Page 1

Promotional supplement

VA N COU VE R C H A P T E R 13th annual

Regional

METRO VANCOUVER

CHAPTER

Office

Development Cost Survey Fall 2012

2012 Highlights

The Vancouver Chapter of the Commercial Real Estate Development Association (NAIOP) is pleased to present the 2012 edition of their Commercial Development “Report Card”

NAIOP will be acknowledging the municipalities that have excelled in creating environments positive to business creation. The 3 categories of awards are: Most Improved – The most improvement compared he Vancouver Chapter of to previous survey results the Commercial Real Estate Most Fiscally Responsible Development Association (NAIOP) – Cost increases kept in line V A overall N C inflation OUVER C H A is P pleased T E R to present the 2012 edition with Most Business Friendly of their Commercial Development – Implementation of policies to support “Report Card” the creation of new job spaces Economic growth continues at

T

The awards will be presented at the October 18th breakfast meeting

This year’s winners are: Most Improved (Joint award) – Port Moody and the City of Surrey – these cities recorded an overall drop in costs of 18% and 19% from the previous survey results in 2010 Most Fiscally Responsible (Joint Award) – City of North Vancouver and West Vancouver – these cities have managed to limit cost increases to a rate that is below the average GR ATER VA COUVER rate ofEinflation since theNsurvey’s inception in the year 2000 Most Business Friendly – City of Chilliwack – In 2011 City Council established an Industrial Revitalization Tax Exemption program wherein Construction of new industrial buildings with a value of construction in excess of $1 million (or an alteration/addition of an existing industrial building with the same value), can qualify to save on industrial property taxes for five years with this new industrial incentive.

Some Positive Highlights to Note: • Two municipalities managed to keep their cost increases below the rate of inflation over the 12 year period from 2000 to 2012 • Four municipalities had no cost increases since the last survey in 2010 and 7 municipalities reduced costs from 2% to just under 20% during this time period. This represents the best result in the survey’s 12 year history. • Business to Residential Tax ratio’s have remained relatively static since 2010 with roughly half of the municipalities meeting or exceeding the ideal ratio of 3 to 1.

Some Not-So Positive Highlights to Note: Processing times appear to be on the increase with 6 municipalities experiencing increases in approval timing offset by a decrease in one municipality

a measured pace with the US fall elections approaching and the local office market appears to have taken a pause in the first half of the year by posting roughly 100,000 square feet of negative absorption with a vacancy rate of 7.5%. The pause may be well justified as the market awaits what is sure to be an active period for the City’s local brokerage and interior design community, with the introduction of a combined 1.0 million square feet of new product scheduled for CHAPTER completion in the downtown core by 2014. Suburban markets continue to struggle with the five key local submarkets experiencing vacancy rates of 10% to over 19%. In 2001 when the Office Survey was started, the vacancy rate was roughly 9% and in 2002 roughly 1.0 million in new product was brought into the market. By late 2002, the vacancy rate shot up to 14% and it was 3 years before it again dipped below the 10% mark. We’ll see soon enough if history repeats itself. As an old Chinese proverb states: May we live in interesting times. We hope you find this years survey informative and we look forward to continuing to provide this service for many years to come. The Survey, which is distributed to 20 communities within the Lower Mainland, requires each municipality to identify the costs and processing times associated with the parameters of the case study outlined within this article. For 2012, the development project was, as per the previous Surveys, the construction of a 2 storey, 50,000 square foot office building on 2.5 acres of land requiring both subdivision and rezoning. In producing this annual publication, NAIOP strives to

2012 NAIOP VANCOUVER/BIV COMMERCIAL REAL ESTATE AWARDS OF EXCELLENCE

Office Lease winner for 2012: Containers on Terminal Columbia College, 428 Terminal Ave., Vancouver

Office Development winner for 2012: Broadway Tech Centre Bldg. #4

provide its membership and the business community as a whole with a reference tool that quantifies the costs and processing times associated with typical development projects within Metro Vancouver municipal jurisdictions. Moreover, we believe the Survey can be utilized by the municipalities, whose active participation makes this survey possible, as a gauge for how their own development costs and approval processes compare to their neighbours.

Index Survey Scenario........................... 3 Market Beat - Office Report........ 6 Market Highlights........................ 7 Municipal Fees............................. 8 Mill Rates.................................... 8 Municipal Fees and Approval Times........................................... 9 Future Trends............................. 12 Move Towards Green................. 13 2012 NAIOP Icon Profile............ 14 Comparative Tax Burden........... 15


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3

Regional Office Development Cost Survey — Fall 2012

METRO VANCOUVER

CHAPTER

Office Development Scenario VANCOUVER

VANCOUVER

Lower Mainland/Fraser Valley

BURNABY New Westminster

RICHMOND

DELTA

ge

District of NORTH VANCOUVER

Rid

City of NORTH VANCOUVER

le

WEST VANCOUVER

Ma p

his year’s survey was based on an office development scenario, the construction of a 2 storey 50,000 square foot Class B office building on 2.5 acres of land. Municipalities received a “development proposal” where rezoning, subdivision, development permit and building permit approvals would be required. They then reported on development costs and approval times according to their usual standards and processes. 20 municipalities were sent the survey representing a real life situation in a mock development scenario, intending for them to run this request through their approval time line and assess overall cost requirements. This level playing field provides meaningful comparison to actual building and development permit requests made by industry, and holds municipalities accountable for delivering on promises to efficiently process development opportunities in their respective jurisdictions.

