver marketplace.
Canadian Market Overview Canadian economic performance remains in growth mode, albeit moderate. Sharply lower commodity prices — for energy in particular — are largely responsible for Canada’s slumping economic performance. Under these circumstances, Canada faces a longer period of underperformance in many of the resource-centric regions in the west and the east. Consumer spending and housing activity across the country will add much less to overall growth in an environment of increasing consumer caution that is being reinforced by moderating employment gains.
Metro Vancouver SnapshotOverall investment has skyrocketed relative to last year, totalling $4.25 billion from 695 transaction across all asset classes. Comparatively, total year end investment volumes in 2014 was $3.06 billion over 568 transactions. The Metro Vancouver market has been incredibly active with many landlords, retailers, and investors experiencing the benefits and drawbacks of a high-priced market. Transactional volume increased this year, with deal volume rising with many lower-priced properties trading hands. Multifamily was the most desired investment vehicle in the market, increasing in a value of volume of 111% while office was the only asset class reporting a decline in investment compared to 2014.
Investment StrataThe Metro Vancouver strata market has experienced significant activity in investment volume across all asset classes. While this is in part from rising lease rates, the cost to purchase has become more competitive for business owners, supported by low financing costs. Strata is also seen as an attractive investment for investors looking to place capital and attain modest cashflow. Although total volume of sales have decreased by 13% in 2015 compared to 2014, this is mostly from an absence of new product instead of a lack of demand.Consequently, there is a rising interest in developing commercial strata units across Metro Vancouver.
Metro Vancouver Investment Team Transactional investment volumes represented by Colliers International continue on an upward trend as overall dollar volumes increased 15% as compared to 2014. Compared to statistics dating back to 2009, the Colliers tracked the best year on record overtaking the height of activity in 2013.
Better Than GoldMultifamily investment surged in 2015, with Metro Vancouver experiencing historical pricing highs. Cap rates are falling to unprecedented lows never seen before, with dollar values climbing to $1.37 billion as compared to $681 million in 2014. Low vacancy rates, a severely weakened Canadian dollar, and corresponding low interest rates have created a flurry of investment with unrelenting demand from local and international buyers.
The Collapse Of National Retailers2015 represented a painful but necessary evolution for retailers and commercial real estate landlords with the recent pullout of Target and the surprising closure and rebranding of Future Shop. Several Metro Vancouver shopping centres such as Coquitlam Centre, Surrey’s Central City, and Richmond’s Lansdowne have lost both a Target and a Future Shop tenant. With the somewhat limited pool of big box tenants, landlords are going to have to overhaul certain shopping centres to accommodate the shifting retail landscape. Richmond’s Lansdowne Centre has already initiated planning for high-density residential development to absorb the anchor holes left from Target and Future Shop.
Metro Vancouver Investment Report
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Multifamily BOC 10-Year Bond Yields BOC 5-Year Bond Yields
Average Capitalization Rate and Bond Yields
2Research & Forecast Report | Fourth Quarter 2015 | Metro Vancouver / Investment | Colliers International
OfficeThe Vancouver office landscape continues to adjust to the over 2.1 million square feet of new supply. Despite an increase in vacancy, the office market has absorbed the new supply remarkably well. As such, development and rezoning application activity remains energetic, as developers prepare to be at the front of the next wave of new office product. Although office was the only asset class to decrease in investment activity compared to 2014, with transaction volume decreasing by 20%, it is expected to stay strong with capitalization rates remaining low.
Highlights > Although strata office sale volume has decreased by 19% since 2014, this is more so due to a dearth of quality supply rather than a lack of demand. Accordingly, developers are increasingly interested in building strata office in the Vancouver market.
> Royal Centre and Bentall Centre were both listed for sale at the end of 2015, with both assets under contract in early 2016. These sizable sites offer rarely available prime real estate in the downtown core. The high prices achieved speaks to the competitiveness of the Vancouver market as an internationally recognized city for real estate investment.
> Metro Vancouver announced the acquisition of Metrotower III from Ivanhoe Cambridge for $205 million to serve as its head office. The current head office complex located at 4330 Kingsway and 5945 Kathleen Avenue will be sold.
Year Over Year Office Investment
Investment Snapshot
Notable SalesADDRESS MUNICIPALITY SIZE (SF) PRICE
1. 4730 Kingsway Street Burnaby 414,000 $205,000,000
2. 555 Robson Street Vancouver 135,000 $42,000,000
3. 2601-2609 Granville Street; 1540 West 10th Avenue Vancouver 45,540 $41,000,000
4. 3600 Lysander Lane Richmond 110,951 $33,000,000
5. 8100 Granville Avenue Richmond 94,675 $30,255,000
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BC FERRIESTERMINAL
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BOUNDARY BAYAIRPORT
LANGLEYAIRPORT
PITT MEADOWSAIRPORT
ABBOTSFORD INTERNATIONAL
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Burquitlam
Port Moody Centre
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Lafarge Lake - Douglas
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Broadway/City Hall
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Oakridge/41st Ave
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Bridgeport
Aberdeen
Lansdowne
Brighouse
TempletonSea Island
CentreYVR
Airport
VancouverCity Centre
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Broadway/City Hall
Olympic Village
Yaletown/Roundhouse
Oakridge/41st Ave
Langara/49th Ave
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TempletonSea Island
CentreYVR
Airport
VancouverCity Centre
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Gilmore BrentwoodTown Centre
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Gilmore BrentwoodTown Centre
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Sperling/Burnaby Lake
Lake City WayProduction Way/University
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Stadium/Chinatown
Main St
Broadway
Nanaimo
29th Ave
Joyce
Patterson
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RoyalOak
Edmonds
22nd StNewWestminster
ColumbiaScott Rd
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SurreyCentral
King George
Granville
WaterfrontBurrard
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29th Ave
Joyce
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RoyalOak
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22nd StNewWestminster
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Gateway
SurreyCentral
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Lonsdale QuayLonsdale Quay
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Vye Rd
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Huntington Rd
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Page Rd
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Dale Rd
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0 Ave Boundary Rd17
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172n
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Campbell River Rd
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168t
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Buena Vista Ave
152n
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20th Ave
28th Ave
32nd Ave
184t
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188t
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192n
d St
20th Ave
Colebrook Rd
Paci
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60th Ave
64th Ave
168t
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192n
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88th Ave
Harvie
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160t
h St
92nd Ave
96th Ave
104th Ave
156t
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108th Ave
S Fraser Perimeter Rd
Woo
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Victoria Dr
Burn
s Rd
Prairie Ave
Ceda
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Coas
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Kingsway Ave
Broa
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Shau
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Panorama Dr
John
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Landsdowne Dr
Pine
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Mary Hill Bypass
Pitt
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Dewdney Trunk Rd
Harr
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Richardson Rd
McNeil Rd
East Rd
Sunn
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Ioco Rd
April
Rd
Heritage Mountain Blvd
Clarke
Rd
Como Lake Ave
Mar
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Austin Ave
Marine DrNorth Blu� Rd
128t
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20th Ave124t
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Bayv
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24th Ave
28th Ave
140t
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Cres ce
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40th Ave
Colebrook Rd
56th Ave
Stat
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148t
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64th Ave 68th Ave
72nd Ave
76th Ave76th Ave
Scot
t Rd
120t
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80th Ave
Kitson Pkwy
72nd Ave 140t
h St
144t
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152n
d St
84th Ave
128t
h St
112t
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84th Ave
Norde
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140t
