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Have you ever wondered how commercial real estate works or better yet, what it even is? We got you covered with the launch of the Vancouver “Commercial” Real Estate Podcast hosted by Cory Wright. To kick things off Cory welcomes very special guests and co-hosts Adam & Matt Scalena, aka Cory’s new boss, to help break down the commercial real estate world and help educate with commercial 101. What asset classes fall within the commercial industry, where to buy, how to buy, and everything in between—Cory breaks down everything you need to know to get started. This episode will start a journey into the commercial real estate industry within British Columbia, so grab a seat, get a drink, and sit back and let Cory open up the mysterious world of commercial real estate in one of the most competitive and sought after real estate markets in the world.
Can you give us a general overview of commercial real estate in Vancouver since the pandemic?
There was a lot of uncertainty going into the pandemic and we are happy to say the market has not imploded on itself. Vancouver was in a position where we could take a bit of a blow because we had some of the lowest vacancy rates in North America.
Tech is one of the largest drivers in our industry. A lot of the largest leases signed recently in Vancouver were for the tech industry and there has been a scramble to keep up with that. The absorption rate of space coming in is very healthy.
People were scared for Vancouver when covid first hit but it sounds like we’ve weathered the storm quite well.
Some asset classes have been affected more than others, like restaurants and hotels. But if you look internationally, and particularly in the US, people are starting to come back to tourism and hospitality. I think we’ll have a strong 2022/2023 in tourism and in commercial real estate. We weren’t sure if we ever would get back to normal, so it’s encouraging to see people want to come back.
It seems every month people are more eager to get back to the office. Without the office, you don’t have that same company culture. After 9/11, people said that no one would live in a high-rise or work in an office building ever again. But we’re creatures of habit and like to go back to what we know best. So I think things will go back to how they were before, but with some new modifications.
Commercial real estate is a completely different world from residential, which is why we started this show. What is commercial real estate?
Commercial real estate is so much more accessible to people than they realize. There are six asset classes: retail, office, industrial, multi-family, development land and hotels. A sub-sector of the industrial market is self-storage, which has gained a lot of traction in recent years.
Let’s dig into each asset class and look at how the pandemic has affected that market. Can we start with retail?
Retail, besides hotels, has been affected the most by covid. Retail is everything from restaurants to a small mom and pop shop. Covid has accelerated the change of retail.
Landlords will need to be conscious of the tenants they’re putting in – will these businesses make it through big events like a pandemic? Unfortunately, we’ll see more mom and pop shops pushed out, especially in cities like Vancouver, and now Victoria and Kelowna, with high rent. We’ll see more medical-based retail or international type retailers than the local guys.
Are we through the carnage of covid? What does that look like for retail?
We suffer from lack of inventory on a good day. Anyone in retail who is still standing right now has a high probability of getting through this. For example with restaurants, there’s currently no dining indoors but there’s patio season coming up, expanded patios and new optimism in the market. Business owners have learned a lot this year. The patios that have spilled out onto the street this past year have made cities better. Hopefully those will be permanent and help restaurants all summer long.
If we look at interest rates, they’re a third of what they were a year ago. The carnage was not as bad as everyone thought, there’s not as much supply as we thought and there are low interest rates. That makes for a competitive landscape for buyers, high prices and multiple offers.
Inventory is low across the board. People who were thinking about buying retail may have hit the breaks but there wasn’t an oversupply like people thought there would be.
Let’s talk about the office market.
Pre-pandemic, we were at a sub 3% vacancy rate in the city. There’s about 4.5 million square feet coming to market very soon and the absorption rate for that space was very high pre-pandemic. There are rumours about some companies not moving forward with their commitments, which could affect supply. A balanced office market is probably 7-9% and some reports say we’re up to 6% now in Vancouver.
The tech industry is our saving grace in Vancouver. They’re taking up more space. The tech industry grew during the pandemic and it’s one of our largest tenants in the city. Tech will save our office market.
With so many people working from home, especially tech employees, we’d think they wouldn’t need the office space. But that’s not the case?