Po r CO Mo t QU ody ITL Po AM rt C oq uit lam Pit tM ea do ws

T

CHAPTER

GREATER VANCOUVER

Mission

SURREY

City of LANGLEY

CHILLIWACK

Township of LANGLEY ABBOTSFORD

WHITE ROCK

All municipalities were provided with an opportunity to review and comment on the results prior to publication. Please note that the Survey results are based solely on the responses of the municipalities. The Metro Vanacouver water and sewer charges, returnable security deposits, and letters of credit

CHAPTER

CANADA USA

have been broken out as separate items for comparative purposes but have not been included in totals due to regional variation in methods for calculating these items. (See detailed tables on pages 8) Continued on page 5

20 municipalities were sent the survey


Accelerating success. When you choose to work with Colliers, you choose to work with the best. You can depend on our ability to draw on years of direct experience in the local market.

INDUSTRIAL 3888 North Fraser Way

Burnaby

4,980 - 54,145 SF warehouse/office in newly renovated building.

$8.50/SF

Russ Bougie*

8257 92nd Street

Delta

3,300 - 27,333 SF warehouse/office.

$8.95/SF

Don Viner Stefan Morissette

100 - 2155 Dollarton Highway North Vancouver

First class office/production/technology. 19,000 - 41,708 SF.

Sublease 1344 Derwent Way

Todd Scarlett* Delta

110,868 SF office/warehouse space available March 2013.

$7.50/SF

Darren Cannon* Stuart Morrison*

13240 Worster Court

Richmond

8291 92nd Street Delta Buckingham Corporate Centre

Up to 147,378 SF landmark building, high exposure location.

High exposure location. 960 - 47,162 SF warehouse/office units.

Darren Cannon*, Stuart Morrison* $7.25/SF Bruno Fiorvento*

Craig Kincaid-Smith $153.00-155.00/SF Don Viner

51 Glacier Street

9535 200th Street

Coquitlam

Rare Coquitlam industrial property. 10,800 SF on 2.75 acres.

$5,200,000

Ewen Johnston

Langley

2.5 acres, approximately 15,000 SF build-to-suit opportunity in Port Kells.

Lease

Vito DeCicco* Chris Morrison*

RETAIL 8018 Cambie Street MC2

Vancouver

4806 - 4856 Hastings Street MONTAGE Vancouver

15295 Highway 10 Sullivan Square

Surrey

New mixed-use strata development in Burnaby Heights — ready late 2013.

1,400 - 10,000 SF of high quality retail located within strong commercial node.

Sherman Scott Casey Pollard*

$25.00-28.00/SF Drew Gilbertson

34150 South Fraser Way East Abbotsford

Up to 9,300 SF of retail across from Marine Drive Canada Line Station.

Sale

Sheldon Scott* Casey Pollard*

Sale/Lease

5,000 - 10,000 SF. High exposure location on South Fraser Way.

$14.00/SF

Sean Ogilvie

This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). Š 2012. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Vancouver). *Personal Real Estate Corporation. PO #11312.

200 Granville Street, 19th Floor, Vancouver, BC, V6C 2R6 | 1 604 681 4111 | www.collierscanada.com


5

Regional Office Development Cost Survey — Fall 2012

METRO VANCOUVER

Office Development Scenario

VANCOUVER

CHAPTER

CHAPTER

Continued from page 3

Subject Property is currently:

GREATER VANCOUVER

• Not subdivided • Zoned Residential • 2.5 Acres • Development Proposal • 2 storey 50,000 square foot office building • Interior lot with 295 feet of frontage on dedicated municipal roadway • Net size of 2.0 acres after road and other dedications • Required Municipal Processes • Rezoning • Subdivision • Development Permit • Building Permit • Construction Costs • $132 PSF for the Building ($6,600,000) • $12 PSF for site improvements ($600,000) • $600,000 for street and drainage improvements (not DCC rebateable)

This level playing field provides meaningful comparison to actual building and development permit requests

The Commercial Real Estate Group of Koffman Kalef LLP are:

Our Commercial Real Estate practice group represents clients in a variety of complex real estate transactions and development matters including: the purchase and sale of shopping centres, office buildings and industrial parks; strata property development matters, including the preparation and filing of Disclosure Statements under the Real Estate Development Marketing Act; land assemblies, subdivision matters, including providing advice regarding

CHAPTER

environmental and municipal requirements; bare land strata developments, strata hotel and recreational developments, and leasing transactions (industrial, office, retail, and First Nations). We also advise our real estate clients in connection with construction, takeout and inventory financings, and the structuring of joint ventures, co-ownership arrangements and real estate syndications of all types, including limited partnerships.

19th Floor, 885 West Georgia Street Vancouver, British Columbia V6C 3H4 Canada Telephone 604-891-3688 Fax 604-891-3788 www.kkbl.com

Standing left to right: Patrick J. Julian; Mark E. Wong; Andrew G. Kadler; Michael M. Kalef; Andrea J. Wales; Mark A. Bickford; Stan Wong Seated from left to right: Leslie A. Tucker; Daniel S. Remick; Morley Koffman, QC; Erin K. Tait


6

Regional Office Development Cost Survey — Fall 2012

METRO VANCOUVER

CHAPTER

Marketbeat: Vancouver Office Report CHAPTER

Q2 2012

Y-O-Y CHANGE

12 MONTH FORECAST

Overall Vacancy

7.4%

7.5%

0.1pp

Direct Net Asking Rents (psf/yr)

$19.79

$21.72

9.8%

 

YTD Leasing Activity (sf)

1,963,971

2,356,320

20.0%

to China surged 61% to more than $1 billion in 2011, but growth eased late in the year and activity should be more stable in 2012. The B.C. labour market remains choppy, but employment was up 1.6% year-over-year in March, led by growth in business services and manufacturing, according to BMO Capital Markets. OFFICE MARKET OVERVIEW Vancouver’s office market slowed down in the second quarter of 2012, while still remaining positive from the end of 2011 and beginning of 2012 with a decrease in leasing activity and slight increase in vacancy. The second quarter saw negative 100,052 square feet (sf) of absorption, 926,904 sf of leasing activity, and a 0.4-percentage point decline in vacancy, down to 7.4%. For comparison, the vacancy rate was 7.1% during the prior quarter and 7.5% one year ago. Furthermore, 22,500 sf of new supply (two addition floors) was added to Vancouver’s office market at 1132 Hamilton in quaint Yaletown.

