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RETAIL REPORTMETRO VANCOUVER FALL 2015
DTZ VANCOUVER REAL ESTATE LTD.
MARINE GATEWAY BY PCI
METRO VANCOUVER FALL 20152 | RETAIL REPORT DTZVANCOUVER.COM | 3
MARKET OVERVIEW
MACROECONOMIC FACTORS
CANADAVARIABLE Q2 2015 READ TREND
Consumer Price Index 127.3 August
CAD/USD $0.7588 September
BoC Prime Rate 2.70% September
Overnight Rate 0.5% September
RETAIL EXPANDING AND CONTRACTING
CURRENTLY UNDER CONSTRUCTION AND POTENTIAL DEVELOPMENTS | LOWER MAINLAND DEVELOPER PROJECT NAME MUNICIPALITY RETAIL SIZE IN SF TENANT EST. COMPLETION
Ivanhoe Cambridge Tsawwassen Mills Tsawwassen 1,200,000 Bass Pro Shop Q2 2016
Shape Properties Brentwood Town Centre Burnaby 547,192 TBD Q2 2018
PDG Tsawwassen Commons Tsawwassen 510,000 Rona, Walmart Q2 2016
Matsqui Developments McCallum Junction Abbotsford 130,000 Cabela’s Q4 2016
Appia Developments Solo Burnaby 102,433 Whole Foods, Shoppers, BC Liquor Store Q3 2015
Onni Group Centreview North Vancouver 90,200 Whole Foods, Shoppers Drug Mart Q4 2017
Cressey Cadence Richmond 70,000 Steve Nash Fitness World Q2 2016
GWL Realty Advisors NorthWoods Village North Vancouver 50,000 Stong’s Market, Pet Valu Q1 2016
LA MAISON SIMONSThe Quebec-based large format retailer opens its doors in Park Royal Mall, West Vancouver in Q4 2015.
CENTERVIEW BY ONNICenterview is a mixed-use development in North Vancouver anchored by Whole Foods and Shoppers Drug Mart. Scheduled Completion: Q4 2017.
METRO VANCOUVER OVERVIEW
Despite economic uncertainty over the past few quarters, the Metro Vancouver retail market remains stable heading into the last quarter of 2015. By mid-year the BC economy led the country with GDP expected to grow by 3.0% this year. The forecasted growth is due in part to a red hot housing market and an increase in demand for BC exports. BC retail sales had a moderately slow start to the year having dipped 0.1% since April, but have increased 8.3% since May of last year which is substantially higher than the national average of 2.7%. The Bank of Canada’s interest rate cut to 0.5% and the low Canadian dollar should help stimulate the market heading into Q4 of this year. The retail landscape in the province continues to show signs of volatility with the departure of major big box retailers such as Future Shop and Target. Since Target Corp. announced the closure of all its Canadian outlet stores, Wal-Mart, Canadian Tire and Lowe’s have acquired 38 of the existing Target locations across the country. The volatility in the Canadian market place is in large part due to the fact that consumer preferences are becoming increasingly polarized between luxury and discount. Mid-tier vendors have had to re-evaluate their marketing strategies in response to the shift in purchasing behavior. Discount retailers such as Dollarama have aggressively responded to this shift as they plan to open 150 new locations across Canada within the next two years. Similarly, luxury retailers such as La Masion Simons, Nordstrom and Sak’s Fifth Avenue also have plans to open locations across Canada.
Retail supply in Metro Vancouver has increased with over 1,000,000 square feet of retail space that has or will be built out this year and another 5,000,000 square feet coming onto the market in the next five to six years. The demand for this supply remains stable as some big box and large format retailers respond to developer activity in the Metro Vancouver market.
The retail investment market had a moderately slow start to the first half of 2015 with a total sales figure of $373 million; whereas, July 1 to September 1 saw an additional $304 million in sales volume representing a total sales figure of $758 million year-to-date. Due to the lack of available supply, the market recorded just 24 investment transactions between $5 million and $10 million representing 22% of the total number of sales. The market saw 8 transactions above $10 million, representing 38% of the total number of sales year-to-date. Among those transactions were the sale of Ackroyd Plaza in Richmond and Haney Place Mall in Maple Ridge, which together, totaled just over $159 million dollars.*
*Seasonally adjusted
BRITISH COLUMBIA
VARIABLE Q2 2015 READ TREND
Unemployment Rate 6.0% August
Exports $3.183 Billion July
Total Building Permits $7.556 Billion July
Retail Sales $5.943 Billion* June
Consumer Price Index 121.0 August
Net Migration +6,121 April
*Post-Expansion | Canadian LocationsSources: Statistics Canada, BC Statistics
*Total sales figure represents a transaction volume of $758 Million year-to-date based on transactions over $1 million dollars. Year-to-date: September 1, 2015.