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AnnacisHighway
88th Ave
92nd Ave
96th Ave
132n
d St
100th Ave
Scott
Rd
100th Ave
104th Ave
108th AveGros
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Rd
116th Ave
Hartley Ave
Mt S
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Deep
Cov
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Mt Seymour Pkwy
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Parker St Curtis St
Gaglardi Wy
Gera
ld A
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Sper
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Canada Wy6th St
10th Ave
8th Ave
6th Ave
Queens
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Deer Lake Pkwy
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Roya
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Imperial St
Rumble St
Nels
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Marine Wy
Byrne R
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St
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RdRiver
Derwent Wy
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Progress Wy 80th
St
Hopcott Rd
72nd
St
60th Ave
36th Ave
64th
St
16th Ave
Boundary Bay R
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1st Ave
6th Ave
12th Ave
52nd
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56th
St
28th Ave27B Ave
Deltaport Wy
53rd
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Knight St Bridge
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Blundell Rd
Francis Rd
Williams Rd
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Railw
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No. 2
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Russ Baker W
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Grant McConachie Wy
W 70th Ave N Kent AveSE Marine Dr
Twigg Pl
Sprott StWinston StRu
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St
Hold
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Berk
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Rd
McGill St
Dundas St
Renf
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St
1st Ave
Venables St
Nana
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W 57th Ave W 57th Ave
49th Ave E
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St
Ellio
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Clar
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St
Davie St
Paci�c St
W 33rd Ave
Cam
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St
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Arbu
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Bou
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W 49th Ave
Blen
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Dunb
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Crow
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W 10th Ave
Wesbrook Mall
W 4th Ave
NW Marine Dr
Cornwall StPoint Grey Rd
Mac
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21st
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Inglewood Ave
11th
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15th
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Stev
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Capi
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Edgemont Blvd
Welch St
Larso
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E Gr
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Blvd
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W 3rd StE 3rd St
Hyannis Dr
72nd
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76th
St
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Blundell Rd
Harbourside DrHarbourside Pl
Fulton Ave
Mathers Ave
64th Ave
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Ladner Trunk RoadBl
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Stav
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Bedw
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F
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Trans Canada Highway
Lougheed Highway
Simon FraserUniversity
Dollarton HwyOld
Dollarton Rd
Vulcan Wy
Port Mann Bridge
Patullo Bridge
Alex Fraser Bridge
Oak St Bridge
Lions
Gat
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Queensborough Bridge
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W Yale Rd
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Pow
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Hope
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S Sumas Rd
Luckakuck Wy
Keith Wilson Rd
Peters Rd
W Yale Rd
Vedder Rd
Prairie Central Rd
Bailey Rd
Watson Rd Promontory Rd
Chilliwack Central Rd
1st Ave
Castleman Rd
Anni
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Chap
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McG
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Rd
Ford
Rd
Gibs
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Pres
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Youn
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Banf
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Campbell R
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Chi l l iw ackRiver Rd
Gilla
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Vedder Mountain Rd
Yarrow Central Rd
No. 3 Rd
No. 4 RdFireclay Rd
No. 5 RdAtkinson Rd
Campbell Rd
Wells Line Rd
Dewdney Trunk Rd
Stav
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Sylve
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Rd
Hawkins Pickle Rd
New
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Rd
Eagl
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R iver Rd South
Nicomen Island Trunk Rd
Nicomen Island Trunk Rd
John
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Rd
Athe
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Chilliwack Mtn Rd
Wellington Ave
Wolfe Rd
Hope River Rd
Chilliwack Lake Rd
Lower S
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Mtn
Rd
Sumas Mtn Rd
Upper Sumas Mountai n Rd
Limbert Rd
McCallum Rd
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Ave
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St
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North
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110th Ave
112th Ave
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E Hastings Street
E Broadway
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Gran
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High
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United Blvd
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WESTHAM ISLAND
TILBURY ISLAND
ANNACISISLAND
MITCHELLISLAND
DOUGLASISLAND
BARNSTON ISLAND
MCMILLAN ISLAND
CRESCENT ISLAND
MATSQUI ISLAND
HOGISLAND
FAIRFIELDISLAND
WINDERMERE ISLAND
SEAISLAND
1
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Richmond
0.0%
1.0%
2.0%
3.0%
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$-
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
$1,200,000,000
2010 2011 2012 2013 2014 2015
O�ce
Dollar Volume Cap Rates
2015 Metro Vancouver Office 2014 2015 Trend
Number of Deals 80 69
Transaction Volume (CAD) $672,561,681 $539,285,941
4
5
Capitalization Rates2015 Metro Vancouver Office HIGH LOW
Downtown 6.00% 5.00%
Suburb 6.25% 5.50%Tracked based on deals valued over $1 million Notable Sales
3 Research & Forecast Report | Year End 2015 | Metro Vancouver / Investment | Colliers International
Year Over Year Multifamily InvestmentMultifamily
Metro Vancouver multifamily investment activity escalated in 2015 with record sale transactions exceeding $1.3 billion dollars. Fueled by low interest rates and a slumping Canada dollar, the outlook for 2016 remains very promising as both local and offshore capital continue to drive up the market. The competitive landscape has further compressed capitalization rates to historic lows. With robust demand and the strong prospect for appreciation, the multi-family investment market appears poised for another stellar year.
Highlights > In 2015 overall apartment sales increased from 108 to 160 transactions, with dollar values soaring 111% to 1.37 billion as compared to 2014.
> In Vancouver proper the average price per unit increased 10% to $318,312, however a total of only 63 rental buildings changed hands in 2015, down 24% from the 85 sold in 2014.
> Demand for multifamily rental buildings soared in the suburban markets as sales totaled approximately $728,595,200, an increase of 86% percent from 2014.
> The significant demand for well-located high density multifamily assets has translated into lower capitalization rates for lower quality low-rise assets. Capitalization rates are expected to hold at historic lows.
Notable SalesADDRESS MUNICIPALITY UNITS PRICE PPU
1. 9500 Erickson Drive Burnaby 548 $160,000,000 $291,971
2. Langara Gardens Vancouver 621 $101,857,500 $328,043
3. 3755 West 6th Avenue Vancouver 106 $40,100,000 $378,302
4. 10700 150th Street Surrey 331 $33,650,000 $101,662
5. 5826,5860 Tisdall Street Vancouver 43 $27,600,000 $641,860
6. 6280, 6350 Willingdon Avenue Burnaby 116 $27,200,000 $234,483
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CANADAU.S.A.
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University of British Columbia
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pham
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iew
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iver Rd
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ton
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eron
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mbia
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ghne
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t
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ighw
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264t
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Alde
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lingh
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ighw
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anada Hwy
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arallel
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ison
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hruw
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ingd
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CANADAU.S.A.
CANADAU.S.A.
CANADAU.S.A.