L E ASIN G ACTIVITY

2.4

CHAPTER

Q2 2011

Though economic conditions remain weaker in suburban areas, positive signs are on the horizon, particularly in Burnaby, Surrey and New Westminster. Vancouver’s downtown core will also see the introduction of a combined 1.0 msf of new product scheduled for completion by 2014. OUTLOOK While Vancouver’s office market saw only one building enter the market

4.0

GREATER VANCOUVER

DIRECT RENTAL VS. VACA NCY RATES

3.5

B

STATS ON THE GO

2.8

ECONOMIC OVERVIEW ritish Columbia’s (B.C.) economic growth got off to a slow start in 2012, following moderate performance in 2011, when GDP expanded by 2.9%. Growth cooled further than originally projected, with an estimated 2.3% quarterly growth rate as a result of a slowing housing market, weaker Asian export demand, and still-moderate U.S. economic growth. Average house prices in Vancouver were down 3.1% year-overyear in March, compared to a 20%-plus pace a year ago. Sales in the city are now running about 10% below the 10-year average, and new listings are somewhat elevated compared to historical norms. Additionally, the transition from the HST back to the PST/GST appears to be having a negative impact on the new home market. However, this year’s provincial budget attempted to ease the impact by introducing a first-time buyers’ grant for purchases of new primary residences by March 31, 2013. The condo market continues to lead new building activity, with units under construction up 32% year-over-year in Vancouver in February, and the number of newly completed and unoccupied units near the highest level in 12 years Meanwhile, a cooling Chinese property market has sapped some momentum from recently robust forestry exports to that region. Lumber exports

4.3

VANCOUVER

in first quarter, approximately 200,000 sf is planned for completion throughout the year, most of which has prelease commitments. Vacancy is expected to remain tight – and the market expensive – until more office towers are built. Given the substantial amount of new inventory anticipated to enter the market over the next three to four years, Vancouver’s office market is expected to progressively stabilize.

Vancouver Office Market SUBMARKET

INVENTORY

OVERALL VACANCY DIRECT VACANCY RATE RATE

YTD LEASING ACTIVITY

UNDER CONSTRUCTION

YTD CONSTRUCCURRENT QUARTION COMPLETIONS TER OVERALL ABSORPTION

YTD OVERALL ABSORPTION

WTD. AVG. ALL CLASSES GROSS RENTAL RATE*

WTD. AVG. CLASS A GROSS RENTAL RATE*

Downtown Vancouver

23,999,047

3.5%

3.0%

1,038,264

1,170,792

22,500

12,020

31,978

$44.89

$52.28

Broadway Corridor

6,247,279

4.2%

3.6%

169,103

251,730

0

5,754

39,521

$34.66

$38.65

Central Total

30,246,326

3.7%

3.1%

1,207,367

1,422,522

22,500

17,774

71,499

$42.76

$49.44

Burnaby

9,842,715

9.6%

7.4%

581,896

581,000

0

(77,379)

39,922

$35.34

$38.29

Richmond

4,358,727

19.4%

18.8%

151,661

0

0

(34,771)

(28,995)

$23.81

$26.78

North Shore

1,523,825

9.8%

9.1%

54,927

0

0

(30,363)

(38,328)

$28.79

$35.81

New Westminster

1,085,600

11.8%

9.5%

122,012

395,000

46,453

17,257

88,552

$25.84

$29.93

Surrey/Langley

4,291,227

14.2%

13.1%

238,457

537,584

0

7,430

6,583

$28.16

$28.79

Suburban Total

21,102,094

12.7%

11.1%

1,148,953

1,513,584

46,453

(117,826)

67,734

$28.75

$31.28

TOTAL

51,348,420

7.4%

6.4%

2,356,320

2,936,106

68,953

(100,052)

139,233

$33.79

$36.41

* RENTAL RATES REFLECT ASKING $PSF/YEAR


7

Regional Office Development Cost Survey — Fall 2012

METRO VANCOUVER

CHAPTER

Market Highlights Significant Q2 2012 Lease Transactions

SUBMARKET

TENANT

BUILDING CLASS

SQUARE FEET

Broadway Tech Centre – Bldg 6

Burnaby

Golder Associates

A

135,000

580 Granville Street

Financial Core

Sophos

A

35,908

858 Beatty Street

Financial Core

Microsoft

A

35,894

Bentall V

Financial Core

Teck Cominco

AAA

35,112

False Creek Research Park

Broadway Corridor

StemCell

A

34,853

Significant Q2 2012 Sale Transactions

SUBMARKET

BUYER

PURCHASE PRICE / $PSF

SQUARE FEET

Bentall V

Financial Core

550 Burrard Street Ltd.

$396,000,000

583,000

401 West Georgia / 800 Burrard (50% interest)

Financial Core

CPP Investment Board

$115,167,000

491,032

Esplanade Centre

North Vancouver

City of Vancouver

$ 28,500,000

105,024

The Province Building

Financial Core

929767 B.C. Ltd.

$18,010,000

50,000

1028-1036 Hamilton Street

Financial Core

1028 Hamilton (BT) Holdings Ltd.

$14,525,000

30,000

Significant Q2 2012 Construction Completions

SUBMARKET

MAJOR TENANT

COMPLETION DATE

SQUARE FEET

1132 Hamilton Street

Financial Core

SPEC

Q2 2012

22,500

Significant Projects Under Construction

SUBMARKET

MAJOR TENANT

COMPLETION DATE

SQUARE FEET

Telus Garden

Financial Core

Telus

Q2 2015

450,000

Metrotower III

Burnaby

Speculative

Q2 2014

411,000

745 Thurlow

Financial Core

SNC Lavalin / McCarthy Tetrault

Q2 2015

400,000

Brewery District – Building I

New Westminster

Translink

Q2 2013

265,000

MNP Tower

Financial Core

Meyers Norris Penny Ltd.