Sources: Realnet, Statistics Canada, BC Statistics, DTZ Research
RETRACTING RETAILERS
TENANT TYPICAL SQ FT MARKET STORES CLOSING
Target 126,000 Canada 133 Stores
Future Shop 50,000 Canada 65 Stores
Staples 25,000 Canada 55 Stores
Sony 4,000 Canada 14 Stores
Mexx 4,000 Canada 95 Stores
Blacks 1,000 Canada 59 Stores
EXPANDING RETAILERS
TENANT TYPICAL SQ FT MARKET LOCATIONS*
Nordstrom 200,000 Canada 7 to 10
Walmart 150,000 Canada 35
Whole Foods 40,000 Canada 40
Dollarama 10,000 Canada 1,200+
Kit and Ace 4,000 Canada 15+
Aritzia 4,000 Canada 60+
Pet Valu 3,800 Canada 700+
METRO VANCOUVER FALL 20154 | RETAIL REPORT DTZVANCOUVER.COM | 5
BURRARD INLET
ENGLISH BAY
Stanley Park
SunsetBeach
Hadden Park
Vanier Park
George Wainborn Park
David LamPark
NelsonPark
ThortonPark
CreeksidePark
CoopersPark
Andy Livingstone
Park
RobsonSquare
oppenheimer park
portside park
harbour green park
DOWNTOWN VANCOUVER MARKET
DOWNTOWN VANCOUVER LEASE RATE TRENDS
MAP STREET SEGMENT TREND NET RENT PSF 2015*
TAX & CAM2015*
MAP STREET SEGMENT TREND NET RENT PSF 2015*
TAX & CAM2015*
Alberni Street $130 – $160 $15 – $30 Robson Street Beatty to Burrard $50 – $235 $20 – $45
Burrard Street Georgia to Davie $40 – $200 $15 – $40 Robson Street
Bute to Denman $50 – $120 $20 – $40
Davie Street $30 – $65 $15 – $20 Abbott Street Expo to Hastings $30 – $50 $15 – $25
Denman $40 – $75 $20 – $30 Gastown $20 – $65 $15–$25
Granville Street Downtown $40–$125 $15 – $30 Railtown $15 - $25 $8 - $14
Hornby Street $45 – $180 $20 - $50 Yaletown $40 - $80 $20 - $30
Robson Street Burrard to Bute $120 – $250 $50 – $65 West Georgia $35 - $175 $20 – $35
DOWNTOWN VANCOUVER LEASE RATE MAPRobson between Thurlow and Hornby boast the highest net rents in Metro Vancouver.
Darker regions indicated higher lease rates.
DOWNTOWN VANCOUVER CORE
The Downtown core has experienced major rejuvenation with the addition of several luxury retail tenants this year. Cadillac Fairview’s Pacific Centre added a 44,000 square foot expansion wing of predominantly luxury retailers including, Kate Spade, Hugo Boss, Ted Baker and Weekend Max Mara all which opened in Q2 of this year. In addition, Nordstrom has just opened their long awaited fashion department store as Pacific Centre’s new anchor tenant. As the market transitions with the arrival of Nordstrom’s, earlier this year Indigo Books closed its 52,000 square foot store on Robson Street and announced a new 5,000 square foot concept on Granville Street; Sport Chek has confirmed it will take over Indigo Books former space which they had occupied for the past 17 years. The retail environment surrounding Pacific Centre is attracting new comers and revitalizing the shopping experience in the neighbourhood.
Vancouver’s “Luxury Zone” bordering the streets of West Georgia, Alberni, Thurlow, and Hornby has had a significant influx of tenants such as Tori Burch, De Beers jewelry and soon to open is Versace. Prada’s flagship store will open up on the corner of Thurlow and Alberni later this year joining other retail luxury giants Burberry, Louis Vuitton, Brooks Brothers, Escada and Tiffany and Co. which is expected to expand from 2,000 square feet to 14,000 square feet
MNP Tower by Oxford Properties which is located at 1021 West Hastings Street has landed award winning restauranteur (and chef), David Hawksworth, who will open his second location in the Downtown Core. The other major restaurant which opened in August was Glowbal Group’s 15,000 square foot flagship restaurant at the new TELUS Garden complex on the 500 Block of West Georgia Street.
