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Want to know why VCREP picked Nanaimo as the best investment market for 2023?
This week, Cory and Melisa welcome Connor Braid of William Wright Commercial and Managing Director for Vancouver Island to share the inside stats on why the Central Island region is an investment market you want to know.
From developments to population growth to thriving industries, Connor breaks it all down and shares why you want to make sure Greater Nanaimo is on your search criteria for your next commercial real estate investment.
Is now the time to invest in the Nanaimo commercial real estate market? We sit down with William Wright Commercial Managing Director for Vancouver Island Connor Braid to learn why everyone is moving to Central Vancouver Island and how you can get in on VCREP’s #1 commercial investment market for 2023!
Who is Connor Braid?
I’m the Managing Director for Vancouver Island for William Wright Commercial. I’ve been with the company for three years now. I was born and raised on Vancouver Island, spent some time in the UK and then came back here. I was working as a commercial appraiser and then decided to go into the brokerage game with Cory and run operations here.
In my past life, I was a professional rugby player and played for Canada at the Tokyo 2020 Olympics.
Why are you excited about the Nanaimo commercial real estate market?
It’s the increasing lease rates, upside in rents, and cap rate compression in a growing marketplace that has me excited about Nanaimo.
Nanaimo is located in a really great area geographically with the ocean to one side and mountains on the other. There are tons of provincial parks around and highways, which means you don’t have a lot of land and have to densify. Construction is a huge part of the Central Island right now.
Cory: By 2040, Nanaimo could be out of zoned industrial land, which just goes to show the demand and land constraints. Lease rates are $14-18/foot for an industrial space, which is similar pricing to Coquitlam or Burnaby.
Let’s talk about the Vancouver to Nanaimo fast ferry. What’s happening with that and when?
The Vancouver Island Ferry Company is launching a downtown to downtown passenger ferry from the Vancouver Convention Centre to the Nanaimo Cruise Terminal in just 70 minutes. It’ll hold 354 people with multiple daily sailings. Sailing schedules and pricing should be released in the coming months with ferry service starting this summer.
Throughout covid, people really started to take stock of where they were living and how they were living their lives. It pushed people outside of the core to places like Nanaimo. Not only does the fast ferry make Nanaimo more accessible but they’re also hiring up to many Islanders for their Nanaimo operations.
Having the ability to work in downtown Vancouver and get there in 70 minutes while still living in Nanaimo with a better and lower cost of living is a great prospect.
Why are investors attracted to the Nanaimo commercial market and Central Island?
There is a bit of what I like to call the Mainland Mindset: Investors looking for “unicorn farms” on Vancouver Island. It is a fantastic place to invest but you’re no longer finding places for pennies on the dollar like you might have a few decades ago. Incredible investment opportunities do exist but you have to dig for them.
People need to look at medium to long term investments; this is not a two year play where you’ll get massive returns. There are lots of opportunities at the 4.5-5.5% cap rate or with good upsides on rents. That’s the mindset you need to come in with.
There is a lot of opportunity and growth in the Central Island region. But it’s not for the short term. It’s about buying into the Island for the medium or long term.
Cory: Investors may find similar assets on the mainland for a 3.5% cap rate. But on the Island, they can get a 4.5-5.5% cap rate with similar vacancy rates. They don’t have to sacrifice vacancy and their lease rates have more runway. If cap rates compress, prices go up, giving investors more options to make money. You can make money from your tenant paying down your mortgage, income on the property, and higher pricing when demand goes up.
What’s the population of Nanaimo? How does population growth affect commercial real estate?
Commercial real estate always lags behind population growth. The population of the City of Nanaimo increased 10.3% from 2016 to 2021. It was estimated to be at 103,000 people last year and by 2046 is estimated to reach 140,000 people. Between 2014 and 2021, 46,000 people moved to Nanaimo from other parts of BC and 37,000 moved here from the rest of Canada. There’s huge demand to live, work and invest here!
All of these people need places to work, places for consumption, public and private amenities, etc. That’s where commercial real estate comes in. We’re now seeing that construction to add the space to meet the demand.
What are the major business sectors in Nanaimo?
The major business sectors in Nanaimo are:
There’s also Vancouver Island University and lots of other exciting prospects and drivers in the Central Island area.
Can you tell us about some exciting projects in the Central Island and Nanaimo commercial markets?