University of British Columbia
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1
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1
1
1
99
17
VANCOUVERINTERNATIONAL
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onvil
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h St
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an R
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illan
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tt Rd
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e La
ke R
d
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n St
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St
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Wils
on S
t
Hayw
ard
St
Duke R
d280t
h St
80th Ave
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Satc
hell
St
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ner R
d28
8th
St
Lefe
uvre
Rd
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h St
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d St
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d St
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h St
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h St
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h St
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h St
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h St
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h St
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d St
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h St
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h St
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er R
d
Wilson Cr
80th Ave
240t
h St
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n Rd
72nd Ave
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Cr
132nd Ave
144 th St
Neav
es R
d
Laity
St
216t
h St
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d St
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h St
Gold
en E
ars
Brid
ge
208t
h St
100th Ave
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Telegraph Tr
216t
h St
To
pham
Rd
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h St
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h St
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h St
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Rd
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h St
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d St 24th Ave
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h St
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h St
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d St
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Paci
�c H
ighw
ay
40th Ave 40th Ave
160t
h St
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h St
60th Ave
64th Ave
168t
h St
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h St
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d St
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Rd
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h St
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h St
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lridg
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s Rd
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r Dr
Coas
t Mer
idia
n Rd
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dway
St
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ghne
ssy S
tWoo
dlan
d Pi
pelin
e Rd
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son
St
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tree
Wy
Mary Hill Bypass
Pitt
Rive
r Rd
Dewdney Trunk Rd
Harr
is R
d
Richardson Rd
McNeil Rd
East Rd
Sunn
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Ioco Rd
April
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Heritage Mountain Blvd
Clarke
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Mar
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Marine DrNorth Blu� Rd
128t
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20th Ave124t
h St
Bayv
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24th Ave
28th Ave
140t
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Cres ce
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40th Ave
Colebrook Rd
56th Ave
Stat
ion
Rd
58th Ave 148t
h St
148t
h St
64th Ave 68th Ave
72nd Ave
76th Ave76th Ave
Scot
t Rd
120t
h St
80th Ave
Kitson Pkwy
72nd Ave 140t
h St
144t
h St
152n
d St
84th Ave
128t
h St
112t
h St
84th Ave
Norde
l Wy
140t
h St
AnnacisHighway
88th Ave
92nd Ave
96th Ave
132n
d St
100th Ave
Scott
Rd
100th Ave
104th Ave
108th AveGros
venor
Rd
116th Ave
Hartley Ave
Mt S
eymou
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Deep
Cov
e Rd
Mt Seymour Pkwy
Eton St
Parker St Curtis St
Gaglardi Wy
Gera
ld A
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Sper
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Nort
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Canada Wy6th St
10th Ave
8th Ave
6th Ave
Queens
Ave
Deer Lake Pkwy
Gille
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Roya
l Oak
Ave
Imperial St
Rumble St
Nels
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Marine Dr
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Boun
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Grange St
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72nd
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60th Ave
36th Ave
64th
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16th Ave
Boundary Bay R
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1st Ave
6th Ave
12th Ave
52nd
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56th
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28th Ave27B Ave
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Cause
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No. 7
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Knight St Bridge
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Blundell Rd
Francis Rd
Williams Rd
Gard
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No. 4
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Shel
l Rd
Railw
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Westham Island Rd
Robe
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Dyke Rd
Gilb
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No. 2
Rd
No. 1
Rd
Moncton St
Russ Baker W
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Grant McConachie Wy
W 70th Ave N Kent AveSE Marine Dr
Twigg Pl
Sprott StWinston StRu
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St
Hold
om S
t
Berk
ley
Rd
McGill St
Dundas St
Renf
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St
1st Ave
Venables St
Nana
imo
St
E 41st Ave
W 57th Ave W 57th Ave
49th Ave E
Kerr
St
Ellio
t S
t
Vict
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Clar
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Knig
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Fras
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E 33rd Ave
E 12th Ave
Gre at Northern Wy
Denman
St
Davie St
Paci�c St
W 33rd Ave
Cam
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Oak
St
Arbu
tus
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Bou
leva
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W 49th Ave
Blen
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St
Dunb
ar S
t
Crow
n St
W 10th Ave
Wesbrook Mall
W 4th Ave
NW Marine Dr
Cornwall StPoint Grey Rd
Mac
dona
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t
Marine Dr15th St
21st
St
Inglewood Ave
11th
St
15th
St
Stev
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Queens AveSouth
boro
ugh
Dr
Capi
lan
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Edgemont Blvd
Welch St
Larso
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Delb
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E Gr
and
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Braemar Rd
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Lynn V
alley R
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Lillo
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W 3rd StE 3rd St
Hyannis Dr
72nd
St
Huston Rd
76th
St
Kent Ave S
Grandview Hwy
Blundell Rd
Harbourside DrHarbourside Pl
Fulton Ave
Mathers Ave
64th Ave
Rd
Ferguson Wy
Ladner Trunk Road
Blue
Mou
ntai
n St
Stav
e La
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Bedw
ell Bay Rd
F
ell
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E Keith Rd
Trans Canada Highway
Lougheed Highway
Simon FraserUniversity
Dollarton HwyOld
Dollarton Rd
Vulcan Wy
Port Mann Bridge
Patullo Bridge
Alex Fraser Bridge
Oak St Bridge
Lions
Gat
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Queensborough Bridge
Cliveden
Ave
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W Yale Rd
Lick
man
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wy
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Mar
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Dixo
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Pow
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Chad
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Rd
Sinclair Rd
Hope
dale
Rd
S Sumas Rd
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Keith Wilson Rd
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1st Ave
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s Rd
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man
Rd
McG
rath
Rd
Ford
Rd
Gibs
on R
d
Pres
t Rd
Youn
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Banf
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Rd
Campbell R
iver Rd
Chi l l iw ackRiver Rd
Gilla
nder
s Rd
Vedder Mountain Rd
Yarrow Central Rd
No. 3 Rd
No. 4 RdFireclay Rd
No. 5 RdAtkinson Rd
Campbell Rd
Wells Line Rd
Dewdney Trunk Rd
Stav
e La
ke R
d
Sylve
ster
Rd
Hawkins Pickle Rd
New
ton
Rd
Eagl
e Rd
R iver Rd South
Nicomen Island Trunk Rd
Nicomen Island Trunk Rd
John
son
Rd
Athe
y RdNo 1 Rd
Chilliwack Mtn Rd
Wellington Ave
Wolfe Rd
Hope River Rd
Chilliwack Lake Rd
Lower S
umas
Mtn
Rd
Sumas Mtn Rd
Upper Sumas Mountai n Rd
Limbert Rd
McCallum Rd
Cam
eron
Rd
Brid
ge R
d
Arthur L
aing
Brid
ge
RdStraiton
Iron Workers M
emo rial Bridge
Stewardson Wy
Colu
mbia
St
Brunette Ave
Newton Rd
192n
d St
Dawson Rd
Ave
Shau
ghne
ssy S
t
St
Fraser
Wy
North
Com
mer
cial
Dr
Earle
s St
110th Ave
112th Ave
Kingsway
E Hastings Street
E Broadway
Kingsway
Gran
ville
Stre
et
W Broadway
King
Geo
rge
High
way
Fraser Highway
United Blvd
Barnet Highway
Upper
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or W
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Haney Bypass
Fraser Highway
Trans Canada Highway
56th Ave
176t
h St
Paci
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ayLougheed Highway
South Fraser Way
Mission-abbotsford Highw
ay
264t
h St
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rgro
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lingh
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anada Hwy
North P
arallel
South
Parallel
Sumas Way
Trans Canada Hwy
Harr
ison
Hot
Spr
ings
Rd
Lougheed Hwy
E Yale Rd
Lougheed Highway
St. Johns St
Westminster Hwy
Fras
er -
Del
ta T
hruw
ay
Richmond Annacis Highway
Cambie Rd
Alderbridge Wy
Will
ingd
on A
ve
King Edward Ave
W 41st Ave
W 12th Ave
SW Marine Dr
W 16th Ave
No. 5
Rd
Steveston Hwy
No. 3
Rd
Canada Wy
Gilm
ore
Ave
WESTHAM ISLAND
TILBURY ISLAND
ANNACISISLAND
MITCHELLISLAND
DOUGLASISLAND
BARNSTON ISLAND
MCMILLAN ISLAND
CRESCENT ISLAND
MATSQUI ISLAND
HOGISLAND
FAIRFIELDISLAND
WINDERMERE ISLAND
SEAISLAND
4
2
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
$-
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
$1,200,000,000
$1,400,000,000
$1,600,000,000
2010 2011 2012 2013 2014
Multifamily
Dollar Volume Cap Rates
Investment Snapshot2015 Metro Vancouver Multifamily 2014 2015 Trend
Number of Deals 108 160
Transaction Volume (CAD) $651,526,565 $1,372,770,549
Capitalization Rates2015 Metro Vancouver Multifamily HIGH LOW
High Rise 3.25% 2.75%
Low Rise 4.25% 3.00%Tracked based on deals valued over $1 million Notable Sales
4Research & Forecast Report | Fourth Quarter 2015 | Metro Vancouver / Investment | Colliers International
RetailDemand for quality retail properties is expected to continue as the cost of borrowing remains low and yields continue to outweigh other investment options. The private capital investment sector is anticipated to continue to purchase the bulk of available retail product, as it can benefit the most from sustaining lower yields in a long-term hold scenario. A lack of supply coupled with high demand from purchasers identifies current market conditions as a seller’s market. While this benefits sellers, it also means higher price expectations for purchasers.
Highlights > Overall volume of sales increased significantly in 2015 as the total volume climbed from $993 million (2014) to $1.18 billion (2015).
> Regional retail strata sales led the investment market averaging $524 per SF, an increase of $2 per SF from 2014, resulting in a higher average price per square foot than any other asset.
> Overall vacancy has decreased by 0.6% in Metro Vancouver between 2014 and 2015, from 4.1% to 3.5%.