GASTOWN | RAILTOWN
Gastown, historically a renowned destination for tourists has evolved into a trendy part of Downtown Vancouver for locals as well. The retail landscape is rapidly evolving as relatively low lease rates, compared to other Downtown submarkets, have fueled an influx of boutiques, up-scale restaurants, cafés, stylish art galleries and unique fashion retailers. Bao Down and Shirakawa are notable new restaurants in this area. Noted as the smallest commercial space in B.C., one meter by one meter, Twisted Ice Cream opened up in Q2 2015, along with Prado Café and ‘Neighbour’ a trendy women’s apparel shop.
Nearby Railtown is a trending area just east of Vancouver’s historic Gastown. This area has enticed start-up companies including micro-breweries such as Red Truck Lager, Callister Brewing and Strange Fellows Brewing Company all which opened in 2015. New restaurants to the area include Bestie, an inspired German “street food” sausage and beer parlor.
YALETOWN
This submarket is home to some of the city’s best salons, restaurants and lounges. The proximity to high-density condo towers and the Canada Line Skytrain Station at Davie and Mainland Streets compliment the area. Retrofit brick and beam former warehouse buildings now facilitate retail spaces and quality offices above.
Demand for this heritage submarket remains steady with recent entrants such as Menchies Frozen Yogurt, Man Cave Barber Shop, and Wild Tail – a new seafood restaurant spin off from the Flying Pig. The Vancouver based custom suit and menswear retailer Indochino also opened their second location in August. *Estimated
METRO VANCOUVER FALL 20156 | RETAIL REPORT DTZVANCOUVER.COM | 7
ENGLISH BAY
F A L S E C R E E KW 4TH AVENUE
VanierPark
VANCOUVER MARKET VANCOUVER LEASE RATE MAPDarker regions indicated higher lease rates.
MARKET FORECAST INDICATORSMETRO VANCOUVER
INDICATOR TREND
Vacancy
Net Absorption
New Development
Rental Rates
Cap Rates
*Estimated
SOUTH GRANVILLE
South Granville is a sophisticated shopping district where premier brands have assembled outside of the Downtown Core. High-end apparel and furniture retailers such as Pottery Barn, Restoration Hardware and Anthropologie have established themselves in this affluent shopping district. Vacancy rates remain low as retailers continue to flourish in this centrally located submarket.
KITSILANO (KITS)
Within close proximity to The University of British Columbia, this area is popular with students and lifestyle conscious residents who enjoy Kitsilano for its organic food markets, fashion, eateries and close proximity to beaches along the south shore of English Bay.
New retail tenants to Kits and its main retail corridor West 4th Avenue include RYU, a performance athletic apparel company who will be opening their flagship store in Q3 2015, Kit and Ace, Patagonia, and Hills – a local fashion retailer.
MARINE AND CAMBIE
Located on Marine Drive and Cambie Street, there is an emerging sub-market in South Vancouver. The city’s top developers including Onni, Intracorp, PCI and Concord Pacific have invested heavily in creating a contemporary neighborhood with over 1,700 residential units, 400,000 square feet of office space and 500,000 square feet of retail. New retailers to the area include an 11-screen Cineplex movie theatre, T&T Supermarket, Steve Nash Fitness World, Sleep Country Canada, financial services, restaurants, coffee shops and daycare space.
NORTH SHORE
The North Shore boasts some of the highest household and disposable incomes in Metro Vancouver. Park Royal Mall dominates the retail landscape of West Vancouver, where historic Quebec retail giant La Maison Simons is slated to open a 100,000 square foot high end fashion store in Q4 of this year. Other new tenants in Park Royal include Sephora, Trattoria, French Sole, Forever 21, Geox, Loblaws City Market, Pandora and Plenty.
Over in North Vancouver, NorthWoods Village, developed by GWL Realty Advisors, is a mixed use commercial and residential development with 50,000 square feet of retail space. Anchor tenants opening in Q1 2016 will include Stong’s Market, Pet Valu and Dollarton Liquor Store. First Capital is redeveloping Amadon Plaza on Marine Drive with over 9,000 square feet of new space and set to complete in Q3 2016.
