Q4 2018 Industrial - leevancouver.com · 2 Lee & Associates Vancouver leevancouver.com |Q4 2018...

Q4 2018Industrial

METRO VANCOUVER MARKET REPORT

leevancouver.com Q4 2018 Metro Vancouver Industrial Market Report | 32 Lee & Associates Vancouver

METRO VANCOUVER MARKET OVERVIEW

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ABSORPTION, NEW CONSTRUCTION AND VACANCY

QUARTERLY SALES VOLUME & AVERAGE PRICE PER SF

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Standard - Total Sales Volume Strata - Total Sales Volume Standard - Average Price per SF Strata - Average Price per SF

MUNICIPAL LEASING STATISTICS

VACANCY AND NEW SUPPLY MUNICIPAL VACANCY RATES

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PERCENTAGE OF TOTAL AVAILABLE SPACE FOR LEASE BY SIZE

LEASING STATISTICS

MUNICIPALITY TOTAL INVENTORY (SF)

TOTAL VACANCY (SF)

VACANCY RATE

AVERAGE ASKING LEASE RATE PSF (NNN)

Abbotsford 8,181,924 165,627 1.78% $9.05

Burnaby 29,381,869 290,156 0.99% $13.83

Coquitlam 8,771,511 26,177 0.30% $12.50

Delta 27,124,866 573,798 2.12% $9.39

Langley 21,080,982 280,213 1.33% $11.26

Maple Ridge 2,308,553 0 0.00% $11.25

New Westminster 4,809,861 6,581 0.14% $12.95

North Vancouver 5,107,177 31,272 0.61% $17.25

Port Coquitlam 9,156,480 52,945 0.58% $13.13

Richmond 36,578,063 928,208 2.54% $11.58

Surrey 34,240,729 285,350 0.83% $10.79

Vancouver 24,597,426 453,878 1.85% $17.70

Total 211,339,441 3,094,205 1.46% $12.56

0%10%20%30%40%50%60%70%80%90%

100%

Abbotsford Burnaby Coquitlam Delta Langley Maple Ridge NewWestminster

NorthVancouver

Pitt Meadows Port Coquitlam Richmond Surrey Vancouver

0-5,000 SF 5,000-30,000 SF 30,000-100,000 SF Over 100,000 SF

The Metro Vancouver industrial vacancy rate stayed at 1.46% for the end of 2018, showing no change compared to Q3 2018.This is still a drop of two basis points compared to Q4 2017. Despite vacancy rate remaining at 1.46% the availability rate dropped 0.15% and ended 2018 at 4.91%. Absorption nearly matched new supply, 907,000 and 921,000 square feet respectfully, which was one of the factors that resulted in the vacancy rate staying at 1.46%. Despite the vacancy rate staying the same this quarter, the Metro Vancouver rental rate for industrial properties continues to rise, reaching an average of $12.56 per square foot; this is an increase of over $1.00 compared to the end of 2017.

Sales are up this quarter, increasing to over $385 million as many large sales completed at the end of the year. This set to be the most active quarter for sales in 2018 as more info comes in. Price per square foot continues to rise, reaching an average of over $370 per square foot, an increase of $80 compared to Q4 2017.


KEY MARKET SNAPSHOTS

The vacancy rate in Vancouver, North Vancouver and Burnaby market increased to 1.31% this quarter, up from the historical low of 1.07% reported in Q3 2018. This is largely due to projects reaching completion and entering the industrial market.

Asking rental rates continue to rise, hitting a high of $16.26 per square foot, the highest across all markets, with both Vancouver and North Vancouver, $17.70 and $17.25 per square foot respectfully, being the highest averages across the Metro Vancouver market.

Sales volume increased this quarter, reaching $149,000,000 which marks a sales volume of over $524,000,000 for 2018. This is set to match the total sales volume in 2017 when all sales info rolls in. Price per square foot reaches a high of $585 PSF this highest across all markets, a difference of over $200 PSF compared to the other markets in Metro Vancouver.

NOTABLE LEASE TRANSACTIONSADDRESS MUNICIPALITY SIZE (SF) TENANT

6228 Beresford Street* Burnaby 59,400 Silverstrand Production Services Inc.

8335 Winston Street Burnaby 47,440 Raider Hansen

B - 3750 North Fraser Way* Burnaby 44,779 Lifetec Construction Group

*Leased by Lee & Associates


QUARTERLY SALES VOLUME & AVERAGE PRICE

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Total Sales - Standard Total Sales - Strata Price/SF - Standard Price/SF - Strata

NOTABLE SALE TRANSACTIONSADDRESS MUNICIPALITY PRICE SIZE (SF) PURCHASER

117 E. Kent Avenue N, 8417 & 8447 Main Street Vancouver $43,170,000.00 118,500 Value Property Group (117 K-Main Properties Inc.)

