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Want to learn how to pick winning markets in under an hour? Many of you will know Cory Wright as Host of the Vancouver Commercial Real Estate Podcast, but Cory is so much more—Founder & Managing Director of William Wright Commercial Real Estate Services, BIV’s Top Forty Under 40 award recipient, EY Entrepreneur of the Year Finalist, avid real estate investor, and—most importantly—one of the best dealfinders we’ve ever met.
So this week, Cory joins Matt and Adam to hold a master class on how to choose markets, find and analyze the best deals, and implement advanced strategies that will supercharge your portfolio. The strategies in this episode apply to both residential and commercial real estate investing. Enjoy!
Where is BC’s hottest real estate market? How do you analyze and reposition a deal? And what 3 lessons do all real estate investors need to learn? William Wright Commercial’s Cory Wright shares all. Get ready to supercharge your commercial investment strategy!
You were recently listed as an EY Entrepreneur Of The Year 2023 Pacific regional finalist, in addition to being a 40 Under 40 recipient last year. Congratulations!
I was just excited to go to the Ernst & Young buffet! I think if you win the whole thing you end up at a big event in Monaco. The founder of Knix won it last year.
Why do you like commercial real estate as an investment?
I had a bad experience in the condo market; it was a renter who wouldn’t pay and wouldn’t leave. We had to go through the RTB and sue her before she would leave. When she did leave, she left all her stuff which we had to deal with. Luckily, the market had gone up enough that we still made money on the sale.
In commercial, you have triple net leases and every landlord gets to create their own lease that tenants have to abide with. You also have a lot of diversity in commercial being able to invest in different asset classes. There are a lot of opportunities and untapped markets still for investors.
How did you decide to start your own brokerage?
Before I started William Wright Commercial, I had an idea of how commercial real estate could work. I tried out my theories in residential first and still remember lugging my signs on the skytrain doing a few open houses every weekend.
We’re now ten years into William Wright Commercial. I knew there were areas we could improve on when we started; one of those areas was customer service. I wanted to take a different approach to this business. We went big into the digital side of things. We’re now 55 people across 7 offices in BC and growing.
Instead of having one hub office in Vancouver, we have seven different offices around the province. By having more offices in more markets, we have boots on the ground and can offer local knowledge. You don’t realize how important that local knowledge is until you get there. Those relationships with the local community are essential.
When covid hit, it put a new onus on the secondary markets that we were going to anyway. That expedited our expansion. I thought the company would either die or it’d be like pouring gas on the fire. We ended up opening two offices in the middle of covid. It worked out tremendously and we grew more than we ever anticipated.
Not a lot of companies in our industry could operate at the same pace as we could during covid because of the overhead of having one huge office. But we were go-go-go the whole time, which allowed us to shoot out the other side like a rocket. We were able to capitalize on the secondary markets sooner.
We like the idea of being a big fish in a small pond. Right now we’re the only commercial company in Kamloops. Which is fine by me; we’ll just do all the business!
We do business differently. With time, clients come to expect that and the market has to keep up with us. We have clients who own assets in Kelowna, Kamloops, the Island, etc. Because we have offices across the province, we offer them a one stop shop.
Your pace of investing and putting deals together is second to none. So how is the market right now?
In the medium to long term, real estate in any asset class in this province will win out because of supply and demand. We have immigration, geographical constraints, political challenges, etc. Being locked down in BC was a lot different than being locked down in Manitoba. Is there a better place to get stuck? Everyone wants to be here.
In the medium to long term, BC real estate will be your best investment.
In the short term, the only thing that has changed is the interest rate. You’re paying more interest but the future value hasn’t changed. You just have to be smarter about what you’re buying.
You need to be able to get equity into your property quickly, refinance out and de-risk your investment. You want to be in a position where you don’t get hurt when interest rates move.
Rents need to outpace interest rates. In a lot of these areas, the rental income is not going to go down. For example, Nanaimo is only going to keep growing. As more people come in, those people will need to work somewhere.