North Vancouver’s upper Lonsdale district welcomed Trevor Linden’s Club 16 fitness to 11th Street and new construction including Onni Group’s Whole Foods anchored project Centerview at 13th and Lonsdale Avenue. Lower Lonsdale celebrated the opening of the Tap n Barrel restaurant at the redeveloped 100 year-old Ship Yard next to Lonsdale Quay. This is now one of Western Canada’s largest restaurants at 14,000 square feet.
VANCOUVER SUBMARKET LEASE RATE TRENDS
MAP STREET SEGMENT TREND NET RENT PSF 2015*
TAX & CAM2015*
MAP STREET SEGMENT TREND NET RENT PSF 2015*
TAX & CAM2015*
Commercial Drive Venables to 13th Ave $30 - $45 $10 - $15 Chinatown $18 - $35 $10 - $15
South Granville 5th to 16th Ave $30 - $90 $20 - $35 West 4th Avenue
Burrard to Alma $30 - $70 $15 - $25
Kingsway $15 - $35 $10 - $15 West Broadway Main to Granville $22 - $65 $10 - $20
Main Street Broadway to 28th Ave $20 - $50 $10 - $15 West Broadway
Granville to Alma $25 - $55 $15 - $20
Cambie Street 2nd Ave to 19th Ave $30 - $75 $15 - $30 East Hastings Street $20 - $40 $10 - $15
METRO VANCOUVER FALL 20158 | RETAIL REPORT DTZVANCOUVER.COM | 9
METRO VANCOUVER MARKETS METRO VANCOUVER POPULATION MAP
METRO VANCOUVER DEMOGRAPHICS
MUNICIPALITY POPULATION* MED. AGE* AVG. INCOME**
Vancouver 636,534 38.9 $88,663
West Vancouver 44,508 50.2 $196,433
City of North Vancouver 51,267 40.5 $79,815
District of North Vancouver 88,303 43.2 $126,445
Burnaby 240,171 39.0 $79,424
New Westminster 71,594 40.7 $79,499
Richmond 204,327 41.5 $81,899
Delta 104,911 42.6 $101,059
Tsawwassen 739 50.2 $142,066
White Rock 20,300 54.0 $82,685
MUNICIPALITY POPULATION* MED. AGE* AVG. INCOME**
Coquitlam 136,202 39.8 $87,995
Port Moody 36,579 38.0 $104,521
Port Coquitlam 59,972 38.7 $98,424
Surrey 517,417 37.1 $96,557
Pitt Meadows 19,298 39.0 $93,172
Mission 38,727 38.5 $81,765
Maple Ridge 81,888 39.9 $96,230
City of Langley 26,635 39.8 $65,640
Township of Langley 112,496 40.0 $110,579
Abbotsford 142,881 37.0 $84,904
Chilliwack 84,872 39.0 $79,860
METRO VANCOUVER LEASE RATE TRENDS
MUNICIPALITY RATE TREND
Pitt Meadows
Port Coquitlam
Richmond/Delta
Surrey
Vancouver
West Vancouver
MUNICIPALITY RATE TREND
Abbotsford / Chilliwack
Burnaby
Coquitlam
Langley
Mission
North Vancouver
*Source: P-Census 2013 Estimate **Average Household Income, 2013 Estimate
SUBURBAN MARKETS OVERVIEW
The suburban markets have seen significant retail and residential growth over the past year, most notably Richmond, Burnaby and New Westminster. With the exception of high demand lease opportunities in close proximity to rapid transit stations, the overall tone of retail leasing activity in the suburban markets has retailers cautiously evaluating new locations.
BURNABY | NEW WESTMINSTER
Brentwood Town Centre in North Burnaby is currently being redeveloped by Shape Properties. Once completed in Q3 2018, the re-developed shopping centre will house 1,100,000 square feet of retail and 500,000 square feet of office space. Kitty corner at Lougheed and Willington Avenue, Whole Foods, Shoppers Drug Mart and a BC Signature Liquor Store will be the anchor tenants for Appia’s 102,433 square foot SOLO retail component. Over in central Burnaby, Anthem Properties and Beedie Group are redeveloping Metrotown at Station Square. Started in 2012, it will be fully completed in 2020 and will incorporate 7 towers with 1,500 homes and over 450,000 square feet of new retail.