The Duke Point expansion is very exciting. That’s going to bring in 1000 new jobs and hopefully reduce congestion at the Vancouver Port.
There’s also the Sandstone development, which is a 726-acre master planned community of 2200 residential units with commercial, industrial and retail uses. It’ll be massive!
The Harbourside Hotel revamp is another exciting one. It’s a mixed-use development with 760 units over eight buildings. It will have a hotel, conference centre and over 10,000 square feet of commercial space.
1 Commercial Street is a new project bringing 20,000 square feet of office and retail space to market. It’s a retrofit and revamp of the A&B Sound building that people are very excited about. People want to see densification in the city centre.
Have you seen a population shift where people are getting priced out of Victoria and now heading to the Central Island?
That’s definitely happening in the mid-Island market. Lots of young families are coming from Victoria and the South Island, and even from Vancouver, to the mid-Island. When you factor in the fast ferry and ability to work from home, it’s very attractive. You get more bang for your buck here, even though prices have risen.
Are there a lot of institutional buyers and mainland developers working in Nanaimo now?
There is a ton of interest in this region and mainland money is here. But a lot of the larger developments are mid-Island based. A lot of the land has been owned for a long time by people who knew Nanaimo was going to boom one day. Right now, it’s a good mix.
One thing mainland developers have had to learn is that business is done a little bit differently on the Island. There’s not the same volume of trades here and competition is fierce. Developers who understand that are able to build the right teams and get projects up.
What asset class in the Central Island and Nanaimo commercial markets would you be buying right now?
I like the idea of small bay, multi-tenant industrial or well-located, retail strip malls with under-market rent. The cap rate may not be great at first but if you’re proactive, you can get rates up to market.
Any medical office building is a great buy. We have an aging demographic on the Island so those medical amenities are a staple.
The 6 Pack: Getting to Know William Wright Commercial Managing Director for Vancouver Island, Connor Braid
What would your last meal be on death row?
Tomahawk steak and garlic mash. Maybe a scotch and a cigar too?
Favourite vacation spot?
I always love Mexico – and not all of Mexico is Cabo. I’d like to spend more time in South America; I’ve been to Argentina once and it was amazing. Latin countries have great weather, great food and great culture.
Favourite bar or restaurant?
In Victoria, I’m a big fan of II Terrazzo. It’s a family-run Italian restaurant and you can’t get much better than that.
Go-to karaoke song?
Livin’ on a Prayer. You need to go with something that will get the crowd going so you’re not singing by yourself.
Favourite band?
I honestly can’t say I have a favourite. I listen to everything and choose a genre based on what I’m doing.
What advice do you have for listeners wanting to make a commercial investment in 2023?
Expand your outlook and timeline. Real estate is not a get rich quick scheme. Find an area and stake your claim for the medium to long term. Don’t go looking for a home run deal – take the single or the double. The best “unicorn farm,” especially on the Central Island, is the future.
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Anita Chang, Partner with EY, discusses the intriguing intersection of entrepreneurship and real estate ventures. Anita shares EY's Entrepreneur Of The Year program, unveiling the significance and opportunities it presents for entrepreneurs in the real estate arena.
Ric Hayward of Lower Mainland Bailiff guides landlords through the intricate process of handling tenant defaults, offering indispensable insights into how bailiffs can serve as a valuable resource for both parties involved. Gain a comprehensive understanding how leveraging the expertise of a bailiff can be instrumental in resolving such situations.
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With an expert grip on international markets, Peter Leung, esteemed "Investorpreneur" and international correspondent, offers exclusive insights that can truly give investors a competitive edge. Explore his surprising viewpoints on the buy-sell dilemma and get ready to be astonished by his current pick for the ultimate investment hotspot.
Bob Knakal, a distinguished figure in New York City's commercial real estate scene, boasting an impressive 40-year tenure in the industry, delves deep into the intricate details of the NYC office market, the current vacancy rates, trends, and surprising lease rates for prime retail spaces.
Dan Smith, the driving force behind commercial leasing at Reliance Properties, takes center stage to delve into the pulse of the current commercial real estate market. Tune in to discover Dan's insights into the potential resurgence of the office asset class.
