The Vancouver Sun recently reported that the city has got off to an excellent start in 2013 in the commercial real estate sector. In fact, with the first half of the year resulting in $724 million worth of investments across 58 transactions, demand is at near-record levels. This level of transaction is the highest the city has achieved since 2002, thanks to multiple office deals exceeding $10-20 million, and one, the REIT purchase of Discovery Parks, topping the charts at $66 million. These transactions reflect the growing Vancouver downtown, where 9 major projects are currently under way to be completed by 2013-2016. Even with this rapid growth, availability of office space in the downtown area is scarce due to the massive influx of demand (which, as reported by Avison Young, has been present for about 20 years now).
The demand being displayed downtown has been making inroads into other regions of the city. Buyers are everywhere, and the presence of public transit means that properties near transit areas are being snapped up at an unprecedented rate. Of particular interest is the PCI Development Project. This project, slated for completion in 2015, is a wide-ranging commercial endeavour that includes 415 condos, 46 rental units, commercial and retail space including a movie theatre, and a plethora of office space for engineering and technology companies. The project’s prominent location next to a SkyTrain station and a heavily-used bus route is what led to its mass appeal.
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Lynx Systems Inc. is a technology consulting company that specializes in assisting real estate companies with their automation needs with a focus on Yardi, MRI and Microsoft SharePoint solutions. Lynx Systems works with clients across Canada and the US to improve productivity and reduce costs by focusing on key processes and by recommending state of the art solutions that streamline operations. Our services include selection, implementation, support, SSRS report writing, training, information architecture and taxonomy, web application development, and branding services, to name a few. https://www.lynxsystemsinc.com
Source: Vancouver Sun
Source Link: https://www.vancouversun.com/business/commercial-real-estate/Vancouver+commerical+real+estate/8929275/story.html