> The majority of retail transactions occurred in the $1 million - $3 million range, signalling that private small business owners have decided that the purchasing and financing cost of owning space is the more economical choice, especially if cashflows are unstable at times.
Notable SalesADDRESS MUNICIPALITY TRANSACTION SIZE PRICE
1. 14100 Entertainment Boulevard Richmond 314,033 $103,000,000
2. 8100 Ackroyd Road Richmond 106,382 $101,800,000
3. 10312 King George Boulevard Surrey 123,239 $62,500,000
4. 11900 Haney Place Maple Ridge 226,874 $57,600,000
5. 600-640 West Broadway; 2525 Ash Street Vancouver 34,708 $38,888,889
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r St
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tt Rd
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e La
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d
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on S
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ard
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264t
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Dewdney Trunk Rd
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240t
h St
128th Ave128th Ave
232n
d St
227t
h St
224t
h St
Glov
er R
d
Wilson Cr
80th Ave
240t
h St
Brow
n Rd
72nd Ave
Telegraph Tr
Fern
Cr
132nd Ave
144 th St
Neav
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d
Laity
St
216t
h St
River Rd
203r
d St
207t
h St
Gold
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Brid
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208t
h St
100th Ave
96th Ave
88th Ave
Telegraph Tr
216t
h St
To
pham
Rd
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h St
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h St
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176t
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168t
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2nd
St 24th Ave
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184t
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h St
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d St
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Paci
�c H
ighw
ay
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160t
h St
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h St
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h St
184t
h St
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d St
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r Dr
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t Mer
idia
n Rd
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dway
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ghne
ssy S
tWoo
dlan
d Pi
pelin
e Rd
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son
St
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tree
Wy
Mary Hill Bypass
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Rive
r Rd
Dewdney Trunk Rd
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is R
d
Richardson Rd
McNeil Rd
East Rd
Sunn
ysid
e Rd
Ioco Rd
April
Rd
Heritage Mountain Blvd
Clarke
Rd
Como Lake Ave
Mar
iner
Wy
Lint
on S
t
Gate
nsbu
ry R
d
Austin Ave
Marine DrNorth Blu� Rd
128t
h St
20th Ave124t
h St
Bayv
iew
St
24th Ave
28th Ave
140t
h St
Cres cent
R
d 32nd Ave
40th Ave
Colebrook Rd
56th Ave
Stat
ion
Rd
58th Ave 148t
h St
148t
h St
64th Ave 68th Ave
72nd Ave
76th Ave76th Ave
Scot
t Rd
120t
h St
80th Ave
Kitson Pkwy
72nd Ave 140t
h St
144t
h St
152n
d St
84th Ave
128t
h St
112t
h St
84th Ave
Norde
l Wy
140t
h St
AnnacisHighway
88th Ave
92nd Ave
96th Ave
132n
d St
100th Ave
Scott
Rd
100th Ave
104th Ave
108th AveGros
venor
Rd
116th Ave
Hartley Ave
Mt S
eymou
r Rd
Deep
Cov
e Rd
Mt Seymour Pkwy
Eton St
Parker St Curtis St
Gaglardi Wy
Gera
ld A
ve
Sper
ling
St
Nort
h Rd
Canada Wy6th St
10th Ave
8th Ave
6th Ave
Queens
Ave
Deer Lake Pkwy
Gille
y Av
e
Roya
l Oak
Ave
Imperial St
Rumble St
Nels
on A
ve
Marine Dr
Marine Wy
Byrne R
d
Tyne
St
Boun
dary
Rd
Grange St
RdRiver
Derwent Wy
River Rd VantageWy
Progress Wy 80th
St
Hopcott Rd
72nd
St
60th Ave
36th Ave
64th
St
16th Ave
Boundary Bay R
dPoin
t Rob
erts
Rd
1st Ave
6th Ave
12th Ave
52nd
St
56th
St
28th Ave27B Ave
Deltaport Wy
53rd
St
Arth
ur D
r
34B Ave
Cause
way
Rive
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Rd
No. 7
Rd
No. 8
Rd
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d
No. 9
Rd
Vulc
an W
y
Bridgeport Rd
Knight St Bridge
Granville Ave
River Rd
Blundell Rd
Francis Rd
Williams Rd
Gard
en C
ity R
d
No. 4
Rd
Shel
l Rd
Railw
ay A
ve
Westham Island Rd
Robe
rtso
n Rd
Dyke Rd
Gilb
ert R
d
No. 2
Rd
No. 1
Rd
Moncton St
Russ Baker W
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Grant McConachie Wy
W 70th Ave N Kent AveSE Marine Dr
Twigg Pl
Sprott StWinston StRu
pert
St
Hold
om S
t
Berk
ley
Rd
McGill St
Dundas St
Renf
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St
1st Ave
Venables St
Nana
imo
St
E 41st Ave
W 57th Ave W 57th Ave
49th Ave E
Kerr
St
Ellio
t S
t
Vict
oria
Dr
Clar
k Dr
Knig
ht S
t
Fras
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E 33rd Ave
E 12th Ave
Gre at Northern Wy
Denman
St
Davie St
Paci�c St
W 33rd Ave
Cam
bie
St
Oak
St
Arbu
tus
StW
Bou
leva
rd
W 49th Ave
Blen
heim
St
Dunb
ar S
t
Crow
n St
W 10th Ave
Wesbrook Mall
W 4th Ave
NW Marine Dr
Cornwall StPoint Grey Rd
Mac
dona
ld S
t
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21st
St
Inglewood Ave
11th
St
15th
St
Stev
ens D
r
Queens AveSouth
boro
ugh
Dr
Capi
lan
o Rd
Edgemont Blvd
Welch St
Larso
n Rd
Delb
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E 29th St
E Gr
and
Blvd
Broo
ksba
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Mountain Hw
yE Esplanade Main St W Riverside Dr
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Braemar Rd
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Lillo
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d
W 3rd StE 3rd St
Hyannis Dr
72nd
St
Huston Rd
76th
St
Kent Ave S
Grandview Hwy
Blundell Rd
Harbourside DrHarbourside Pl
Fulton Ave
Mathers Ave
64th Ave
Rd