New Westminster continues to see strong multifamily residential growth and with it, increased demand from consumers. Uptown (Sixth Street & Sixth Avenue) continues to be the most desirable area for retailers. Subsequently, Walmart will be opening in Q4 2015 within the former Target space in Royal City Centre. The other notable retail is Downtown featuring Columbia Square Plaza; a traditional grocery anchored centre and the transit orientated 194,000 square foot retail development known as the “Shops at New West”.
RICHMOND
Richmond is experiencing extensive residential development particularly in the Oval Neighbourhood (North West Richmond) and along No.3 Road with urban villages clustering around the Canada Line transit stations. The No. 3 Road corridor is transforming from a long stretch of strip malls into a growing parade of high-rise residential and commercial buildings. Lease rates along the transit route have seen sharp increases with the demolition of older existing retail and the development of mixed use projects.
The Oval Neighbourhood, bordered by No.3 Road, Westminster Hwy, the Fraser River and No.2 Road has experienced extensive residential high-rise development. When fully built-out the area will total approximately 15,600 residential units and house 35,500 residents with a mix of office and retail.
The long anticipated McArthurGlen Designer Outlet Mall opened Phase I of its project in July of this year. The project is a joint venture between the Vancouver Airport Authority and McArthurGlen which is Europe’s largest owner and developer of high-end outlet malls. Retailers such as Hugo Boss, Armani, Nike, Under Armour, Calvin Klein and Banana Republic are just a few of the new tenants at the outlet mall.
.
.
.
RIVER RD.
GRANVILLE AVE.
ALDERBRIDGE WAY
CAMBIE RD.
SCOTT RD.
COLEBROOK GRADE CRES.
BOUNDARY BAY
MUD BAY
INDIANARM
FRASER RIVER Fraser IslandsRegional Park Res.
PIT LAKE
STAVE LAKE
Alouette Lake
LOUGHEED HIGHWAY
Cypress Provincial Park
BC Ferries Terminal Horseshoe Bay
LighthousePark
University of British Columbia
Vancouver International
Airport
SeaIsland
Steveston
WesthamIsland
BeachGrove
Boundary BayAirport
Water Shed Park
North DeltaNature Reserve
Deas IslandRegional Park
TilburyIsland
AnnacisIsland
SouthWestminster Green Timbers
Urban Forest Park
Bear CreekPark
Newton
Panorama Ridge
Sullivan
SurreyCentre
Sunny SideAcres
Sunny Side
Brookswood
LangleyAirport
ForestKnolls
FortLangley
Cloverdale
UrbanForest
TyneheadRegional Park
FraserHeights
Whalley
Anniedale
PortKells
Milner
Murrayville
Hoppington
WalnutGrove
Albion
HaneyYennadon
Whonnock
Glen Valley
Bradner
Aldergrove
AbbotsfordAirport
NorthPoplar
Clearbrooke
Clayburn
Sumas MountainRegional Park
Matsqui
Mission City
Hatzic
Dewdney
Steelhead
Stave Falls
West Heights
Yarrow
Greendale
Lake Errock
NORRISH CREEK
Aberdeen
Ruskin
Guildford
Queensborough
Central Park Sapperton
Edmonds
Metrotown
Deer LakePark
Burnaby Mountain
Park
Simon Fraser University
British Columbia Institute of Technology
CapitolHill
Deep Cove
Lynn CanyonPark
Bluntzen Lake
CoquitlamCentre
Burquitlam Austin Heights
Maillardville
MundyPark
Mary Hill
Pitt MeadowsAirport
Rolley LakeProvincial Park
DouglasIsland
Colony FarmRegional Park
SurreyBend Regional
Park
Derby ReachRegional Park
BarnstonIsland
CoquitlamLake
CapilanoLake
Lynn HeadwatersRegional Park
Mount SeymourProvincial Park
Belcarra RegionalPark
Indian ArmProvincial Park
Pinecone BurkeMountain Prov.