Q2 2014

265,000

Surrey City Hall

Surrey

City Hall

Q2 2013

250,000

Broadway Tech Centre – Building IV

Burnaby

HSBC

Q4 2012

170,000

VANCOUVER

CHAPTER

GREATER VANCOUVER

CHAPTER

* RENEWAL - NOT INCLUDED IN LEASING ACTIVITY STATISTICS

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8

Regional Office Development Cost Survey — Fall 2012

METRO VANCOUVER

CHAPTER

Municipal Fees 2010 Municipality Subdivision Site V A N C2012 OUVE R CHAP TER Rank Rank Permit Profile

Building Permit

Servicing DCC Agreement Charges Administration and Processing Fees

DCC Charges per Square Foot

Sewer Hookup Fees

1

1

Burnaby

$2,500

$100

$67,681

$24,977

$0

$0.00

2

2

City of White Rock 3

$1,350

$0

$57,298

$18,000

$57,288

$1.15

6

3

Port Moody 1

$3,033

4G R E A T4E R

Water Hookup Fees

Landscaping / Street Improvement Fees

Develop- Rezoning Metro ment Applica- Regional Permit tion Fees Sewer Fees and Water Charges

Returnable Security Deposits / Letters of Credit

Other Fees

Taxes #

2012 2010 TOTAL TOTAL (Excluding Metro Regional Charges & Taxes)

