Strata wind-ups are a great way to realize the economic potential of a multi-unit residential property, by leveraging the value of each strata unit in the strata to a developer that wishes to develop on the property. Despite being a great way to realize the economic potential of your property, the wind-up process can be a complex one that involves real estate law, condominium law with the law of restructuring. Many strata owners wish to…
Beautiful British Columbia's geography poses a challenge for housing. 2.4M out of 4.6M (54% of total) British Columbians lived in Greater Vancouver based on 2016 census. Geographically, Greater Vancouver only occupies 0.31% of British Columbia's land mass. Moreover, Greater Vancouver's growth is limited in three directions: mountains to the north, ocean to the west, and US to the south. Hence, the only direction the city can grow is to the east, or to go up…
Industrial Strata More Pricey Than High-End Condos
Click to View original article on www.westerninvestor.com Metro Vancouver now has the lowest industrial vacancy rate in North America, a 0.7 per cent in the first quarter of 2021, and the highest industrial lease rates in Canada. This, combined with the infamous appreciation performance of Vancouver-area real estate, and rock-bottom financing rates, has persuaded a growing number of industrial customers to buy their space rather than lease. The soaring lease rates are also persuading investors…
To date, industrial real estate has shown the greatest resiliency to lease default. E-commerce and logistics are one of the hottest markets and will likely remain strong after the outbreak is over. These services require already stressed industrial land and space supply. Mixed use industrial assets are one of the most lucrative investments in the current market due to its versatility and ability to adjust to changing economies and consumer habits. Subscribe to Dmytro Chernysh's…
In addition to impacting the wellbeing of hundreds of thousand of people all over the world, we are starting to see the effects of the Coronanvirus/COVID-19 Affect on Industrial Real Estate, global and local economies and financial markets. With consumers being advised to stay home and certain businesses ordered to significantly limit their operations or to close on an indefinite basis, many tenants specifically in the restaurant and retail sector, are experiencing problems in managing…
In addition to impacting the well-being of hundreds of thousand of people all over the world, we are starting to see the effects of the Coronavirus/COVID-19 Affect on Industrial Real Estate, global and local economies and financial markets. With consumers being advised to stay home and certain businesses ordered to significantly limit their operations or to close on an indefinite basis, many tenants specifically in the restaurant and retail sector, are experiencing problems in managing…
Despite the slowdown in commercial real estate throughout Greater Vancouver this year, one asset class that has performed well is Industrial sales. During the first half of 2019 there were 212 transactions, up 11% and 13% from the first halves of 2017 and 2018 respectively. Leading the way were Richmond (up 60% from last year), Vancouver (up 27%) and Surrey (up 25%). On the volume side, this year’s total of $567,434,064 was up 7% from…
Commercial real estate sales were slow almost across the board in the Vancouver area during the first quarter of 2019. However, of the main asset classes Industrial sales faired the best except for Office Sales. In Q1-2019 there were 61 Industrial transactions, down 29% from Q1-2018’s 86, and down 35% from Q1-2017’s 94. On the volume side, Q1 was down 18% from one year ago and down 24% from two years ago. And while Q1-2019…
Though commercial real estate activity was very slow in the Vancouver during the first quarter of 2019, there was one bright light among the asset classes: Office sales. In fact, not only were Office sales the only class whose volume was up from Q1-2018, but sales were also up from Q1-2017 (which, at the time, had been considered a strong quarter). Dollar sales jumped 34% from one year ago and 3% from two years ago…
While commercial real estate sales gradually slowed in the Greater Vancouver area throughout 2018, they dropped precipitiously in nearly all asset classes in Q1-2019. One of the worst hit was Residential Land. The quarter saw only 75 transactions, down 55% from Q1-2018’s 167. And volume sales took an even steeper dive – down 75% from one year ago. While all communities were down significantly, the biggest drops were in Tri-Cities (89%), Vancouver (83%), Burnaby (82%)…
BIV: Change in B.C. Strata Law Has Unintended Consequences
Klein Group is featured in a recent article in Business in Vancouver explaining the new government legislation in place for Land Assemblies. Dissolving a strata…
Royal LePage's 2017 National Chairman Club - January 2018
It is with great pride that Royal LePage presents the members of our 2017 Royal LePage National Chairman’s Club. Their outstanding performance has earned each…