Ferguson Wy
Ladner Trunk Road
Blue
Mou
ntai
n St
Stav
e La
ke St
Bedw
ell Bay Rd
F
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Ave
E Keith Rd
Trans Canada Highway
Lougheed Highway
Simon FraserUniversity
Dollarton HwyOld
Dollarton Rd
Vulcan Wy
Port Mann Bridge
Patullo Bridge
Alex Fraser Bridge
Oak St Bridge
Lions
Gat
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W Yale Rd
Lick
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Cole
Rd
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Mar
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Pow
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Rd
Chad
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Rd
Sinclair Rd
Hope
dale
Rd
S Sumas Rd
Luckakuck Wy
Keith Wilson Rd
Peters Rd
W Yale Rd
Vedder Rd
Prairie Central Rd
Bailey Rd
Watson Rd Promontory Rd
Chilliwack Central Rd
1st Ave
Castleman Rd
Anni
s Rd
Chap
man
Rd
McG
rath
Rd
Ford
Rd
Gibs
on R
d
Pres
t Rd
Youn
g Rd
Banf
ord
Rd
Campbell R
iver Rd
Chi l l iw ackRiver Rd
Gilla
nder
s Rd
Vedder Mountain Rd
Yarrow Central Rd
No. 3 Rd
No. 4 RdFireclay Rd
No. 5 RdAtkinson Rd
Campbell Rd
Wells Line Rd
Dewdney Trunk Rd
Stav
e La
ke R
d
Sylve
ster
Rd
Hawkins Pickle Rd
New
ton
Rd
Eagl
e Rd
R iver Rd South
Nicomen Island Trunk Rd
Nicomen Island Trunk Rd
John
son
Rd
Athe
y RdNo 1 Rd
Chilliwack Mtn Rd
Wellington Ave
Wolfe Rd
Hope River Rd
Chilliwack Lake Rd
Lower S
umas
Mtn
Rd
Sumas Mtn Rd
Upper Sumas Mountai n Rd
Limbert Rd
McCallum Rd
Cam
eron
Rd
Brid
ge R
d
Arthur L
aing
Brid
ge
RdStraiton
Iron Workers M
emo rial Bridge
Stewardson Wy
Colu
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St
Brunette Ave
Newton Rd
192n
d St
Dawson Rd
Ave
Shau
ghne
ssy S
t
St
Fraser
Wy
North
Com
mer
cial
Dr
Earle
s St
110th Ave
112th Ave
Kingsway
E Hastings Street
E Broadway
Kingsway
Gran
ville
Stre
et
W Broadway
King
Geo
rge
High
way
Fraser Highway
United Blvd
Barnet Highway
Upper
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or W
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Fraser Highway
Trans Canada Highway
56th Ave
176t
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Paci
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ighw
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Lougheed Highway
South Fraser Way
Mission-abbotsford Highw
ay
264t
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Alde
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Bel
lingh
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ay
Trans C
anada Hwy
North P
arallel
South
Parallel
Sumas Way
Trans Canada Hwy
Harr
ison
Hot
Spr
ings
Rd
Lougheed Hwy
E Yale Rd
Lougheed Highway
St. Johns St
Westminster Hwy
Fras
er -
Del
ta T
hruw
ay
Richmond Annacis Highway
Cambie Rd
Alderbridge Wy
Will
ingd
on A
ve
King Edward Ave
W 41st Ave
W 12th Ave
SW Marine Dr
W 16th Ave
No. 5
Rd
Steveston Hwy
No. 3
Rd
Canada Wy
Gilm
ore
Ave
WESTHAM ISLAND
TILBURY ISLAND
ANNACISISLAND
MITCHELLISLAND
DOUGLASISLAND
BARNSTON ISLAND
MCMILLAN ISLAND
CRESCENT ISLAND
MATSQUI ISLAND
HOGISLAND
FAIRFIELDISLAND
WINDERMERE ISLAND
SEAISLAND
5
1
32
Year Over Year Retail Investment
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
$-
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
$1,200,000,000
$1,400,000,000
$1,600,000,000
2010 2011 2012 2013 2014 2015
Retail
Dollar Volume Cap Rates
Investment Snapshot2015 Metro Vancouver Retail 2014 2015 Trend
Number of Deals 220 264
Transaction Volume (CAD) $992,585,552 $1,359,812,177
Capitalization Rates2015 Metro Vancouver Retail HIGH LOW
Regional/Power 5.50% 4.75%
Community 5.75% 4.75%
Strip Mall 5.75% 4.75%Tracked based on deals valued over $1 million Notable Sales
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VANCOUVERINTERNATIONAL
AIRPORT
BC FERRIESTERMINAL
TSAWWASSEN
BOUNDARY BAYAIRPORT
LANGLEYAIRPORT
PITT MEADOWSAIRPORT
ABBOTSFORD INTERNATIONAL
AIRPORT
Albion Ferry
Burquitlam
Port Moody Centre
Lincoln
Lafarge Lake - Douglas
Coquitlam Central
Burquitlam
Port Moody Centre Inlet CentreInlet Centre
Lincoln
Coquitlam Central
Lafarge Lake - Douglas
Port Moody Centre
PittMeadows
MapleMeadows
PortHaney
MissionCity
CoquitlamCentral
PortCoquitlam
Port Moody Centre
PittMeadows
MapleMeadows
PortHaney
MissionCity
CoquitlamCentral
PortCoquitlam
KingEdward
Broadway/City Hall
Olympic Village
Yaletown/Roundhouse
Oakridge/41st Ave
Langara/49th Ave
Marine Dr
Bridgeport
Aberdeen
Lansdowne
Brighouse
TempletonSea Island
CentreYVR
Airport
VancouverCity Centre
KingEdward
Broadway/City Hall
Olympic Village
Yaletown/Roundhouse
Oakridge/41st Ave
Langara/49th Ave
Marine Dr
Bridgeport
Aberdeen
Lansdowne
Brighouse
TempletonSea Island
CentreYVR
Airport
VancouverCity Centre
Commercial
RupertRenfrew
Gilmore BrentwoodTown Centre
Holdom
Sperling/Burnaby Lake
Lake City WayProduction Way/University
Braid
Sapperton
LougheedTown Centre
VCC/Clark
Commercial
RupertRenfrew
Gilmore BrentwoodTown Centre
Holdom
Sperling/Burnaby Lake
Lake City WayProduction Way/University
Braid
Sapperton
LougheedTown Centre
VCC/Clark
Burrard
Stadium/Chinatown
Main St
Broadway
Nanaimo
29th Ave
Joyce
Patterson
Metrotown
RoyalOak
Edmonds
22nd StNewWestminster
ColumbiaScott Rd
Gateway
SurreyCentral
King George
Granville
WaterfrontBurrard
Stadium/Chinatown
Main St
Broadway
Nanaimo
29th Ave
Joyce
Patterson
Metrotown
RoyalOak
Edmonds
22nd StNewWestminster
ColumbiaScott Rd
Gateway
SurreyCentral
King George
Granville
Waterfront
Lonsdale QuayLonsdale Quay
Delta
Surrey
Port Moody
Burnaby
WestVancouver
NorthVancouver
Richmond
CHILLIWACK
AGASSIZNEWWESTMINSTER
Vancouver
LangleyLangley
Port Coquitlam
Coquitlam
PittMeadows
MapleRidge
Mission
Abbotsford
White RockGeorge Massey Tunnel
Hammond Rd
Fraser Wy
Boundary Rd
Vye Rd
Wha
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McC
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m R
d
Marshall Rd
Huntington Rd
Peard
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le Rd
King Rd
Ross
Rd
296t
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328t
h St
320t
h St
304t
h St
Mt.