Percentage Change

2000 Totals

Percentage Change from 2000

Equivalent Annual Average Inflation Rate

$19,805 $9,790

n/a

$16,200

$7,175

$40,550

n/a

$0

$78,780

$148,228

$137,815

8%

$60,144

146%

7.88%

$17,500

$5,000

$10,000

$2,000

$2,688

$40,550

n/a

$0

$67,913

$171,124

$138,176

n/a

$104,386 64%

7.88%

$77

$44,863

$36,000

$55,143

$1.10

$177

$59

$11,000

$11,225

$12,002

$40,550

$1,150,000

$500

$76,757

$174,079

$215,327

-19%

$101,475

72%

4.15%

APTER Pitt Meadows C1 H$1,630

$0

$59,400

$9,500

$115,298

$2.31

$8,030

$2,700

n/a

$3,894

$4,119

$40,550

n/a

$0

$92,458

$204,571

$195,031

5%

$114,216

79%

9.14%

VANCOUVER

3

5

New Westminster 1,3

$705

$100

$51,530

$1,620

$97,500

$1.95

$25,000 $10,000 $28,800

$2,753

$3,601

$40,550

n/a

$0

$105,720 $221,609

$148,726

49%

$66,605

233%

10.53%

5

6

Chilliwack 1

$720

$50

$54,517

$8,000

$182,270

$3.65

$160

$581

$2,329

n/a

n/a

$0

$73,711

$248,707

$198,634

25%

N/A

N/A

N/A

8

7

Delta

$435

$0

$42,930

$24,000

$124,506

$2.49

$35,000 $30,000 $6,000

$1,100

$3,029

$40,550

n/a

$0

$83,532

$267,000

$287,000

-7%

$198,709 34%

2.50%

7

8

Maple Ridge 8

$2,422

$0

$45,088

$24,000

$165,530

$3.31

$23,600 $8,700

n/a

$2,442

$5,590

$40,550

n/a

$0

$91,658

$277,372

$267,520

4%

$127,711

6.67%

10

9

Port Coquitlam $750 5

$75

$58,653

$24,000

$187,518

$3.75

$0

n/a

$1,200

$13,067

$40,550

110% of Landscape Cost

$0

$101,952 $285,263 $324,580

-12%

$222,435 28%

2.10%

9

10

District of North Vancouver

$1,600

$0

$75,235

$25,595

$174,856

$3.50

$23,714 $25,125 $0

$3,600

$5,025

$30,250

n/a

$595

$66,594

$335,345 $317,513

6%

$238,648 41%

2.87%

12

11

Township of Langley 6

$1,760

$0

$50,807

$28,250

$252,835

$5.06

$0

n/a

$5,745

$10,000

$40,550

$128,400

$500

$73,954

$354,897 $360,587 -2%

$161,415

120%

7.48%

13

12

Langley (City) 1

$1,100

$0

$57,180

$27,000

$214,699

$4.29

$27,000 $31,000 n/a

$7,145

$4,512

$40,550

$0

$0

$67,119

$369,636 $361,239

2%

$132,094 180%

8.95%

11

13

West Vancouver 1

$5,000

$0

$61,950

$20,500

$229,925

$4.60

$31,000 $15,000 $0

$0

$8,000

$30,250

n/a

$0

$37,084

$371,375

n/a

$329,010 13%

1.02%

16

14

City of North Vancouver 7

$1,650

$100

$32,706

$46,125

$228,959

$4.58

$40,000 $18,000 $0

n/a

$5,421

$30,250

n/a

$25

$71,329

$372,986 $425,638 -12%

$335,719 11%

0.87%

14

15

Mission1

$1,537

$100

$49,839

$30,000

$283,252

$5.67

$4,500

$1,100

n/a

$2,365

$4,522

$3,725

n/a

$0

$114,048 $377,215

$375,658

n/a

N/A

N/A

15

16

Coquitlam

$2,500

$0

$56,838

$0

$280,638

$5.61

$0

$0

$23,400

$5,983

$8,570

$40,550

n/a

$0

$113,268 $377,929

$391,437

-3%

$293,991 29%

2.10%

19

17

Surrey

$1,876

$0

$56,789

$35,840

$361,500

$7.23

$0

$0

n/a

$5,492

$5,614

$40,550

n/a

$0

$55,149

$467,111

$568,513

-18%

$280,375 67%

4.35%

18

18

Abbotsford 6

$1,800

$0

$43,810

$26,250

$420,326

$8.41

$50

$115

$50,818

$0

$3,914

$52,070

n/a

$0

$96,967

$547,083

$547,095

0%

N/A

N/A

20

19

Richmond 2,4

$765

$50

$54,705

$24,000

$561,000

$11.22

$11,800

$10,800 n/a

$6,780

$2,375

$40,530

n/a

$0

$58,778

$672,275

$668,623 1%

$193,423 248%

10.94%

17

20

Vancouver

$43,400

$0

$29,439

$0

$566,500

$11.33

$22,859 $34,845 $721

$13,344

$17,444

$22,150

$600,000

$3,849 $68,492

$732,401

$539,499 36%

$202,460 262%

11.31%

$80

$0

$0

$5,000

1 Sewer hookup costs are estimates only. Actual hookup done at cost. Chillwack and Port Moody are inspection fees, hookups done at actual cost. West Van costs dependent on location of meter and service depth 2 Development Permit Fee provided would be required if this building was to be located in the City Centre Planning Area. Outside of the City Centre a DP would not be required in most instances. 3 Assumes development in mainland area - If in Queensborough DCC charges of $260,500 would apply. 4 As in past surveys, Metro Vancouver / FVRD charges based on East Richmond as City has multiple rate areas. West Richmond would be $25,250

$337,375

5 Based on Area 1 DCCs. Area 2 DCCs would be $833,266 6 Note Abbotsford DCC’s incorrectly reported as Rural in 2010. Based on Area A (urban) DCCs. Township of Langley Sewer and Water Hookup Costs are charged back at actual cost 7 Administration and Processing fee includes Landscape Street Improvement fee 8 DCC’s based on Growth Area not infill which would be $43,000 lower # Based on 2012 Commercial mil rates with $7,800,000 of building/site improvements without land cost which varies widely - see Mil Rate Table for additional details.

Mill Rates 2010 Rank

2012 Rank

Municipality

Commercial Mill Rate

Residential Mill Rate

Commercial to Residential Tax Ratio

2

1

Chilliwack

9.45

4.46

2.12

3

2

Langley (City)

8.61

3.73

2.31

4

3

White Rock

8.71

3.56

2.45

5

4

Abbotsford

12.43

4.91

2.53

1

5

West Vancouver

4.75

1.81

2.62

9

6

Maple Ridge

11.75

4.09

2.87

6

7

Langley (Township)

9.48

3.20

2.96

7

8

Port Moody

9.84

3.31

2.98

8

9

Surrey

7.07

2.35

3.00

11

10

Mission

14.62

4.62

3.16

13

11

Pitt Meadows

11.85

3.73

3.18

10

12

Delta

10.71

3.33

3.22

15

13

Port Coquitlam

13.07

3.71

3.52

12

14

North Vancouver (District)

8.54

2.36

3.61

14

15

Richmond

7.54

2.00

3.77

16

16

New Westminster

13.55

3.54

3.82

18

17

North Vancouver (City)

9.14

2.38

3.84

19

18

Vancouver

8.78

2.02

4.35

17

19

Burnaby

10.10

2.23

4.52

20

20

Coquitlam

14.52

3.11

4.66

Most Business Friendly: City of Chilliwack

117%

N/A

N/A

Increase from 2010 Survey Decrease from 2010 Survey


9

Regional Office Development Cost Survey — Fall 2012

METRO VANCOUVER

CHAPTER

Municipal Fees and Approval Times VANCOUVER

CHAPTER

Municipal Development Fees

Fee Changes 2010 to 2012 he graph below illustrates the percentage change in development fees levied by each municipality between 2010 and 2012. Of the 20 municipalities that responded to the survey, 9 reported a wide range of increases ranging from 1% to just under 50%. Four municipalities held costs the same over the time period and seven municipalities reduced costs from 2% to just under 20%.

732,401

Vancouver

T

672,275

Richmond 547,083

Abbotsford 467,111

Surrey 377,929

Coquitlam

377,215

Mission

GREATER VANCOUVER

CHAPTER

372,986

City of North Vancouver

371,375

West Vancouver

369,636

Langley (City)

354,897

Township of Langley

335,345

District of North Vancouver 285,263

Port Coquitlam

277,372

Maple Ridge

267,000

Delta

248,707

Chilliwack

221,609

New Westminster

204,571

Pitt Meadows

174,079

Port Moody

171,124

City of White Rock

148,228

Burnaby $0

$200,000

$400,000

$600,000

$800,000

Cost ($)

Percentage Change 2010 to 2012 36% Vancouver 1% Richmond 0% Abbotsford

Most Improved Municipality: Joint award –City of Port Moody and City of Surrey

-18% Surrey -2% Township of Langley -3%

Coquitlam

0% Mission -12% City of North Vancouver 0% West Vancouver 2% Langley (City) 6% District of North Vancouver -12%