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Back by popular demand, Douglas Porter, Chief Economist and Managing Director of Economics at BMO Financial Group, provides unparalleled insights into the current landscape of interest rates and offers a crystal-clear view of what lies ahead. Will the trend continue its upward trajectory or are we on the brink of a shift?
Heidi Shortreed from Vedderbrook Properties unveils the secrets to unlocking hidden profitability within your real estate ventures through the strategic use of property management. Tune in as Heidi shares her invaluable insights on how a seasoned property manager can be the key to turning your building into a revenue-generating powerhouse.
Jeff Hancock, who specializes in land development at the WWC Kelowna office, discusses the effects the recent forest fires have on the local market. These annual occurrences have become a part of life for this vibrant Okanagan city that has become a bubble for real estate development over the past few years.
Santanna Portman, Commercial Sales and Leasing Specialist at William Wright Commercial, dives into the vibrant commercial landscape that defines Vancouver Island, shedding light on key trends, emerging opportunities, and the evolving dynamics that shape this ever-changing landscape.
Kevin Johnston, President of Strand, shares his expert perspectives on the market's current landscape and interest rates, and unpacks the opportunities and challenges that shape Vancouver's real estate scene. We also dive into the office asset class, which seems to be bubbling under the surface with potential.
Meg Cooney, Commercial Real Estate Broker at WWC Vancouver, dives deep into a transformational approach that draws people back to offices without enduring long commutes. This isn't just a discussion about office spaces—it's a blueprint for redefining the future of our communities.
Cory Wright, Founder of William Wright Commercial, avid real estate investor, and—most importantly—one of the best dealfinders we’ve ever met, holds a master class on how to choose residential and commercial real estate markets, find and analyze the best deals, and implement advanced strategies to supercharge your portfolio.
Gordon MacPherson, President of Elevate Development Corp, provides expert insight into the current real estate market and its dynamic nature. We talk about how different asset classes have been affected since the pandemic, and gain valuable knowledge on the evolving trends in walkable village concepts within various areas.
With his finger on the pulse of international markets, Peter Leung, investorpreneur and international correspondent for the show, offers unique insights that can give you a competitive edge. Discover his surprising choices on whether to buy or sell, and prepare to be astounded by his current preferred investment hotspot.
Jon Switzer, Managing Partner and Commercial Mortgage Broker at Impact Commercial, sheds light on the recent interest rate adjustments and their impact on individuals and businesses alike. Gain a deeper understanding of how these changes reverberate throughout the market and explore the potential ramifications for the local economy.
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Marianne DeCotiis, commercial real estate broker at William Wright Commercial Kamloops, digs into the Kamloops market. How has the commercial market changed and developed over the past few years? What is the current state of supply? How have the operations of the commercial market shifted?
Bronwyn Scrivens of Omada Commercial unpacks Alberta market lease rates, the differences between Calgary and Edmonton when it comes to being an industrial landlord, how prices have changed, and where she would invest if she were to walk into the market today.
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Paul Sullivan, property tax expert from Ryan ULC, unpacks some potentially business saving insight as he guides us through the labyrinth of commercial property tax. What are commercial tax classes? Which areas are taxed the most and how do they work it out?
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Conall Barr of CBarr Inspections discusses the importance of a commercial building inspection before you remove subjects on your next purchase and how it can save a buyer hundreds of thousands of dollars in deferred maintenance costs.
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Thomas Wieckowski, Associate Appraiser of Campbell & Pound, discusses what’s in store for 2023 and a lookback at the past 24 months. Thomas walks us through what the appraisal industry has seen over the past 2+ years and gives his thoughts on what makes a good opportunity.
Who better to hear from on how 2023 is shaping up than an appraiser who sees all the deals and numbers? Commercial appraiser Ryan Wong from Ryan LLC lets us in on what he is seeing. Will the market collapse in 2023? Will inflation topple the market? Will we see gains in real estate assets in BC this year?
Ever wonder what it would be like to be part of a $1,000,000,000+ portfolio of real estate? Alex Messina, VP of Acquisitions for Nicola Wealth Real Estate, which oversees over $8.5 billion dollars worth of some of the best real estate in North America, shares their strategy and where they are most excited about for 2023.
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Rod MacKay from William Wright Commercial shares the 5 best commercial investment markets for 2023. These markets offer above average returns with the opportunity for a major increase in net operating income in the coming years, resulting in a big potential equity gain.