Lehm
an R
d Clea
rbro
ok R
d
McM
illan
RdOld Yale
Clayburn Rd
Old
Bell
Rd
56th Ave
Clayburn Rd
Rive
rsid
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Fore Rd 60th Ave
44 Ave
16th Ave
8th Ave
20th Ave
Page Rd
Glad
win
Rd
48th Ave48th Ave
40th Ave
Ferndale Ave
Richards Ave
Dale Rd
Farms Rd
Hartley Rd
Dewdney Trunk Rd
1st Ave
7th Ave
14th Ave
22nd Ave
Ceda
r St
Farm
s Rd
Spra
tt Rd
Stav
e La
ke R
d
Hurd
St
Wre
n St
Clay
St
Dewdney Trunk Rd
Keystone Ave
Tyler
Wils
on S
t
Hayw
ard
St
Duke R
d280t
h St
80th Ave
McTavish Rd
Satc
hell
St
Harris Rd
Townshipline Rd
Downes Rd
Brad
ner R
d28
8th
St
Lefe
uvre
Rd
8th Ave
0 Ave Boundary Rd
272n
d St
8th Ave
256t
h St
248t
h St
272n
d St
56th Ave
272n
d St
280t
h St
112th Ave
100th Ave
112th Ave
256t
h St
256t
h St
264t
h St
248t
h St
112th Ave
124th Ave
Dewdney Trunk Rd
102nd Ave
240t
h St
128th Ave128th Ave
232n
d St
227t
h St
224t
h St
Glov
er R
d
Wilson Cr
80th Ave
240t
h St
Brow
n Rd
72nd Ave
Telegraph Tr
Fern
Cr
132nd Ave
144 th St
Neav
es R
d
Laity
St
216t
h St
River Rd
203r
d St
207t
h St
Gold
en E
ars
Brid
ge
208t
h St
100th Ave
96th Ave
88th Ave
Telegraph Tr
216t
h St
To
pham
Rd
200t
h St
72nd Ave 72nd Ave
208t
h St
216t
h St
Glover
Rd
Logan Ave
HWY 10BYPASS
48th Ave
Old Yale Rd
40th Ave
Douglas Cr
208t
h St
53rd Ave
203r
d St
Grade Cr
200t
h St
208t
h St
216t
h St
32nd Ave
240t
h St
24th Ave 24th Ave
224t
h St
232n
d St
16th Ave
176t
h St
0 Ave Boundary Rd
176t
h St
172n
d St
Campbell River Rd
16th Ave
168t
h St
8th Ave
Buena Vista Ave
152n
d St 24th Ave
20th Ave
28th Ave
32nd Ave
184t
h St
188t
h St
192n
d St
20th Ave
Colebrook Rd
Paci
�c H
ighw
ay
40th Ave 40th Ave
160t
h St
160t
h St
60th Ave
64th Ave
168t
h St
184t
h St
192n
d St
80th Ave
88th Ave
Harvie
Rd
160t
h St
92nd Ave
96th Ave
104th Ave
156t
h St
108th Ave
S Fraser Perimeter Rd
Woo
lridg
e Rd
Victoria Dr
Burn
s Rd
Prairie Ave
Ceda
r Dr
Coas
t Mer
idia
n Rd
Kingsway Ave
Broa
dway
St
Shau
ghne
ssy S
tWoo
dlan
d Pi
pelin
e Rd
Panorama Dr
John
son
St
Landsdowne Dr
Pine
tree
Wy
Mary Hill Bypass
Pitt
Rive
r Rd
Dewdney Trunk Rd
Harr
is R
d
Richardson Rd
McNeil Rd
East Rd
Sunn
ysid
e Rd
Ioco Rd
April
Rd
Heritage Mountain Blvd
Clarke
Rd
Como Lake Ave
Mar
iner
Wy
Lint
on S
t
Gate
nsbu
ry R
d
Austin Ave
Marine DrNorth Blu� Rd
128t
h St
20th Ave124t
h St
Bayv
iew
St
24th Ave
28th Ave
140t
h St
Cres ce
nt R
d 32nd Ave
40th Ave
Colebrook Rd
56th Ave
Stat
ion
Rd
58th Ave 148t
h St
148t
h St
64th Ave 68th Ave
72nd Ave
76th Ave76th Ave
Scot
t Rd
120t
h St
80th Ave
Kitson Pkwy
72nd Ave 140t
h St
144t
h St
152n
d St
84th Ave
128t
h St
112t
h St
84th Ave
Norde
l Wy
140t
h St
AnnacisHighway
88th Ave
92nd Ave
96th Ave
132n
d St
100th Ave
Scott
Rd
100th Ave
104th Ave
108th AveGros
venor
Rd
116th Ave
Hartley Ave
Mt S
eymou
r Rd
Deep
Cov
e Rd
Mt Seymour Pkwy
Eton St
Parker St Curtis St
Gaglardi Wy
Gera
ld A
ve
Sper
ling
St
Nort
h Rd
Canada Wy6th St
10th Ave
8th Ave
6th Ave
Queens
Ave
Deer Lake Pkwy
Gille
y Av
e
Roya
l Oak
Ave
Imperial St
Rumble St
Nels
on A
ve
Marine Dr
Marine Wy
Byrne R
d
Tyne
St
Boun
dary
Rd
Grange St
RdRiver
Derwent Wy
River Rd VantageWy
Progress Wy 80th
St
Hopcott Rd
72nd
St
60th Ave
36th Ave
64th
St
16th Ave
Boundary Bay R
dPoin
t Rob
erts
Rd
1st Ave
6th Ave
12th Ave
52nd
St
56th
St
28th Ave27B Ave
Deltaport Wy
53rd
St
Arth
ur D
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34B Ave
Cause
way
Rive
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62B
St
No. 6
Rd
No. 7
Rd
No. 8
Rd
Nels
on R
d
No. 9
Rd
Vulc
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y
Bridgeport Rd
Knight St Bridge
Granville Ave
River Rd
Blundell Rd
Francis Rd
Williams Rd
Gard
en C
ity R
d
No. 4
Rd
Shel
l Rd
Railw
ay A
ve
Westham Island Rd
Robe
rtso
n Rd
Dyke Rd
Gilb
ert R
d
No. 2
Rd
No. 1
Rd
Moncton St
Russ Baker W
y
Grant McConachie Wy
W 70th Ave N Kent AveSE Marine Dr
Twigg Pl
Sprott StWinston StRu
pert
St
Hold
om S
t
Berk
ley
Rd
McGill St
Dundas St
Renf
rew
St
1st Ave
Venables St
Nana
imo
St
E 41st Ave
W 57th Ave W 57th Ave
49th Ave E
Kerr
St
Ellio
t S
t
Vict
oria
Dr
Clar
k Dr
Knig
ht S
t
Fras
er S
t
Mai
n St
E 33rd Ave
E 12th Ave
Gre at Northern Wy
Denman
St
Davie St
Paci�c St
W 33rd Ave
Cam
bie
St
Oak
St
Arbu
tus
StW
Bou
leva
rd
W 49th Ave
Blen
heim
St
Dunb
ar S
t
Crow
n St
W 10th Ave
Wesbrook Mall
W 4th Ave
NW Marine Dr
Cornwall StPoint Grey Rd
Mac
dona
ld S
t
Marine Dr15th St
21st
St
Inglewood Ave
11th
St
15th
St
Stev
ens D
r
Queens AveSouth
boro
ugh
Dr
Capi
lan
o Rd
Edgemont Blvd
Welch St
Larso
n Rd
Delb
rook
E 29th St
E Gr
and
Blvd
Broo
ksba
nkAv
e
Mountain Hw
yE Esplanade Main St W Riverside Dr
E Riv
ersid
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W Esplanade
Lons
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Ave
Ches
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eld
Ave
St G
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W 13th St
Braemar Rd
Mou
ntai
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Lynn V
alley R
d
Lillo
oet R
d
W 3rd StE 3rd St
Hyannis Dr
72nd
St
Huston Rd
76th
St
Kent Ave S
Grandview Hwy
Blundell Rd
Harbourside DrHarbourside Pl
Fulton Ave
Mathers Ave
64th Ave
Rd
Ferguson Wy
Ladner Trunk Road
Blue
Mou
ntai
n St
Stav
e La
ke St
Bedw
ell Bay Rd
F
ell
Ave
E Keith Rd
Trans Canada Highway
Lougheed Highway
Simon FraserUniversity
Dollarton HwyOld
Dollarton Rd
Vulcan Wy
Port Mann Bridge
Patullo Bridge
Alex Fraser Bridge
Oak St Bridge
Lions
Gat
e Br
idge
Queensborough Bridge
Cliveden
Ave
Industrial Wy
W Yale Rd
Lick
man
Rd
Sum
as P
rairi
e Rd
Boun
dary
Rd
Inte
rpro
vinc
ial H
wy
Cole
Rd
McD
erm
ott R
d
Mar
ion
Rd
Dixo
n Rd
Pow
erho
use
Rd
Chad
sey
Rd
Sinclair Rd
Hope
dale
Rd
S Sumas Rd
Luckakuck Wy
Keith Wilson Rd
Peters Rd
W Yale Rd
Vedder Rd
Prairie Central Rd
Bailey Rd
Watson Rd Promontory Rd
Chilliwack Central Rd
1st Ave
Castleman Rd
Anni
s Rd
Chap
man
Rd
McG
rath
Rd
Ford
Rd
Gibs
on R
d
Pres
t Rd
Youn
g Rd
Banf
ord
Rd
Campbell R
iver Rd
Chi l l iw ackRiver Rd
Gilla
nder
s Rd
Vedder Mountain Rd
Yarrow Central Rd
No. 3 Rd
No. 4 RdFireclay Rd
No. 5 RdAtkinson Rd
Campbell Rd
Wells Line Rd
Dewdney Trunk Rd
Stav
e La
ke R
d
Sylve
ster
Rd
Hawkins Pickle Rd
New
ton
Rd
Eagl
e Rd
R iver Rd South
Nicomen Island Trunk Rd
Nicomen Island Trunk Rd
John
son
Rd
Athe
y RdNo 1 Rd
Chilliwack Mtn Rd
Wellington Ave
Wolfe Rd
Hope River Rd
Chilliwack Lake Rd
Lower S
umas
Mtn
Rd
Sumas Mtn Rd
Upper Sumas Mountai n Rd
Limbert Rd
McCallum Rd
Cam
eron
Rd
Brid
ge R
d
Arthur L
aing
Brid
ge
RdStraiton
Iron Workers M
emo rial Bridge
Stewardson Wy
Colu
mbia
St
Brunette Ave
Newton Rd
192n
d St
Dawson Rd
Ave
Shau
ghne
ssy S
t
St
Fraser
Wy
North
Com
mer
cial
Dr
Earle
s St
110th Ave
112th Ave
Kingsway
E Hastings Street
E Broadway
Kingsway
Gran
ville
Stre
et
W Broadway
King
Geo
rge
High
way
Fraser Highway
United Blvd
Barnet Highway