Port Coquitlam

4% Maple Ridge -7%

Delta

25%

Chilliwack

49% New Westminster 5% Pitt Meadows Port Moody

-19% 0%

City of White Rock 8% Burnaby -30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

% Change

CPI Comparison March 2001 to March 2012

T

he Cities of North Vancouver and West Vancouver deserve kudos for limiting the increases in their fees to less than the rate of inflation since 2001. A clear pattern can be observed with regards to development cost increase variations. The graphic shows that an initial cluster of municipalities managed to limit their increases to around 1.5 to 2.5 times CPI (primarily the suburban locations). The next clear grouping occurs at 4 to 5 times CPI (municipalities that have generally experienced higher growth) with one outlier at close to 6 times CPI. Over this time period, the “All Goods Consumer Price Index” in the Greater Vancouver Census Metropolitan Area increased by 1.79%. (Source: BC Stats)

Annual Increase Compared to CPI from 2000 (1.79%) Abbotsford

N/A 4.35%

Surrey

7.48%

Township of Langley Coquitlam Mission

2.10% N/A 0.87%

City of North Vancouver

1.02%

West Vancouver

8.95%

Langley (City)

2.87%

District of North Vancouver

2.10%

Port Coquitlam

6.67%

Maple Ridge Delta Chilliwack

2.50% N/A 10.53%

New Westminster

9.14%

Pitt Meadows

4.15%

Port Moody

7.88%

City of White Rock

7.88%

Burnaby 0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

% Increase

14.00%

16.00%

18.00%

20.00%


10

Regional Office Development Cost Survey — Fall 2012

METRO VANCOUVER

CHAPTER

Timing 2010 Rank

2012 Rank

Municipality

VANC OUVER Metro Vancouver

Pre-Application Rezoning Process Design Review (days) (days)

Development Permit Subdivision Approval Building Permit Process (days) (days) (days)

2012 Approval Timing*

2010 Approval Timing

Percentage Change

CHAPTER

1

1

Chilliwack

n/a

30-90

concurrent

concurrent

concurrent

90

90

0%

2

2

Langley (City)

n/a

30-90

concurrent

concurrent

<30

120

120

0%

2

2

Township of Langley

n/a

90-120

concurrent

concurrent

concurrent

120

120

0%

2

2

Surrey

n/a

30-90

concurrent

concurrent

<30

120

120

0%

2

3

Burnaby

n/a

120-150

concurrent

concurrent

<30

150

120

25%

3

2

Delta

2

90-120

concurrent

concurrent

<30

150

150

0%

5G R E A T E3R

Maple Ridge CHAPTER

n/a

120-150

concurrent

concurrent

concurrent

150

210

-29%

3

3

Pitt Meadows

5

30-90

<30

concurrent

<30

150

150

0%

4

3

Port Coquitlam

n/a

120-150

concurrent

concurrent

concurrent

150

180

-17%

3

3

Richmond

5-10

120-150

concurrent

concurrent

concurrent

150

150

0%

1

4

Abbotsford

14

30-90

concurrent

concurrent

30-90

180

90

100%

7

4

New Westminster

14

150-180

concurrent

concurrent

concurrent

180

270

-33%

4

4

Port Moody

<30

150-180

concurrent

concurrent

concurrent

180

180

0%

4

5

Mission

n/a

90-120

concurrent

concurrent

30-90

210

180

17%

5

5

District of North Vancouver

n/a

90-120

concurrent

concurrent

30-90

210

210

0%

5

6

Coquitlam

15

90-120

concurrent

concurrent

90-120

240

150

60%

6

6

City of North Vancouver

3

120-150

concurrent

concurrent

30-90

240

240

0%

7

7

Vancouver

1

>180

30-90

concurrent

concurrent

270

270

0%

7

7

West Vancouver

n/a

150-180

concurrent

concurrent

30-90

270

270

0%

4

8

City of White Rock

n/.a

90-120

concurrent

90-120

30-90

330

180

83%

VANCOUVER

*Outside estimate inclusive of concurrent processing of rezoning, subdivision, DP and BP where allowed, not including pre-application review.

Increase from 2010 Survey Decrease from 2010 Survey

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11

Regional Office Development Cost Survey — Fall 2012

METRO VANCOUVER

CHAPTER

Municipal Fees and Approval Times VANCOUVER

CHAPTER

Municipal Approval Times

Fees and Schedule he total fees levied by each municipality for the construction of a 50,000 square foot office building development (as described on page 3) are presented on the left, above. On the right, the total approval times – from application date to Building Permit – are shown. Approval time frames shown can and will extend beyond the periods noted if the developer does not supply necessary information with the initial application or respond to requests for additional detail or clarification in a timely manner. Carrying costs (interest and taxes) represent a considerable component of pre-construction expenses and additional time spent in the municipal approval process increases those costs.