8651 Eastlake Drive Burnaby $30,125,000.00 111,152 8651 Eastlake Dr Holdings ULC

1691 West 75th Avenue Vancouver $23,000,000.00 30,000 FYL (West 75 Ave) Enterprises Ltd.

8651 EASTLAKE DRIVE, BURNABY

The Tri-Cities and Ridge Meadows market experienced further tightening at the end of the 2018, seeing vacancy drop 58 basis points to close the year at 0.39%. This drop was despite 118,141 square feet of new supply coming to market in Q4; largely due to the completion of Seaborne Park in Port Coquitlam. However, any new supply was negated by absorption that totalled 293,376 square feet in Q4, providing an increase of 225,853 square feet over the 67,523 square feet that occurred in Q3. Consequently, the effects of this tightening have been reflected across all municipalities within the market as rental rates have risen to unprecedented rates. Average asking rates breached the $12.00 per square foot mark with an increase from $11.47 in Q3 to $12.29 in Q4, representing a quarterly rate hike of $0.82 and a yearly escalation of almost $2.00 from the average asking rate of $10.31 at the end of Q4 2017. For local tenants this rate inflation has forced many to renew at a much higher cost, or face relocation, as landlords feel confident they will be able to procure tenants at prevailing market rates. This reality has encouraged tenants to further explore purchase options in a market with limited supply available, resulting in off-market offers and deals at top dollar. One of the largest transactions over Q4 occurred in this manner at 1594 Kebet Way, Port Coquitlam, which sold at a price of $9,000,000, representing a value of approximately $375 per square foot for a freestanding building. The largest transaction of


80 & 84 Golden Drive Coquitlam $18,250,000.00 37,834 Nicola Crosby Real Estate

1594 Kebet Way Port Coquitlam $9,000,000.00 N/A Toro Aluminum (Franline Investments Limited)

12875 261A Street Maple Ridge $3,850,000.00 16,500 Dick Irwin Limited

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1488 Coast Meridian Road Port Coquitlam 96,137 Direct Limited Partnership

575 Seaborne Avenue, Seaborne Park - Bldg 2000 Port Coquitlam 19,196 SOV Construction Inc.



Vancouver | North Vancouver | Burnaby Tri-Cities | Ridge Meadows (Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge)

INDICATOR TREND Q4 2018 Q3 2018

Vacancy Rate p 1.31% 1.07%

Absorption (SF) q -44,853 322,143

Average Asking Rent (PSF) p $16.26 $16.21

Average Additional Rent (PSF) p $6.16 $6.07

Sales Volume p $149,038,575 $105,898,697


Vacancy Rate q 0.39% 0.97%

Absorption (SF) p 293,376 67,523



Sales Volume p $38,399,499 $16,777,498

the quarter was an investment purchase by Nicola Crosby for 80 and 84 Golden Drive, Coquitlam, for a price of $18,250,000. These two transactions contributed to the majority of the $38,399,499 of sales volume for the quarter.


KEY MARKET SNAPSHOTS

Surrey | Langley | Abbotsford

The Surrey, Langley and Abbotsford market has increased its vacancy by 3 basis points going from 1.12% in Q3. This brings vacancy rates to 1.15% to conclude the year of 2018. These vacancy rates have come a long way when compared to the .99% in Q1 of 2018. This consistent increase in vacancy is due to the new industrial developments occurring in Campbell Heights, Aldergrove and parts of Abbotsford however the Metro Vancouver region is still feeling the constraint when it comes to industrial supply.

The average asking basic rent has demonstrated an increase of $0.30 per square foot which is a direct representation of the increasing value of industrial product within these municipalities. In addition, the average additional rental rate has also increased by $0.04 per square foot which also shows a direct correlation to the increase in property taxes experienced within the cities. Sales volume has shown another substantial drop ending Q4 2018 with $39,513,110 compared to $103,945,679 in Q3 2018.


2945 190 Street Surrey 94,500 Green Line Hose & Fittings Ltd.

5202 272 Street Langley 84,809 Kingspan Insulated Panels Ltd.

#1–3 - 5367 271 Street Langley 39,640 IEM Industrial Electric MFG. Canada Inc.


18998 36 Avenue Surrey $7,500,000.00 24,500 Wilco Pacific Investments Inc.

12388 Pattullo Place Surrey $5,700,000.00 15,970 1161973 B.C. Ltd.

12788 82 Avenue Surrey $3,900,000.00 10,500 KB Properties Inc.

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5202 272 STREET, LANGLEY

Richmond | Delta


1420-1440 Derwent Way Delta 55,300 SIM Video International

1360-1396 Cliveden Avenue Delta 47,619 Transit Logistics Inc.