Upper
Highway
Levels
Tayl
or W
y
Haney Bypass
Fraser Highway
Trans Canada Highway
56th Ave
176t
h St
Paci
�c H
ighw
ay
Lougheed Highway
South Fraser Way
Mission-abbotsford Highw
ay
264t
h St
Alde
rgro
ve -
Bel
lingh
am H
ighw
ay
Trans C
anada Hwy
North P
arallel
South
Parallel
Sumas Way
Trans Canada Hwy
Harr
ison
Hot
Spr
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Rd
Lougheed Hwy
E Yale Rd
Lougheed Highway
St. Johns St
Westminster Hwy
Fras
er -
Del
ta T
hruw
ay
Richmond Annacis Highway
Cambie Rd
Alderbridge Wy
Will
ingd
on A
ve
King Edward Ave
W 41st Ave
W 12th Ave
SW Marine Dr
W 16th Ave
No. 5
Rd
Steveston Hwy
No. 3
Rd
Canada Wy
Gilm
ore
Ave
WESTHAM ISLAND
TILBURY ISLAND
ANNACISISLAND
MITCHELLISLAND
DOUGLASISLAND
BARNSTON ISLAND
MCMILLAN ISLAND
CRESCENT ISLAND
MATSQUI ISLAND
HOGISLAND
FAIRFIELDISLAND
WINDERMERE ISLAND
SEAISLAND
4
5 Research & Forecast Report | Year End 2015 | Metro Vancouver / Investment | Colliers International
IndustrialThe industrial investment market remained strong in 2015, rising 30% in transaction value. The challenge in the market is finding viable and worth-while investment opportunities in Metro Vancouver. As a result, capitalization rates continue to compress and price per SF is on an upward trend, rising from $208 per SF in 2014 to $222 per SF in 2015. Without a feasible way to offset the decreasing industrial land reserves, these trends are expected to continue.
Highlights > Due to high demand for investment opportunities and the limited amount of product, industrial strata development is becoming more appealing. Approximately 550,000 square feet of new strata developments are planned for completion in 2016.
> The market remains extremely competitive, further pushing competition among investors to pursue off-market opportunities. Subsequently, capitalization rates continue their compression as investors are accepting properties with higher vacancies and risk.
> In an effort to place capital in a competitive market, many properties are being purchased based on future development potential. An example of this is 7911-7991 Alderbridge Way; 4935-4991 No. 3 Road, in Richmond which traded for $63 million in February 2015. This continues the trend of demand for future development sites with a holding income.
Notable SalesADDRESS MUNICIPALITY SIZE (SF) PRICE
1. 7911-7991 Alderbridge Way; 4935-4991 No. 3 Road Richmond 169,070 $63,000,000
2. 5016 272nd Street Langley 396,000 $53,011,165
3. Knightsbridge Business Park Richmond 259,440 $40,250,000
4. Key West Business Centre Richmond 271,388 $34,500,000
5. 5850 272nd Street Langley 206,953 $28,000,000
CapilanoLake
Indian
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BuntzenLake
Pitt Lake
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Stave Lake
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Harrison Lake
Harrison Bay
Fraser
River
Fraser River
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iew
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pert
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iver Rd
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CANADAU.S.A.
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ner R
d28
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uvre
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er R
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h St
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n Rd
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Cr
132nd Ave
144 th St
Neav
es R
d
Laity
St
216t
h St
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d St
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h St
Gold
en E
ars
Brid
ge
208t
h St
100th Ave
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Telegraph Tr
216t
h St
To
pham
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d St 24th Ave
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ay
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r Dr
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dlan
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pelin
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tree
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Rive
r Rd
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is R
d
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ysid
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Rd
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iner
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on S
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nsbu
ry R
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iew
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nt R
d 32nd Ave
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ion
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t Rd
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h St
144t
h St
152n
d St
84th Ave
128t
h St
112t
h St
84th Ave
Norde
l Wy
140t
h St
AnnacisHighway
88th Ave
92nd Ave
96th Ave
132n
d St
100th Ave
Scott
Rd
100th Ave
104th Ave
108th AveGros
venor
Rd
116th Ave
Hartley Ave
Mt S
eymou
r Rd
Deep
Cov
e Rd
Mt Seymour Pkwy
Eton St
Parker St Curtis St
Gaglardi Wy
Gera
ld A
ve
Sper
ling
St
Nort
h Rd
Canada Wy6th St
10th Ave
8th Ave
6th Ave
Queens
Ave
Deer Lake Pkwy
Gille
y Av
e
Roya
l Oak
Ave
Imperial St
Rumble St
Nels
on A
ve
Marine Dr
Marine Wy
Byrne R
d
Tyne
St
Boun
dary
Rd
Grange St
RdRiver
Derwent Wy
River Rd VantageWy
Progress Wy 80th
St
Hopcott Rd
72nd
St
60th Ave
36th Ave
64th
St
16th Ave
Boundary Bay R
dPoin
t Rob
erts
Rd
1st Ave
6th Ave
12th Ave
52nd
St
56th
St
28th Ave27B Ave
Deltaport Wy
53rd
St
Arth
ur D
r
34B Ave
Cause
way
Rive
r Rd W
62B
St
No. 6
Rd
No. 7
Rd
No. 8
Rd
Nels
on R
d
No. 9
Rd
Vulc
an W
y
Bridgeport Rd
Knight St Bridge
Granville Ave
River Rd
Blundell Rd
Francis Rd
Williams Rd
Gard
en C
ity R
d
No. 4
Rd
Shel
l Rd
Railw
ay A
ve
Westham Island Rd
Robe
rtso
n Rd
Dyke Rd
Gilb
ert R
d
No. 2
Rd
No. 1
Rd
Moncton St
Russ Baker W
y
Grant McConachie Wy
W 70th Ave N Kent AveSE Marine Dr
Twigg Pl
Sprott StWinston StRu
pert
St
Hold
om S
t
Berk
ley
Rd
McGill St
Dundas St
Renf
rew
St
1st Ave
Venables St
Nana
imo
St
E 41st Ave
W 57th Ave W 57th Ave
49th Ave E
Kerr
St
Ellio
t S
t
Vict
oria
Dr
Clar
k Dr
Knig
ht S
t
Fras
er S
t
Mai
n St
E 33rd Ave
E 12th Ave
Gre at Northern Wy
Denman
St
Davie St
Paci�c St
W 33rd Ave
Cam
bie
St
Oak
St
Arbu
tus
StW
Bou
leva
rd
W 49th Ave
Blen
heim
St
Dunb
ar S
t
Crow
n St
W 10th Ave
Wesbrook Mall
W 4th Ave
NW Marine Dr
Cornwall StPoint Grey Rd
Mac
dona
ld S
t
Marine Dr15th St
21st
St
Inglewood Ave
11th
St
15th
St
Stev
ens D
r
Queens AveSouth
boro
ugh
Dr
Capi
lan
o Rd
Edgemont Blvd
Welch St
Larso
n Rd
Delb
rook
E 29th St
E Gr
and
Blvd
Broo
ksba
nkAv
e
Mountain Hw
yE Esplanade Main St W Riverside Dr
E Riv
ersid
e Dr
W Esplanade