That’s not what we’re seeing. Employers want an office culture, retention, etc. That’s hard to create over video. A lot of things get said during the turmoil but don’t come to fruition. I think if you look 12-24 months down the road, we’ll see the office market back to the way it was. We have big demand coming into the city.
Our numbers are low, compared to places like San Francisco and New York. So there’s still room to grow.
Why are the vacancy rates so low in Vancouver?
The talent we have here in Vancouver, our proximity to Seattle and San Francisco, and the liveability really affect vacancy rates in the office market. We’re easily accessible by boat and plane. Like on the residential side, there’s only so much land available. If we need more office space, we have the same challenges as the downtown residential market.
As companies like Amazon come in, those employees are going to want to live downtown. They’ll be high earners and will be able to afford to live, shop and eat downtown. That will drive the downtown marketplace back to where it was pre-pandemic.
Is there investment opportunities in the office space or is that just for the big players?
There is not a lot of strata office available in Vancouver. If you’re a mom and pop investor, you probably aren’t spending $2500/foot for office space. A lot of the space downtown is owned by pension funds and institutions. With future guests on this show, we’ll talk about how you can participate in things like that to buy into those buildings.
Let’s talk industrial. Pre-pandemic, it was hard to find good industrial. Cities see these enormous lot sizes and want to use them for housing, which shrinks the industrial pool. On the flip side, we’re now seeing smaller industrial strata properties but the zoning is flexible, allowing for more diverse tenants. So inventory is dwindling but the tenant pool is growing which is creating perfect storms for landlords and huge increases in rent.
For example, in Richmond we have small bay industrial zones where you can now have professional services, like a law firm or accounting firm. So you have the growth of the tech industry (who can sell online and don’t need downtown office space), flexible zoning, dwindling supply, and lease rates that are much cheaper than retail.
Those factors explain what’s happening in industrial right now. The numbers are very attractive for investors.
Let’s move onto development land and multi-family.
No more land is coming into play. Vancouver hasn’t grown and there’s no more land available for investors. There’s a competitive fever out there. We haven’t seen much of a pullback in this market since the pandemic. A lot of land is in multiple offer situations because of lack of supply.
In 2018/2019, there was a lot of uncertainty in the housing market as the NDP threw money on the demand problems. But now we haven’t talked about foreign buyers in the last year and there’s been very little immigration, and the market is still growing out of control. Which tells us it’s a supply issue. And you change that by making development easier – less red tape and less costs for developers to get projects off the ground.
What happens when borders reopen? It’s going to create a chaotic housing market for 2022/2023. I don’t know what more local governments can throw at it. It’s not a foreign buyer issue; it’s a supply and demand issue.
Multi-family vacancy rates haven’t grown to where we thought they would, considering we don’t have immigration and international students. So that’s a positive for when we reopen; vacancy rates in multi-family should remain consistent. But housing prices and lease rates will continue to grow. Demand will swell and landlords will get that market price. This will push rental rates up.
Multi-family is known for low capitalization rates. Why do people still buy in Vancouver when cap rates are so low?
The marketplace for multi-family is more than institutional buyers. There is an achievable level for people to get into this marketplace. The vacancy rate is so low, which is the trade off for the low cap rates. You don’t want to pay for your own risk. If you can get a 5% cap rate but with a 10% vacancy rate, your actual cap rate is much lower. A lot of people will pay more knowing they’ll be fully occupied, or close to, throughout the year.
In Victoria, cap rates were 5-6% a few years ago and now they’re closer to 3%. People recognized you could get a better cap rate in Victoria but with a similar low vacancy rate as Vancouver, which increased demand.
The landscape for multi-family is more competitive, with institutions, pension funds and mom and pop investors all involved, which pushes prices up and cap rates down.
With low cap rates, is the play just mortgage paydown or appreciation like it is in the residential market?
It depends on the purchaser’s level of risk. You’re banking on high leases paying down your mortgage. There’s not a lot of growth opportunity outside of that unless you find a sub-market with better rates.