T

330

City of White Rock 270

West Vancouver

270

Vancouver 240

City of North Vancouver

240

Coquitlam

GREATER VANCOUVER

CHAPTER

210

District of North Vancouver

210

Mission 180

Port Moody

180

New Westminster

180

Abbotsford 150

Richmond

150 Port Coquitlam 150 Pitt Meadows 150

Maple Ridge

150

Delta

150

Burnaby 120 Surrey 120

Township of Langley

120

Langley (City) 90

Chilliwack 0

50

100

150

200

250

300

350

400

Days

Most Fiscally Responsible: Joint award –City of North Vancouver and City of West Vancouver

Commercial to Residential Tax Ratio 4.66

Coquitlam

4.52

Burnaby

4.35

Vancouver

3.84

North Vancouver (City)

3.82

New Westminster

3.77

Richmond

3.61

North Vancouver (District)

3.52

Port Coquitlam

3.22

Delta

3.18

Pitt Meadows

3.16

Mission

3.00

Surrey

2.98

Port Moody

2.96

Langley (Township)

2.87

Maple Ridge

2.62

West Vancouver

2.53

Abbotsford

2.45

White Rock

2.31

Langley (City)

2.12

Chilliwack 0.00

1.00

2.00

Ratio

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12

Regional Office Development Cost Survey — Fall 2012

METRO VANCOUVER

CHAPTER

Future Trends VANCOUVER

CHAPTER

A

s an indication of what the future could bring, NAIOP included a section within its survey on future policy directions and changes to existing policies that were under consideration at the time of publication. This information comes with a general disclaimer that all or a majority of these potential changes are subject to either council or staff approval and final drafting. Below are some highlights of what could be coming in the near future to a jurisdiction near you. GREATER VANCOUVER

CHAPTER

Abbotsford The City is currently investigating a City initiative to rezone the Industrial “City in the Country” (CICP) Lands. The City intends to pre-zone land and take the Rezoning to public hearing and consideration of third reading. The individual property owners in the CICP area will then need to complete the rezoning (adoption) Chilliwack In 2011 City Council established an Industrial Revitalization Tax Exemption program to create an economic stimulus that will encourage industrial capital investment, expand the industrial tax base, create additional permanent employment opportunities and to reduce the need for our community residents to work outside of the area. Construction of new industrial buildings with a value of construction in excess of $1 million (or an alteration/ addition of an existing industrial building with the same value), can qualify to save on industrial property taxes for five years with this new industrial incentive. New Westminster The city is working to update the Queensborough Community Plan. The community plan update will result in new policies and future land use maps for the Queensborough neighbourhood. More information on the plans can be found at: www.newwestcity.ca/ queensborough In addition, last year City Council adopted the Sustainability Report Card. Replacing our old Smart Growth Development Checklist, the Report Card outlines priority items and scores projects based on sustainability performance. These scores better assist

Council in decision-making. Please see the guide and sample Sustainability Report Card attached to this email. Richmond The City is currently in the process of updating the OCP. The OCP review included an employment land study. Vancouver Four industrial/commercial areas are undergoing possible zoning changes, as a result of implementing directions in the Metro Core Jobs and Economy Land Use Plan: http://vancouver.ca/commsvcs/planning/ corejobs/index.htm Mount Pleasant Industrial Area - changes to the  I-1 zone are being proposed to increase service and office uses while maintaining the industrial role for production, distribution and repair (PDR). Report to

Council - Summer/Fall 2012. Burrard Slopes Industrial Area - similarly, changes to the IC-1 and IC-2 zones to increase service and office uses while maintaining the industrial role for production, distribution and repair (PDR). Start - Fall/Winter 2012. Broadway Uptown Office District - C-3A zoned area under review as part of the Central Broadway Planning Program. Direction is to increase density and height for office buildings. Underway. http://vancouver.ca/ commsvcs/planning/centralbroadway/index.htm False Creek Flats Industrial Area - under study as part of the Eastern Core Strategy, to explore future land use and transportation options with a focus on increasing job space. Start - Fall 2012 http://vancouver. ca/commsvcs/currentplanning/fcflats/index.htm Other policies for job areas can be found on the City website: http://vancouver.ca/commsvcs/guidelines/ pol&guide.htm


13

Regional Office Development Cost Survey — Fall 2012

METRO VANCOUVER

CHAPTER

Move Towards Green A

s a ‘snapshot’ of the increasing move towards sustainability amongst the municipalities, NAIOP has included a section within its survey on whether there are any sustainable/green building requirements (beyond the requirements in the BC Building Code) or incentives in place within each municipality. This year more than half (12 of the 20 municipalities who responded) confirmed they have requirements and/or incentives to promote sustainable building. Some were voluntary measures covering all areas of sustainability or smart growth, others were mandatory actions on particular items such as stormwater management and green (planted) roofs for buildings over a certain size. Most municipalities now require some form of sustainability reporting as part of their rezoning/ development application, and many of these are offering incentives including density bonusing, floor area exclusions, transfers, DCC and tax exemption, as well as fast tracking the permit process for “green” projects. In future, the expectation is that many of the processes that are now voluntary will be formalized, as municipalities raise the bar on what is considered green.

Municipality

Green Building Requirements/Voluntary Measures

Green Building Comments Incentives

Burnaby

4

4

Green Building/LEED standards may be determined on a site specific basis with co-operation of developer, some reduction in parking for co-op car spaces

District of Maple Ridge

4

4

Guidelines and Tax exemption provided in Town Centre

New Westminster

4

Port Coquitlam

4

4

Green roof (or equivalent) required where building area exceeds 5000 m2. Sustainability checklist in rezoning. Fast track Building Permit application for LEED Silver buildings.

City of North Vancouver

4

4

Minimum Energuide 80 or Ashrae 90.1 2007 required with deposit to ensure performance, possible density bonusing approved by council on case-by-case basis

Port Moody

4

District of North Vancouver

4

4

Green Building strategy with floor space bonusing

Delta

4

4

Delta has developed a “green growth” index as a tool to identify the sustainability features of major new development projects. These features are reported to council and secured as part of development agreements

Vancouver

4

4

COV Green Building Strategy and Green Homes Program. Floor space exclusions granted for wall assemblies to remove penalty for constructing walls with higher energy efficiency

Richmond

4

Bylaw 8385 “Green Roofs & Other Options Involving Industrial Buildings” requires that office buildings outside of the City Centre, with a gross floor area of 2,000 m2 or more, to reduce the amount of storm water runoff by at least 20%.