1388 Cliveden Avenue Delta 47,619 TransIt Logistics Inc.


7939 Huston Road Delta $42,500,000.00 161,722 Cosa-Nova Fashions Limited

9160 Van Horne Way Richmond $22,000,000.00 91,000 Van Horne Ventures Ltd.

#113 - 7727 Beedie Way Delta $13,256,987.00 58,319 98236659 Marketing Ltd.

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Sum of New Supply (SF) Sum of Absorption (SF) VacancyThe Richmond Delta market which has usually been the most active market in Metro Vancouver experienced a slight decrease this quarter, dropping to 2.36% from 2.44% reported in Q3 2018. Despite the slight drop this quarter the vacancy rate has actually increased compared to this time last year, this is largely due to many projects being completed and entering the industrial market.

Despite the large amount of new supply coming to the market and the vacancy rate increasing this year, the average rental rate for the Richmond delta market increased to $10.48 an increase of over $.50 compared to Q4 2017.

Sales volume increased this quarter with many large sales being completed by the end of the year, over $150,000,000 was reported this quarter. Despite the large volume of sales being recorded the price per SF decreased, dropping to $299 PSF, the lowest for this market in 2018.



7939 HUSTON ROAD, DELTA


Vacancy Rate p 1.15% 1.12%

Absorption (SF) q 291,184 759,016



Sales Volume q $39,513,110 $103,945,679


Vacancy Rate q 2.36% 2.44%

Absorption (SF) p 367,263 297,206



Sales Volume p $154,325,675 $132,450,382


NOTABLE TRANSACTIONS BROKERED BY LEE & ASSOCIATES

CANADAU.S.A.

CANADAU.S.A.

Cultus Lake

LOUGHEED HIGHWAY

Anmore

Belcarra

Vancouver International

Airport

SeaIsland

Steveston

WesthamIsland

BeachGrove

Boundary BayAirport

TilburyIsland

AnnacisIsland

SouthWestminster

Newton

Panorama Ridge

Sullivan

SurreyCentre

Sunnyside

Douglas

Brookswood

LangleyAirport

ForestKnolls

FortLangley

Cloverdale

FraserHeights

Whalley

Anniedale

PortKells

Milner

Murrayville

WalnutGrove

Albion

HaneyYennadon

Whonnock

Glen Valley

Bradner

Aldergrove

AbbotsfordAirport

NorthPoplar

Clearbrooke

Clayburn

Matsqui

Mission City

Hatzic

Dewdney

Steelhead

Stave Falls

West Heights

Huntingdon

Yarrow

Greendale

VedderCrossing

Sardis

Aberdeen

Ruskin

Guildford

Queensborough

Sapperton

EdmondsMetrotown

CapitolHill

Deep Cove

Buntzen Lake

CoquitlamCentre

Burquitlam

Austin Heights

Maillardville

Mary Hill

Pitt MeadowsAirport

DouglasIsland

BarnstonIsland

CoquitlamLake

CapilanoLake

Lynn Valley

Ladner

West Point Grey

Dunbar

Kerrisdale

Oakridge

Marpole Fraserview

Collingwood

Tsawwassen

English BayBurrard Inlet

IndianArm

Straight ofGeorgia

Boundary Bay

Mud Bay

Fraser River

Pit Lake

Stave Lake

Alouette Lake

Norrish Creek

ChehalisRiver

Lake Errock

Stanley Park

Downtown

MitchellIsland

WHITE ROCK

MAPLE RIDGE

MISSION

CHILLIWACK

ABBOTSFORD

WESTVANCOUVER

RICHMOND

PITTMEADOWS

PORT COQUITLAM

PORTMOODY

LANGLEY

CITY OFNORTH

VANCOUVER

DELTA

NORTHVANCOUVER

SURREY

COQUITLAM

NEWWESTMINSTER

BURNABY

VANCOUVER

LANGLEY

2

*Personal Real Estate Corporation

SALE TRANSACTIONS | METRO VANCOUVER 2018ADDRESS CITY PRICE SIZE (SF) PURCHASER AGENTS

1 19209–19239 96th Avenue Surrey $11,000,000 66,383 Leavitt Holdings Inc Sebastian LP Espinosa*

2 7520–7550 Conrad Street Burnaby $9,650,000 27,200 CREC Commercial Fund LP Steve Caldwell*

3 1955 East Hastings Street Vancouver $8,200,000 8,063 Reliance Properties (Acquisitions) Ltd. Ryan Saunders*, Mitch Ellis

4 7570–7590 Conrad Street Burnaby $6,750,000 30,129 CREC Commercial Fund LP Steve Caldwell *

5 2961 Norland Avenue Burnaby $6,175,000 9,000 32 Fawcett Investments Ltd. Steve Caldwell*, Chris McIntyre*