How does pricing work in commercial real estate?
There are many factors. There’s the value of your tenant. Starbucks is going to be more valuable to a landlord than Cory’s Coffee Shop. Lease rates play a factor. What is the market rent today? In a non-strata situation, is there development potential in the land? From there, we look at comparables. It’s hard to put a standard price per foot on commercial real estate.
Last but not least, what’s happening with hotels and hospitality?
Without a doubt, this has been the asset class that has suffered the most in Vancouver throughout the pandemic. Hotels have some challenges ahead of themselves. I do think tourism is coming back and that will be the saving grace. But going from a massive operation to 0-20% revenue for 1-2 years and then all of a sudden having to start over is going to be a big challenge.
There are a lot of things behind the scenes with hotels. We see a Marriott hotel and assume they have tons of locations so will be fine. But Marriott is the licensing brand or management company; they’re not the owners.
I’m hopeful we’ll have a strong tourism season by the end of this summer and into 2022. But some challenges ahead for sure. Hotels will have to start over. It’s a hard thing to do but they will have to look at it as a brand new opening.
What excited you about commercial real estate?
I always had a passion for business. One thing about commercial is that you’re working with all kinds of clients and helping to grow a community. I like helping people go from A to B. Helping clients envision their goals and achieve them through commercial real estate is really exciting.
Commercial real estate is achievable for a lot of people out there. Please reach out with questions, comments or show ideas. We want to educate people and let them know what is happening and what is available to them!
Lori Suba, President and Broker, and Laurae Spindler, Vice President and Associate, of Scout Real Estate revisit the market in Calgary. Lori and Laurae don’t hold back as we unpack the different sectors of the market, as well as discuss the Calgary downtown core and learn what the future could entail for Canada’s top 2023 market.
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.
William Wright Commercial's very own Rod MacKay is here to give us a general update on the market. How have interest rates affected the market? How is the supply? What is the vacancy rate doing? And how is the retail market fairing after the pandemic?
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?
Retail expert David Ian Gray of DIG360 unwraps everything from how the retail environment has changed, why American big box brands haven't fared as well this side of the border, how technology has impacted the retail world, and his thoughts on why Nordstrom is pulling out.
Ever wonder how companies buy commercial buildings, fix them up, keep them, and then seem to buy more? Cory and Melisa walk through the 5 key indicators and steps on how you can buy value-add properties and get a 100% return on your equity in under 2 years.
As interest rates continue to move upward, how can you cash in on this? Lawrence Green, President of Spire Development Corporation, discusses what he sees happening in BC’s best markets and how you can make money from these high interest rates.
Why is the collapse of Silicon Valley Bank good for real estate in BC? Alan Haigh, Founding Partner of Impact Commercial Group, discusses how the shocking events down south with SVB could impact BC real estate. Alan shares how rates may move sooner than expected or how they may hold firm for 2023.
From securing air right for a crane to ensuring the land doesn't give way for your underground parkade, Tim Sportschuetz of Sportschuetz & Co construction lawyers talks about all the things you would have never guessed that go into a real estate development in BC.
What’s the last BC commercial real estate market left to boom? Kevin Wong of Wesbild discusses everything Kamloops and why this market is about to boom, from major industries driving the local economy to AAA tenants looking to enter the market.
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.
Why did we pick Nanaimo as the best investment market for 2023? Connor Braid of William Wright Commercial and Managing Director for Vancouver Island shares the inside stats on why the Central Island region is an investment market you want to know.
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.
With the Bank of Canada’s latest rate increase of 0.25% and what could be the last rate increase for 2023, what does this all mean? BMO's Chief Economist Doug Porter shares his thoughts on interest rates, inflation, the overall Canadian economy, our neighbours to the south, and everything else you need to know for 2023.
Phones are already ringing for properties and sellers are receiving offers—in some cases multiple... So what does it all mean? Patrick Wood from WWC’s Victoria office tells us how to interpret this quick start to 2023, what his picks are for best investment markets, and what he anticipates all these numbers reveal about interest rates and inflation.