Lons
dale
Ave
Ches
ter�
eld
Ave
St G
eorg
es A
ve
W 13th St
Braemar Rd
Mou
ntai
n Hw
y
Lynn V
alley R
d
Lillo
oet R
d
W 3rd StE 3rd St
Hyannis Dr
72nd
St
Huston Rd
76th
St
Kent Ave S
Grandview Hwy
Blundell Rd
Harbourside DrHarbourside Pl
Fulton Ave
Mathers Ave
64th Ave
Rd
Ferguson Wy
Ladner Trunk Road
Blue
Mou
ntai
n St
Stav
e La
ke St
Bedw
ell Bay Rd
F
ell
Ave
E Keith Rd
Trans Canada Highway
Lougheed Highway
Simon FraserUniversity
Dollarton HwyOld
Dollarton Rd
Vulcan Wy
Port Mann Bridge
Patullo Bridge
Alex Fraser Bridge
Oak St Bridge
Lions
Gat
e Br
idge
Queensborough Bridge
Cliveden
Ave
Industrial Wy
W Yale Rd
Lick
man
Rd
Sum
as P
rairi
e Rd
Boun
dary
Rd
Inte
rpro
vinc
ial H
wy
Cole
Rd
McD
erm
ott R
d
Mar
ion
Rd
Dixo
n Rd
Pow
erho
use
Rd
Chad
sey
Rd
Sinclair Rd
Hope
dale
Rd
S Sumas Rd
Luckakuck Wy
Keith Wilson Rd
Peters Rd
W Yale Rd
Vedder Rd
Prairie Central Rd
Bailey Rd
Watson Rd Promontory Rd
Chilliwack Central Rd
1st Ave
Castleman Rd
Anni
s Rd
Chap
man
Rd
McG
rath
Rd
Ford
Rd
Gibs
on R
d
Pres
t Rd
Youn
g Rd
Banf
ord
Rd
Campbell R
iver Rd
Chi l l iw ackRiver Rd
Gilla
nder
s Rd
Vedder Mountain Rd
Yarrow Central Rd
No. 3 Rd
No. 4 RdFireclay Rd
No. 5 RdAtkinson Rd
Campbell Rd
Wells Line Rd
Dewdney Trunk Rd
Stav
e La
ke R
d
Sylve
ster
Rd
Hawkins Pickle Rd
New
ton
Rd
Eagl
e Rd
R iver Rd South
Nicomen Island Trunk Rd
Nicomen Island Trunk Rd
John
son
Rd
Athe
y RdNo 1 Rd
Chilliwack Mtn Rd
Wellington Ave
Wolfe Rd
Hope River Rd
Chilliwack Lake Rd
Lower S
umas
Mtn
Rd
Sumas Mtn Rd
Upper Sumas Mountai n Rd
Limbert Rd
McCallum Rd
Cam
eron
Rd
Brid
ge R
d
Arthur L
aing
Brid
ge
RdStraiton
Iron Workers M
emo rial Bridge
Stewardson Wy
Colu
mbia
St
Brunette Ave
Newton Rd
192n
d St
Dawson Rd
Ave
Shau
ghne
ssy S
t
St
Fraser
Wy
North
Com
mer
cial
Dr
Earle
s St
110th Ave
112th Ave
Kingsway
E Hastings Street
E Broadway
Kingsway
Gran
ville
Stre
et
W Broadway
King
Geo
rge
High
way
Fraser Highway
United Blvd
Barnet Highway
Upper
Highway
Levels
Tayl
or W
y
Haney Bypass
Fraser Highway
Trans Canada Highway
56th Ave
176t
h St
Paci
�c H
ighw
ay
Lougheed Highway
South Fraser Way
Mission-abbotsford Highw
ay
264t
h St
Alde
rgro
ve -
Bel
lingh
am H
ighw
ay
Trans C
anada Hwy
North P
arallel
South
Parallel
Sumas Way
Trans Canada Hwy
Harr
ison
Hot
Spr
ings
Rd
Lougheed Hwy
E Yale Rd
Lougheed Highway
St. Johns St
Westminster Hwy
Fras
er -
Del
ta T
hruw
ay
Richmond Annacis Highway
Cambie Rd
Alderbridge Wy
Will
ingd
on A
ve
King Edward Ave
W 41st Ave
W 12th Ave
SW Marine Dr
W 16th Ave
No. 5
Rd
Steveston Hwy
No. 3
Rd
Canada Wy
Gilm
ore
Ave
WESTHAM ISLAND
TILBURY ISLAND
ANNACISISLAND
MITCHELLISLAND
DOUGLASISLAND
BARNSTON ISLAND
MCMILLAN ISLAND
CRESCENT ISLAND
MATSQUI ISLAND
HOGISLAND
FAIRFIELDISLAND
WINDERMERE ISLAND
SEAISLAND
Langley
1
2
43
5
Notable Sales
Year Over Year Industrial Investment
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
$-
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
$1,200,000,000
2010 2011 2012 2013 2014 2015
Industrial
Dollar Volume Cap Rates
Investment Snapshot2015 Metro Vancouver Industrial 2014 2015 Trend
Number of Deals 160 202
Transaction Volume (CAD) $750,034,826 $975,320,799
Capitalization Rates2015 Metro Vancouver Industrial HIGH LOW
Multi-Tenant 6.00% 5.25%
Single-Tenant 5.50% 4.75%Tracked based on deals valued over $1 million
7 Research & Forecast Report | Year End 2015 | Metro Vancouver / Investment | Colliers International
Glossary
Cap rate:A rate of return used to derive the capital value of an income stream. The formula is: Value = (annual income divided by capitalization rate). Example: the estimated net operating income of an office building is $12,000 per year. An appraiser decides the appropriate capitalization rate is 12%, comprised of a 10% return on investment and 2% for depreciation. The estimated value of the building is $100,000.
Yield:The return on an investment or the amount of profit, stated as a percentage of the amount invested; the rate of return. In real estate, yield refers to the effective annual amount of income that is being accrued on an investment. The yield on income property is the ratio of the annual net income from the property to the cost or market value of the property. The yield, or profit, to a lender is the spread or differential between the cost of acquiring the funds lent and the interest rate charged.
Bond Rates:1. A debt instrument; an obligation to pay; a security issued by a corporation.2. A written promise that accompanies a mortgage and is evidence of the debt secured by the mortgage.3. An interest-bearing certificate issued by a government to finance public projects.
Sources: RealNet, Scotia Bank Economics
Copyright © 2016 Colliers International.
The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. *Personal Real Estate Corporation
About Colliers International Group Inc.Colliers International Group Inc. is a global leader in commercial real estate services, with more than 16,300 professionals operating out of 502 offices in 67 countries. Colliers International delivers a full range of services to real estate occupiers, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. In 2014, the firm handled $97 billion in total transaction value for 84,600 leases and sales. Colliers manages more than 1.7 billion square feet of commercial properties.
Colliers International Group Inc. generates more than US$2.3 billion in annual revenues. With significant insider ownership and an experienced management team, Colliers International has a long-term track record of creating value and superior returns for shareholders – previously under the ownership of FirstService, and as of June 2015, continuously as an independently owned company. The common shares of Colliers International Group Inc. trade on the NASDAQ under the symbol “CIGI” and on the Toronto Stock Exchange under the symbol “CIG”.
collierscanada.com
502 offices in 67 countries on 6 continents
United States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108
$2.3billion in annual revenue
1.7billion square feet under management
16,300professionals and staff
MARKET CONTACT:Kirk Kuester Executive Managing Director | Vancouver Brokerage+1 604 661 [email protected]
Curtis Scott Manager, Market Intelligence | Vancouver+1 604 662 [email protected]
REGIONAL AUTHORS:Emily Bennett | Market Intelligence CoordinatorMatthew Fawsitt | Financial Analyst
CONTRIBUTORS:John Boer*Hart BuckDan ChatfieldRob DownMorgan Dyer*Steve Fame*Jamie LangSimon Lim*Kelvin LukGeorge McLachrie
Marshall MacLeod*Sam Nakhleh*Oliver Omi*Matt Saunders*Sheldon Scott*Sherman ScottDavid Taylor*Cecilia Tse*Casey Weeks*Hiroshi Yamamoto
Colliers International | Vancouver200 Granville Street, 19th FloorVancouver, BC | Canada
+1 604 681 411
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