As 2023 is now in full swing and the real estate markets are off to a rocky start, Alan Haigh of Impact Commercial sheds some light on where interest rates are going, when they might pull back, and how to take advantage of this market turbulence to find a deal.
Happy Holidays, Happy Hanukkah and Merry Christmas from all of us at the VCREP and thanks for listening in 2022. As the podcast continues to grow week-over-week we have some amazing guests lined up for 2023 which is shaping up to be our biggest year yet. Thanks for all the continued support and we look forward to some amazing shows in 2023!
Jon Switzer of Impact Commercial shares that the 10-year bond numbers were falling, which predicts (fingers crossed) that fixed rates will follow. Jon shares his prediction on interest rates for 2023 and when he sees rates pulling off and declining. If you have a mortgage, this is an episode you must take in.
Everyone's always looking for the next asset class to buy, and we know what it is for 2023. Adam Mitchell of Low Tide Properties discusses Lab 29 and what could be the most sought-after asset in Vancouver: industrial lab space. He also shares why Low Tide continues to invest in this sub-asset class and why it's in such high demand.
Daniel Eagling from Cairn Homes in Ireland discusses how inflation, interest rates, and supply chains are affecting their market. Dan walks us through the challenges their market and the neighbouring European markets are having, the strain on supplies, and the tightening of the rental market heading into 2023.
William Wright Commercial operates offices in five of BC’s top commercial real estate markets, and with two more offices set to open in the coming months, who better to get a province-wide view on the markets than WWC’s Business Development Manager, Matt Everitt? Matt discusses why the time is now for investors to jump into these areas.
As people trickle back to the office in one fashion or another, is an investment into an office space the best opportunity in 2023? Byron Chard, CEO and President of Chard Development, discusses his latest office projects, along with the success of those projects and everything Chard has on the books for 2023 and beyond.
Brad Howard, Director of Development at PCI Developments, discusses the Lower Mainland's second downtown in Surrey and talks about PCI Developments' exciting and recently completed project, the King George Hub. Brad unpacks the success of the project, why it is desperately needed in Surrey, and the rapidly growing downtown district in Surrey Central.
Do you own land in BC? Are you required to file under the Land Owner Transparency Act by November 30th? Commercial real estate legal expert Scott McInnes of Redpoint Law discusses this all-important deadline for BC landowners, unpacking what exactly the Land Owner Transparency Act is, if it applies to your property, and more importantly, if you are required to file by November 30th, 2022.
How are the current economic challenges affecting the development industry? Jordan MacDonald, CEO of fabric living, opens up about the challenges the industry has faced with rising inflation and interest rates, how fabric has navigated the current economy, and how he and his team have continued to grow and acquire assets during this time.
Did you know that business sales and acquisitions fall under the commercial real estate umbrella? Chris van Vliet from WWC's Fraser Valley office breaks down how you buy or sell a small business. He talks us through the timelines, the conditions, and some things you need to be cautious of when navigating through the process.
William Wright Kelowna's Team Leader Jeff Brown discusses whether or not Kelowna has felt any slow down like most markets have experienced. He also shares insight on what impact, if any, interest rates and inflation have had on the market, what asset classes continue to outperform, and what's next for Canada's fastest growing population.
Frank O'Brien shares Western Investor's top cities for commercial real estate in 2023. This year's list has a few VCREP favourites plus a couple surprises, not to mention the #1 spot isn't even in BC! Frank also shares his opinion on David Eby's new housing plan and how it could be opening an even bigger opportunity for speculators.
Impact Commercial's Co-founder and Managing Partner Alan Haigh unpacks what has happened over the past couple of months in both Canada and the US, how the bond market could predict what will happen to interest rates, and when this madness will end.
As the world continues to cope with rising inflation and interest rates, international commercial real estate investor Peter Leung tells us how his portfolio is (or isn’t) affected and what markets have bounced back quicker than others. Peter also discusses what BC markets he likes and where he is looking to grow his holdings.
As interest rates continue to push upwards, Harry Jones of William Wright Commercial Victoria discusses the Greater Victoria market that just doesn't slow down regardless of market conditions, and walks through all the asset classes and how they have performed over the past year and what is to come as interest rates continue to rise.
Ever wonder why or even how your property taxes go up every year? Clayton Olson of Altus Group discusses the metrics behind your commercial property taxes. He walks through how these costs are calculated, why they increase, and what you can do if you disagree with your tax amount.