Park
Golden EarsProvincial Park
Lynn Valley
Westridge
Ladner
Pacific SpiritRegional Park
West Point Grey
Stanley Park
Dunbar
Kerrisdale
Oakridge
Marpole Fraserview
Collingwood
Queen Elizabeth Park
ENGLISH BAYBURRARD
INLET
Burnaby LakeRegional Park
PITTMEADOWS
MAPLERIDGE
PORTMOODY
WHITEROCK
PORTCOQUITLAM
NEWWESTMINSTER
COQUITLAM
RICHMOND
LANGLEY
DELTA
NORTHVANCOUVER
WESTVANCOUVER
SURREY
BURNABY
MISSION
CHILLIWACK
ABBOTSFORD
VANCOUVER
44,508
636,534
204,327
104,911
20,300
517,417
81,888
38,727
84,872
142,881139,131
36,579
59,972
19,298
240,171
136,202
71,594
139,570
METRO VANCOUVER FALL 201510 | RETAIL REPORT DTZVANCOUVER.COM | 11
SUBURBAN VANCOUVER MARKET NOTABLE SALE AND LEASE TRANSACTIONS
NOTABLE RETAIL LEASE TRANSACTIONS | 2015
PROPERTY ADDRESS | NAME MUNICIPALITY TENANT SIZE IN SF
788 Robson Street Vancouver Sport Chek 52,000
Marine Gateway* Vancouver Steve Nash Fitness World 16,500
Radius Vancouver Tesla Motors Inc. 18,500
2556 Granville Street Vancouver EQ3 10,870
Murrayville Square* Langley Dollarama 7,711
1745 West 4th Avenue Vancouver RYU Clothing 5,000
1100 Robson Street Vancouver Aritzia 4,837
745 Thurlow Vancouver Versace 1,875
NOTABLE RETAIL SALE TRANSACTIONS | 2015
PROPERTY ADDRESS | NAME MUNICIPALITY PRICE SIZE IN SF PRICE PER SF PURCHASER(S)
Ackroyd Plaza Richmond $101,800,000 106,382 $957 0733849 B.C. Ltd. - Private Investor
Haney Place Mall Maple Ridge $57,600,000 226,835 $254 SmartREIT
8010 Saba Road Richmond $24,250,000 33,546 $723 PLLR 368 Holdings Ltd. - Private Investor
Walnut Grove Town Centre Langley $21,340,000 56,751 $376 Jim Pattison Group
The Village at Sardis Park Chilliwack $15,170,000 70,000 $217 Spire Development
2300 Kingsway Vancouver $13,700,000 48,007 $285 0791402 B.C. Ltd. – Private Investor
Willowbrook Place Langley $8,775,000 21,703 $404 Porte Development Ltd.
Alexandra English Bay Vancouver $8,600,000 8,064 $1,066 Ridge Gain Investments Ltd.
843 Granville Street Vancouver $6,250,000 8,183 $763 Bonnis Properties Inc.
2159 West 41st Avenue Vancouver $5,090,000 5,081 $1,002 Yuan Fan International Group Inc.
DELTA | LADNER | TSAWASSEN
Two of the larger retail projects currently under construction in Metro Vancouver are Tsawwassen Mills and Tsawwassen Commons being developed in tandem by Ivanhoe Cambridge, The Property Development Group, and Tsawwassen First Nations. The projects are situated at the intersection of Highway 17 and 52nd Street in Tsawwassen and will add 1,710,000 square feet of retail space ready for possession in Q2 2016. A 145,000 square foot wilderness themed retail giant Bass Pro Shop has been announced for Tsawwassen Mills along with Walmart, Canadian Tire, Tim Hortons, and PetSmart in Tsawwassen Commons.
PORT MOODY | COQUITLAM | PORT COQUITLAM
Metro Vancouver’s North East sector is growing in anticipation of the Evergreen Rapid Transit Line. As a result, all the nearby communities are benefitting including Port Moody with even more high-rises in the town centre.
Further to the east in Port Coquitlam, two new shopping centres have recently been built along Lougheed Highway namely Platform Properties’ Oxford Crossing and Fremont Village. Onni Group’s Fremont Village project continues to evolve with tenants that include: Canadian Tire, Walmart, Mark’s Work Wearhouse, PetSmart, Dollarama, and Shoppers Drug Mart. Fremont Village and the neighboring Dominion Triangle Shopping Centre accommodate the growing population in the area, particularly the residential growth on nearby Burke Mountain.