4

5

10

LEASE TRANSACTIONS | METRO VANCOUVER 2018ADDRESS CITY SIZE (SF) TENANT AGENTS

6 4916 275th Street Langley 123,500 Thomson Technology Power Systems Sebastian LP Espinosa*

7 #101-107, 100-103 & 106 - 1 & 3A Burbidge Street Coquitlam 84,083 N.I.I. Northern Internatonal Inca Sebastian LP Espinosa*,

Steve Caldwell*

8 6228 Beresford Street Burnaby 59,400 Silberstrand Production Services Inc. Scott Primrose, John Primrose

9 Unit B - 3750 North Fraser Way Burnaby 44,779 Lifetec Construction Group Chris McIntyre*, Steve Caldwell*

10 20329 Logan Avenue Langley 32,000 Global Mining Products Inc Sebastian LP Espinosa*

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LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS.

50 Years of Local Market Experience

The Lee & Associates Vancouver office has had a long history of providing exceptional commercial real estate services in Vancouver; our roots go back to 1970 when we were originally established as Town Group Realty. Throughout the past five decades, our professional realtors have represented buyers and sellers as well as landlords and tenants alike in the primary asset classes of industrial sales and leasing, retail sales and leasing, office leasing, land sales and investment sales.

We are the first Canadian office in the Lee & Associates network, the largest broker-owned commercial real estate firm in North America. With more than 900 brokers (and growing) Lee & Associates provides a wide range of specialized services on a local and international level.

Ryan [email protected]

Joshua [email protected]

Grant [email protected]

Chris McIntyre Personal Real Estate [email protected]

Steve Caldwell Personal Real Estate [email protected]

Don MussendenPersonal Real Estate Corporation [email protected]

Tony Capolongo [email protected]

Arash RezaiPersonal Real Estate Corporation [email protected]

Mitch Ellis [email protected]

Ryan Saunders Personal Real Estate [email protected]

Sebastian LP Espinosa Personal Real Estate [email protected]

Rand W. Thomson Personal Real Estate [email protected]

Mackenzie [email protected]

Vancouver Industrial Team

The Lee Network

OFFICEINDUSTRIALRETAILINVESTMENTAPPRAISALMULTI-FAMILYLANDPROPERTY MANAGEMENTVALUATION & CONSULTING

LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS.

At Lee & Associates® our reach is international but our expertise is local market implementation. This translates into seamless, consistent execution and value driven market-to-market services.

Our agents understand real estate and accountability. They provide an integrated approach to leasing, operational efficiencies, capital markets, property management, valuation, disposition, development, research and consulting.

We are creative strategists who provide value and custom solutions, enabling our clients to make profitable decisions.

1,000+PROFESSIONALS

and GrowingNationwide

85%Increase in

Transaction VolumeOver 5 Years

$13+BILLION

Transaction Volume(2017)

57+OFFICES

Nationwide

POWER OF THE LEE NETWORKVancouver, BC, Canada

Irvine, CAOrange, CANewport Beach, CAOntario, CARiverside, CALos Angeles, CAIndustry, CACarlsbad, CAStockton, CAPleasanton, CAWest LA, CASherman Oaks, CACentral LA, CATemecula Valley, CAVictorville, CACalabasas, CALos Olivos, CASan Luis Obispo, CAVentura, CASan Diego, CAReno, NVOakland, CAAntelope Valley, CASanta Barbara, CAPalm Desert, CAISG- LA, CABoise, ID

Long Beach, CADenver, COPasadena, CAWalnut Creek, CASeattle, WAPhoenix, AZDallas/Ft Worth, TXHouston, TXChicago, IL,St. Louis, MOSouthfield, MIMadison, WIIndianapolis, INGreenwood, INCleveland, OHColumbus, OHTwin Cities, MNAtlanta, GAGreenville, SCFort Myers, FLOrlando, FLCharleston, SCValuation, AtlantaElwood, NJ Manhattan, NYEdison, NJChesapeake RegionLI/Queens, NYEastern Pennsylvania

WESTMIDWEST

SOUTH

SOUTH-WEST

EAST

BCCANADA

This report should not be relied upon as a basis for entering into transactions without seeking specific, qualified, professional advice. Whilst facts have been rigorously checked, Lee & Associates can take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this report. Information contained herein should not, in whole or part, be published, reproduced or referred to without prior approval. Any such reproduction should be credited to Lee & Associates.

© 2019 Lee & Associates Commercial Real Estate (BC) Ltd.

For inquiries please contactRyan WalmsleyVP | Marketing and ResearchD [email protected]

Lee & Associates Vancouver475 West Georgia Street, Suite 800Vancouver, BC V6B 4M9 O 604.684.7117 F 604.684.1017

Q4 2018Industrial

METRO VANCOUVER MARKET REPORT

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