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!
From Keltic Development Canada, Steve Jedreicich, Senior VP of Development, and Andy Tam, Senior VP of Business Development, discuss their recent 27-acre acquisition in Richmond, which tops off this year as the biggest transaction of 2021 at a whopping $300,000,000!
This past year has bolstered some amazing results for those who invested in commercial real estate, and this week we’re going to give you the VCREP Top 5 Markets for 2022! Rod MacKay from WWC’s Vancouver office joins Cory to discuss which markets will be ones to watch heading into the new year.
Do you own a condo in a rapidly developing area where the land might be better suited for an incoming high-rise? Meg Cooney, strata wind-up specialist, discusses what a strata wind-up is, how your condo might be worth way more than you think to a developer, and how to use this strategy on your next real estate investment.
Ever wonder what makes Surrey so attractive for both businesses and families? Anita Huberman, CEO of the Surrey Board of Trade, discusses Canada’s next big major city, breaks down the economic drivers behind the massive growth, and shares what makes it attractive for so many developers.
Maxime Charron, President of LeadingAhead Energy, an industry-leading electric car charging solution provider, talks about how the impact that electric vehicles are having on society is causing more and more developers and commercial landlords to install EV car charging solutions on their properties.
It’s no secret downtown Vancouver has been slower than its pre-COVID form, but is it as bad as other cities? Nolan Marshall, CEO of the Downtown Vancouver Business Improvement Association (DVBIA), discusses what’s next for downtown Vancouver and how things have fared over the pandemic.
Did you find the perfect commercial property to invest in, but you’re not sure where or how to start? Matthew Dunnigan, commercial mortgage specialist from Impact Commercial Group, breaks down all the steps needed to acquire that commercial investment property you’ve always wanted.
Peter Leung, the Investorpreneur himself, who has amassed an international real estate portfolio in London, Vancouver, and Hong Kong, provides his insight on how to get started in commercial real estate and how commercial offers greater opportunities for investors who require funding.
So many commercial real estate deals happen off the MLS, so where do investors go for market data? Raymond Wong, Vice President, Data Operations of Altus Group, details why Altus is a one-stop shop when it comes to data and research in the world of commercial real estate across Canada.
Senior writer Frank O’Brien of Glacier Media, home of Business in Vancouver and Western Investor, shares where he sees the winners and losers in the post-COVID era. He also gives a sneak peek at the upcoming Best in BC, where he and his team predict the 5 best real estate markets in 2022.
Don’t have the millions of dollars needed to enter self storage in BC? Don’t worry! Hugh Cartwright, Co-founder and Chairman of NationWide Self Storage Trust, breaks down the investment opportunities their self storage developments offer for as little as $10,000.
They say hindsight is 20/20 and looking back at the Vancouver real estate market, it’s fair to say we all wish we would have bought more. Chard Development’s President and CEO Byron Chard talks about the booming Victoria real estate market and his thoughts on where the Victoria market is headed.
Strand Development’s President Mike Mackay discusses everything Langford, BC. With the recent acquisition of the former Langford Speedway, which encompasses over 80 acres of prime development land, the excitement of the Greater Vancouver Island industrial market just keeps growing.
Jeff Prete, President of Jima Cannabis, unpacks the impact the cannabis business has had on retail in Vancouver and throughout the province. Ever wonder how long it takes to get a store open, how much capital you need, and if the stores are even that profitable? The answer Jeff gives might surprise you.
Is there a real estate market that has attracted more hype during the pandemic than Kelowna? Jeff Brown, Team Leader of WWC’s Kelowna office, discusses the readily growing Kelowna real estate market, what, if any, impact the BC wildfires have had, and how Kelowna can top the recent growth into fall and beyond.
Ever wish you could go back in time and buy as much Vancouver real estate as you could in 2003? It may not be too late to buy into what could be BC’s next real estate market set to boom: Kamloops. Bryan Pilbeam, Vice President of Invictus Properties, discusses everything Kamloops and more.