SURREY
With over 1,000 new residents welcomed every month, Surrey continues to be one of the fastest growing markets in Canada. Surrey Central City is currently transitioning into a densely populated commercial node with numerous mixed-use projects slated for construction over the next five to ten years. Concord Pacific’s Park Avenue West project is currently under construction and will be completed in Q2 2017. PCI’s King George Station, a mixed-use development under construction includes 350,000 square feet of retail space and 450,000 square feet of class ‘A’ office space. Phase I is slated for completion this quarter and will we be anchored by Coast Capital Savings’ new head office with over 700 employees. Additional phases of the development will include 1,200,000 square feet of residential space.
THE HUB AT KING GEORGE STATION BY PCI (LEFT)A mixed-use development anchored by Coast Capital Savings headquarters.Phase I Scheduled Completion: Q3 2015
METRO VANCOUVER RETAIL INVESTMENT SNAPSHOT
YTD 2014** YTD 2015** TREND
NUMBER OF TRADES* 159 171
TRANSACTION VOLUME* $657 Million $758 Million
*Number of trades and transaction volume are based on trades over $1 million dollars**Year-to-date: September 1 (2014, 2015)
Source: RealNet
All information has been obtained from sources considered to be accurate but is not guaranteed and is subject to conditions at the time of any transaction taking place. Properties are submitted subject to prior sale or lease, withdrawal or changes without notice. DTZ Vancouver Real Estate Ltd. 2015.
*Brokered by DTZ
In South Surrey, Grandview Central Shopping Centre presently under construction will be anchored by Shoppers Drug Mart and the Real Canadian Superstore. These two retailers will join a market of over 1,000,000 square feet of existing retail within a one kilometer radius of the southeast corner of 24th Avenue and 160th Street.
In White Rock, First Capital is in the final design stage for renovations and a new retail component at Semiahmoo Shopping Centre.
LANGLEY
Langley is made up of several shopping districts with Willowbrook remaining the largest at 200th Street and the Langley Bypass. Activity in Willowbrook includes renovations to Wesgroup’s Langley City Square which will feature new contemporary building facades and improved parking. Growth areas include Willoughby Town Centre and Clayton Heights. Willoughby Town Centre by Qualico, at 80th Avenue and 208th Street, is a new mixed-use residential project with a village shopping centre anchored by a 27,000 square foot Loblaw’s Independent Grocer and a 16,000 square foot Shoppers Drug Mart. Phase I of the development offers 120,000 square feet of commercial retail space and 192 residential units.
In Clayton Heights the latest retail is being developed by Mosaic Homes which started construction of Clayton Market located at 64th Avenue and Fraser Highway, just west of Willowbrook. The project is comprised of a 15,000 square foot retail plaza, scheduled for completion in Q1 of 2016.
ABBOTSFORD
Abbotsford’s most notable new retail development in the pipeline is Matsqui Development’s McCallum Junction project located on the north east corner of Highway 1 and McCallum Road. The 130,000 square foot development will be anchored by a 70,000 square foot Cabela’s – an outdoor recreation merchandiser. The project is slated to be completed in Q4 of 2016. Meanwhile, Shape Properties’ High Street shopping centre completed in 2014 welcomed newcomers Sephora and Steve Nash Fitness World to the North East Corner on Highway 1 and Mt. Lehman Road.
FOR INQUIRIES PLEASE CONTACT
Demi Montgomery | Executive Assistantdirect 604 630 3402mobile 604 218 [email protected]
DTZ VANCOUVER RETAIL TEAM
Neil McAllister | Senior Vice President, Retaildirect 604 630 3374mobile 604 720 [email protected]
Sean Ogilvie | Vice President, Retaildirect 604 630 3402mobile 604 218 [email protected]
Howard Malchy | Commercial Sales & Leasingdirect 604 895 2226mobile 604 727 [email protected]
Russell Long | Sales Coordinator, Retaildirect 604 630 3059mobile 604 354 [email protected]
This report should not be relied upon as a basis for entering into transactions without seeking specific, qualified, professional advice. While facts have been rigorously checked, DTZ can take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this report. Information contained herein should not, in whole or part, be published, reproduced or referred to without prior approval. Any such reproduction should be credited to DTZ. © DTZ Vancouver Real Estate 2015.
DTZ VANCOUVER REAL ESTATE LTD.
Russell Long | Sales Coordinator, Retaildirect 604 630 3059mobile 604 354 [email protected]
DTZ Vancouver Real Estate Ltd.800 - 475 West Georgia Street | Vancouver, BC | V6B 4M9tel 604 634 7117fax 604 684 1017dtzvancouver.com