If your deal doesn’t work when the interest rate goes up 25 basis points, it didn’t work before. If you’re cautious, now is the best time to buy.
How do you analyze a deal?
You want to find a market with legacy leases – a lease that is ending its term soon in a market that has changed dramatically. It’s set to have a once-in-a-lifetime increase in rent. For example, rents in Yaletown once went from $40 to $80. But the next increase was probably only $80 to $85.
In these secondary markets, the vacancy rate isn’t far off what you find in the Lower Mainland. And in industrial real estate in Victoria, the vacancy rate is actually lower than in Vancouver! So you want to look for high population growth and low vacancy. That allows you to buy with confidence even in a high interest rate market because the rents can sustain it.
To find a good commercial investment, you’re looking for:
Based on that criteria, I think the secondary markets have the greatest opportunities. A lot of those markets, like Nanaimo, are very liveable and attracting new residents. Especially with the fast ferry from Nanaimo to Vancouver, it makes commuting much easier.
Is Vancouver a good reference for BC’s secondary markets?
If you look at these secondary markets, a lot of the metrics are the same as we have in Vancouver. You just have to make sure you’re investing based on current income, not future income. A lot of people can’t see past the high interest rates right now.
How do you find deals?
A lot of stuff in secondary markets actually is listed, so they’re not hidden deals. But people just aren’t buying right now because of the high interest rates. But there are still opportunities if you run your numbers, look at lease rates and look at vacancy rates. There are also opportunities for buyers with vendor take-back mortgages.
How do you reposition an asset?
Three steps to repositioning an asset:
Step 1: What are the current lease rates in the building and what are market lease rates in the area? If your building is well below market lease rates, that could be an opportunity.
Step 2: What do the other buildings in the area offer in order to charge those higher lease rates? If your building is old and the one you’re comparing to is new, you probably can’t command the same rent price. But maybe there are renovations you can do.
Step 3: When do the leases in your building expire? If they’re coming up in the next 12-18 months, you know you can get a lift in rents in a short period of time. That allows you to move the debt out of that building and into a new property.
You also have to look at the vacancy rates in your asset class. If there are not many places for a tenant to go, they’re more likely to sign a higher lease with you. There’s a cost to moving, so most tenants will stay if the price increase isn’t exorbitant.
How do you find lease comps?
Leases are private contracts between a landlord and a tenant. There isn’t a central database you can go to check. So this is where having boots on the ground really comes into play. Local commercial brokers should have access to data in that market.
What is a triple net lease?
A triple net lease is where a tenant pays the basic rent as well as triple net costs. The basic rent is a fixed number for the term of the year that we negotiate as a fair market value. The additional costs are the landlord’s costs of operating the building. This could be HVAC maintenance, elevator repairs, insurance, property taxes, strata fees, etc. Those costs are all passed onto the tenant, even as they go up over the years.
In residential, if your strata fees or property taxes go up or if you’re hit with a special levy, that eats into your numbers because the rent you’re charging your tenants is fixed. Whereas in commercial, all of those additional costs are passed onto the tenant to absorb.
In a market with high vacancy rates, the tenant has more negotiating power. Tenants can review leases and agree or disagree with certain terms. Landlords may have to offer certain incentives and negotiate terms. But a triple net lease will usually cover all of the landlord’s operating costs, whether you’re in Vancouver or Edmonton. It would just be a matter of a tenant having the ability to nitpick certain things in the lease.
You hear horror stories about the office market in the US and places like Calgary. Are we seeing vacancy rates go up in Vancouver’s office market?
Downtown Vancouver is basically an island. It’s 70% condos and hotels and 30% office space. In Seattle, it’s the opposite. Vancouver is not traditionally a head office city. Pre-covid we had an unhealthy sub 3% vacancy rate in the office market and now it’s 8-10%. The media will tell us this is scary but it’s a similar vacancy rate to New York. The geographical constraints of Vancouver will save the day.