Impact Commercial’s Jon Switzer, owner occupier financial specialist, shows business owners how to unlock their revenues, enabling them to become their own landlord, and in some cases, with as little as 0% down including closing costs. Jon highlights the do’s and don’ts when purchasing real estate for your business.
Have you ever wondered how a property goes from an old house into a new multi-level condo building? From the years of approval and planning that takes place to the “not so big” profit margins developers work off of, Jordan MacDonald, CEO of Fabric Living, gives a first hand look at the development process in Vancouver.
Over the past year and a half, the world has seen many changes… but is the office space one of them? Drew Ratcliffe of And-Co, a new all-in-one, multi-level, office community, complete with a wellness studio, restaurant, and event space, shares his vision of what he feels the future of office space in Vancouver will look like.
There is no question the hospitality sector has been hit the hardest by the pandemic. Glowbal Group CEO Emad Yacoub, one of Vancouver’s most prominent restaurateurs, discusses the challenges the industry has had to overcome to survive and what the future of the business looks like.
Ever wonder about that 5′ x 5′ self storage unit that you rented for $110/month to store all that crap you never use? Pat Wood, formerly one of the authorities, if not THE authority, in self storage appraisals and consulting, discusses why this asset class has seen a huge run in the past couple of years.
Ever wanted to buy commercial real estate, but never felt you had the financial ability to do so? Mitch Jarvi from Addy, a crowdsourcing investment platform, walks through the new opportunities Addy offers to its members by acquiring shares in various commercial real estate properties for as little as $1.
What asset class has the lowest vacancy rate in North America, surging demand from tenants, and seems to be annually increasing lease rates? Connor Braid, Managing Broker of William Wright Commercial’s Victoria office, discusses the industrial asset class in Greater Victoria.
Ever wonder how an appraiser or bank views your purchase? Thomas Wieckowski from Campbell & Pound breaks down the appraisal process, how to value risk, and how a bank views your property. Thomas sheds some great insight for your next commercial purchase and what to consider during the offer process.
What tax benefits does commercial real estate offer? Want to buy a commercial property and avoid paying property transfer tax? John Juranyi from Davidson & Company Accountants discusses tax tips and the benefits of owning commercial real estate.
The world of insurance has faced unprecedented challenges, with the result being expensive premiums and deductible hikes. Derek McCoy, COO of Real Estate Owners and Managers Insurance Group, discusses the causes, concerns, and costs of insuring commercial real estate today in BC.
Are you looking to buy commercial real estate, but have no idea how to take care of the property? Warren Smithies, CEO of Martello Group, walks you through the benefits of having a professional management company oversee and manage your property, which leads to increased value for owners without having to lift a finger.
Who has the dirtiest job in commercial real estate? Shane Rigter of Next Environmental, a leader in environmental testing in the commercial real estate industry, discusses how the dirt below your feet can affect you buying the building above the surface.
Ever wonder how tenants and landlords coincide for 5, 10, or sometimes even 20 years together? Scott McInnes, founder of McInnes Law Group, breaks down what a commercial lease is, how it applies to commercial real estate, and how it differs from residential leases.
Ever thought about buying commercial estate and thought it was impossible to qualify for financing? Put away the notepad and calculator as Alan Haigh, co-founder and managing partner of Impact Commercial, breaks down how to buy and invest in commercial real estate.
Have you ever wondered how commercial real estate works or better yet, what it even is? We got you covered with the launch of the Vancouver “Commercial” Real Estate Podcast hosted by Cory Wright. What asset classes fall within the commercial industry, where to buy, how to buy, and everything in between—Cory breaks down everything you need to know to get started.
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.
This communication is not intended to cause or induce breach of an existing agency agreement. E&OE: All information contained herein is from sources deemed reliable, and have no reason to doubt its accuracy; however, no guarantee or responsibility is assumed thereof, and it shall not form any part of future contracts. Properties are submitted subject to errors and omissions and all information should be carefully verified. All measurements quoted herein are approximate.
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