How can you benefit from a life insurance policy while you're still alive? Robert Trasolini and Laurent Munier of Safe Pacific Financial show just how easy it can be to use a life insurance policy as an investment vehicle to drive you into the commercial real estate game.
Why are my premiums going up so fast on my real estate insurance? Nigel Clark of BFL Canada, one of the largest risk management, insurance brokerage and benefits consulting firms in Canada, talks about how inflation, interest rates, and rising construction costs all impact the insurance market.
Mayor Ed Mayne discusses the exciting opportunities Parksville is currently experiencing in the Central Island market. As Nanaimo continues to boom, just 20 minutes up the road sits Parksville, which has seen a development boom of their own, led by a proactive mayor who has the experience to guide the community into 2022 and beyond.
If you were shocked by the Bank of Canada's 1% increase to interest rates this past week, you're not alone. Cory and Matt discuss the potential impact on commercial real estate... if any all. How does this affect your loan-to-value ratio when looking to acquire real estate? And what's next for the commercial real estate market in the province?
Which commercial market has the whole country talking? Lori Suba and Laurae Spindler of Scout Real Estate in Calgary unpacks the rollercoaster of action the Prairies are experiencing in the commercial market. You might be surprised to hear there's now overwhelming demand for one asset class in particular, which has seen growth in numbers similar to that of BC!
Jeff Kennedy of Troika Developments, one of Kelowna's most well-known builders, discusses the challenges in the development industry due to supply chain issues and inflation. He also gives insight into how developers would break down a purpose-built rental project vs. a strata site, along with the metrics behind the decision-making process.
For 24 months and counting, Vancouver Island has become a shining star in the commercial real estate world. John MacDonald, publisher of the Business Examiner, one of Vancouver Island's go to online business publications, unpack the numbers, breaks down how the Island markets fared, and provides insight on the Thompson Okanagan region.
Hear from the man who plausibly has more data on commercial real estate than anyone in Canada. Raymond Wong, VP of Data Operations at Altus Group, looks behind the numbers on what has happened across Canada in 2022 and unpacks which asset classes are selling, which are not, and what is set to rebound.
With the new Broadway Skytrain line in full swing, city council members now have to vote on what could be the biggest vote in Vancouver's history. Meg Cooney, Seamus Bailey, and Liam Simpson of WWC discuss the highlights and lowlights of the proposed plan.
The ongoing debate on Vancouver Island right now is Victoria or Nanaimo? Robin Kelley of the Groupe Denux, one of Vancouver Island’s long-standing families of real estate, provides insight on both markets and how each market has fared over the years, and unpacks which asset classes he thinks will continue to grow.
Rod MacKay of WWC’s Vancouver office discusses the most unpredictable year we’ve had in real estate yet. From faster than expected rising interest rates, to record breaking month-over-month inflation, to worldwide supply chain issues… 2022 has been anything but predictable.
Ever find a great restaurant on your favourite food app, but then realize they don’t have a brick and mortar location you can enjoy? Amrit Maharaj, Chief Operating Officer of Coho Collective, breaks down what a ghost kitchen is, why restaurants are getting in on the action, and how they have capitalized on the food app boom.
Bronwyn Scrivens from Omada Commercial Real Estate in Edmonton discusses Alberta’s growing industrial market. She shares how Alberta is receiving the halo effect from BC’s tight vacancy rates and staggering acquisition costs, and what tenants and developers are now looking into when it comes to Alberta vs BC.
One of the biggest secrets in commercial real estate is spotting the trends and staying ahead of them. Jonathan Meads, Vice President of StreetSide Developments, discusses the booming Fraser Valley markets and unpacks why StreetSide keeps their focus primarily on this area.
On a national and provincial level, one of the most exciting real estate markets has been Victoria. Mayor of Victoria, Lisa Helps, unpacks how Victoria got to where it is today, the goals she has accomplished in her eight years as mayor, and unveils what’s in store for BC’s capital city.
If you’ve been following the real estate markets in BC, you’ll know today’s hottest topic is the rapidly rising interest rates. Jon Switzer of Impact Commercial sheds light on how to navigate the next few months and provides tips on what to look for in your next purchase to maximize your lending ability.