In Calgary, they were – and still are – so heavily invested in one industry. When that industry had challenges, they were vulnerable. We’re seeing the same thing in San Francisco with tech as that industry pulls back.
Things will change for offices in Vancouver. But I think incoming immigration will correct any blips in the Vancouver office market.
Are we seeing challenges and high vacancy rates in other asset classes besides office? What about retail?
Well-positioned retail will always be busy. Everyone thought retail would die during covid but my dentist isn’t coming to my house, my barber isn’t coming, Footlocker isn’t bringing all of their shoes to my house for me to try on, etc. The face of retail might change but the marketplace will do well overall.
Demand hasn’t gone anywhere. People still want to buy commercial properties, they’re just scared of the high interest rates.
What’s your favourite market in BC?
Nanaimo. I like office, believe it or not, in Nanaimo. Industrial is great but right now there are only six office buildings in Nanaimo and it will probably still be six in 10 years because land is so expensive.
Right now, no one wants to build new office space in Nanaimo. You’re asking to go bankrupt. Construction costs are so expensive, making these older assets really attractive.
Why did you go into the Harris Green district in Victoria?
Victoria is a government city and the government is pandemic-proof; they still occupy space. The Harris-Green district was a prime area for the city to densify, which they need to do as a constrained island. Victoria also has tourism and education, which brings in a lot of people.
When it’s all said and done, there will be something like 6600 condos in the Harris Green district. It reminds me of Yaletown. That population is going to come in and they are going to want retail offerings in their area. If there’s not enough retail space and a large population, retail tenants will pay to be there.
What are some of the biggest lessons investors need to learn?
Location is key in commercial real estate. If you’re a block or two off the main drag, it can drastically affect your vacancy rate. There’s a property in Kamloops that is a block from where it should be and the retail space sat vacant for two years.
You need to understand the vacancy rate. High cap rates are great if you have tenants but will flush through if you have high vacancy.
Most leases restrict your ability to charge back capital improvement costs, like fixing a roof. So you need to have a thorough inspection done to make sure the building doesn’t have a lot of deferred maintenance. That will really affect your numbers.
So the three rules for commercial investors are:
The 5 Wire: Getting to Know the Founder and Managing Director of William Wright Commercial (& VCREP host!), Cory Wright
What is one book you recommend?
I just finished Extreme Ownership by Jocko Willink. It was really good! If you get the audiobook, he has the voice to tell the story. He’s an ex Navy SEAL and it’s all about accountability.
Good to Great by James C Collins is like the bible. Everyone has to read that. Robert Iger, the CEO of Disney, has a great autobiography called The Ride of a Lifetime. Little Black Stretchy Pants by Chip Wilson, the CEO of Lululemon, is another great read. People think he’s just a dumb jock but you get a whole new respect for what he did for that company.
What new belief, behaviour or habit has improved your life?
Improved, and hindered, my life is my Peloton. It gets me ready for the day but I have had some injuries. How do you even fall off a stationary bike? It hurt my face and my ego!
What have you been binge watching lately?
I’m rewatching Selling Sunset. It’s tacky but I’ve watched Suits so many times that I need to find something else. Don’t judge me!
What is one piece of advice you’d give your 18 year old self?
Slow down. I put a lot of pressure on myself to hustle and get to a certain place. I needed to slow down, absorb and learn.
What is something you’ve purchased recently for less than $1500 that has changed your life?
This putter that I bought. It’s tailor-made. I went from missing every putt to getting one out of every eighteen.
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.
Shawn Bouchard, Chief Operating Officer of Lorval Developments, dives into the pressing issue of Vancouver's rental housing crisis, unpacking his thoughts on the root causes of the problem and offering valuable insight on potential solutions. Discover how government intervention can play a pivotal role in addressing the challenges faced by renters in Vancouver.
Lori Suba, President and Broker, and Laurae Spindler, Vice President and Associate, of Scout Real Estate revisit the market in Calgary. Lori and Laurae unpacks the different sectors of the market, as well as discusses the Calgary downtown core and shares 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.
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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