Mike Kozakowski, founder of Citified Media and citified.ca, a comprehensive resource for researching new-build homes and commercial spaces on Vancouver Island, gives a glimpse into the years and years of new construction data Citified has tracked in the Greater Victoria area.
Sam Wilson, renowned host of the hugely popular podcast, How to Scale Commercial Real Estate, uncovers his roots in commercial investing, shares some mistakes he has made along the way, and talks us through what a good deal looks like to him.
If you had to guess which real estate market saw one of the biggest increases in commercial property value over the past 2 years, would you have guessed Chilliwack? David Algra of Algra Bros. Developments discusses their current downtown Chilliwack project, District 1881.
Leonard Krog, Mayor of Nanaimo, shares some great insight on all the new and upcoming projects and what the future holds for the port city. Plus, we dive into the highly anticipated and forthcoming OCP for the downtown and surrounding areas.
Cory and the team are hitting the beach this week for a well deserved break. Next week we are back with another phenomenal episode. Stay tuned!
Named Canada’s fastest growing city with a 14% increase in population since 2016, Jon Friesen, CEO of the Mission Group, the company behind some of Kelowna’s spectacular tower developments, discusses why Kelowna has seen such a massive growth over the past 5 years and what the future looks like.
Recently named BC’s most resilient economy by BC Business Magazine, Langford could be BC’s next big thing. Mayor Stewart Young discusses the amazing developments happening throughout the city and story of how Langford landed Costco, followed by Home Depot, and now Tesla Motors.
Ever wonder if you could buy an office building or a retail shopping mall for only $150,000? Darcy Ulmer, Co-founder and Partner at Stream Property Partners, shares how everyday investors can invest in some big commercial real estate assets for a fraction of the purchase price.
Have you ever wanted to make the money real estate developers do? Ravi Mann of PROPetual REIT and the Isle of Mann Property Group discusses the exciting new investment opportunities that can get anyone through the real estate investment door for as little as $5,000.
Have you ever wanted to make the money real estate developers do? Ravi Mann of PROPetual REIT and the Isle of Mann Property Group discusses the exciting new investment opportunities that can get anyone through the real estate investment door for as little as $5,000.
As Canada and the world continues to battle with Omicron, supply chains are challenged and the Bank of Canada surprisingly holds rates. Doug Porter, Chief Economist & Managing Director of BMO Financial Group, shares his thoughts on what’s next for the economy and his prediction for interest rates.
Ever wonder which commercial asset class has the lowest cap rate but offers the most stable returns? Marianne DeCotiis, a multifamily specialist with WWC, breaks down the multifamily asset class, sharing how it’s funded, how the leases are government regulated, and plenty more!
Over the past 20 months, most industries have seen a lot of change and the law industry is no different. Tim Lack of Redpoint Law discusses the ever-changing world of the legal side of commercial real estate and shares insight on how the pandemic has changed how commercial real estate is leased, sold, and financed.
Over the past 20+ months, we have heard about supply chain issues, labour shortages, and logistical challenges, and this all has a direct impact on the construction of real estate in the province. Owen Lecky of Wales McLelland unwraps the issues that have been affecting our real estate market.
Do you own a property with lots of equity that has built up over the years? Alan Haigh of Impact Commercial Group, one of BC’s leaders in commercial mortgages, explains how to tap into that equity and turn one property into a thriving commercial portfolio without having to sell your asset.
Wishing our listeners a Merry Christmas and a Happy New Year!
For all the curious minds interested in commercial real estate investing, grab a coffee and pull up a chair because we have exclusive stories and tips from commercial real estate brokers, investors, developers, economists, urban planners, and everyone in-between. From the successes and failures to the motivations and lessons learned, the Vancouver Commercial Real Estate Podcast is your insight into commercial real estate in Vancouver, Victoria, Kelowna, and beyond.
What's the best real estate market to invest in? What are the commercial real estate asset classes and property types? Hosted by Cory Wright, founder of William Wright Commercial, and co-hosts Adam and Matt Scalena of the Vancouver Real Estate Podcast, our podcast opens the door to real estate investing for everyone from beginner investors to experienced real estate professionals. New episodes are released every Tuesday. Follow the Vancouver Commercial Real Estate Podcast on Apple Podcasts, Spotify, Google Podcasts, or your favourite streaming platforms.
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