City of Langley

4

Sustainability checklist to be completed with Rezoning/Development Permit and Subdivision applications

VANCOUVER

All new development is required to complete a Sustainability Report Card, scores are used by Council in their decision making around projects

GREATER VANCOUVER

District of West Vancouver

NAIOP would like to acknowledge and thank all 20 municipalities who took part in this year’s Development Cost Survey. Participation is voluntary and the time expended to respond to it can be significant, not unlike a “real” development application. Development in any jurisdiction is a partnership between business and the community. NAIOP is pleased to be in a position to work, on behalf of our members, with all of the Metro Vancouver jurisdictions, which participated in the publication of this information for the business community. NAIOP would also like to acknowledge the contributions from Walter Franci Architects for the preparation of the Drawing materials, Cushman and Wakefield for the Market Beat Report and Lawson Lundell for providing the municipal mill rate information.

4

Council views DP/DVP projects that achieve Energuide 80 rating favourably

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METRO VANCOUVER

CHAPTER

VANCOUVER CHAP TER ww.naiopvcr.com

CHAPTER

CHAPTER

Sustainability Checklist for 4 pillars of Port Moody’s sustainability model: environmental, economic, social and cultural. required for all development proposals – requirement to achieve 25% better energy performance than MNECB

ACKNOWLEDGMENT

VANCOUVER

CHAPTER


14

Regional Office Development Cost Survey — Fall 2012

METRO VANCOUVER

CHAPTER

NAIOP Icon Speaker Recipient for 2012 VANCOUVER

CHAPTER

GREATER VANCOUVER

CHAPTER

David is the first recipient of the Award of Excellence established by The Real Estate Institute of BC

T

his year’s Icon Speaker is David Podmore, Chairman and CEO of Concert Properties Ltd. David will share his insights with NAIOP members at the chapter breakfast on December 20th, 2012. David has more than 33 years of experience in the real estate, development and construction industry. David co-founded Concert Properties Ltd with Jack Poole in 1989. David holds a Bachelor’s Degree specializing in community and regional planning from the University of British Columbia and a Master’s Degree (Earth Sciences) specializing in urban planning from the University of Alberta. He is a Registered Professional Planner (MCIP), a professional member of the Real Estate Institute of British Columbia (RIBC) and a professional member of the Real Estate Institute of Canada (FRI). David has served as Chair of the British Columbia Institute of Technology (BCIT) Foundation, President of the Urban Development Institute of BC (Pacific Region), member of the BC Progress Board, Chair of the BC Children’s Hospital Foundation and spent eight years as a director of the Canadian Tourism Commission. He currently serves as a director of Fortis BC and Lifelabs Inc. David is the first recipient of the Award of Excellence established by The Real Estate Institute of BC, and in 2003 he received the Community Service Award from Volunteer Vancouver. In 2005, David was awarded an Honorary Doctor of Technology from the British Columbia Institute of Technology.

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15

Regional Office Development Cost Survey — Fall 2012

METRO VANCOUVER

CHAPTER

Comparative Tax Burden VANCOUVER

CHAPTER

GREATER VANCOUVER

W

hile it may not be the primary consideration, a growing number of businesses are considering the impact of the property tax burden, and the variations in that burden across the region, when making the decision on where to locate. Property taxes are not, for the most part, factored into per-square-foot lease prices but, like common area and maintenance (CAM) costs, they are paid in addition to the base lease rates. Municipal property taxes pay for city services such as parks, roads, utilities, policing, fire protection and local improvements. Property tax rates within any municipality are impacted by two factors. The first is the value of the property being taxed and the second is the tax rate (mill rate) that the municipality applies to various property types. Municipalities ensure their ability to balance their budgets with their ability to adjust mill rates. The property tax burden for businesses varies from jurisdiction to jurisdiction however, compared to residential tax rates, businesses (‘industrial’ and ‘commercial’ property designations) pay a significantly greater proportion of the property taxes. For light industrial and commercial properties, research has indicated that the ideal median tax ratio (industrial/commercial tax rate to residential tax rate) is 3 to 1. Less than half the municipalities surveyed are in line with this ratio. The caution in using this comparison is that it may be misleading in times of rapid appreciation of residential land values vs. commercial land values, in these circumstances, the ratio may appear to worsen but the taxes are simply being spread out amongst a higher residential value base while actual taxes paid for commercial properties could stay the same. To illustrate this in reality, NAIOP used the value of $7,800,000 from the scenario as a constant to calculate the level of taxes that the exemplar office building would pay in each municipality. Surprisingly, the highest absolute taxes were paid in Mission which ranked 10th on the median tax ratio table. The next 3 highest taxes consisted of Coquitlam which was expected given they had the worst ratio but also Port Coquitlam and New Westminster with ratios under 4 to 1, showing very clearly that a low ratio does not necessarily translate into a competitive tax level for local business. Even more surprising was that three of the cities (Burnaby, Vancouver and the City of North Vancouver) with the worst ratios had levels of taxation that were in the middle to the low end of the spectrum.

For 2012, the five municipalities with the lowest commercial to residential property tax burden (rated from lowest to highest) were: • Chilliwack • Langley (City) • White Rock • Abbotsford • West Vancouver The five municipalities with the highest commercial to residential property tax burden (rated from highest to lowest) were: • Coquitlam • Burnaby • Vancouver • City of North Vancouver • City of New Westminster Small and medium sized commercial businesses are essential to the socio-economic health of the community and contribute to the goal of building compact sustainable cities. High municipal property taxes for these types of businesses have serious impacts on our city, neighbourhoods and employment opportunities for residents. Although, it is often said that businesses “don’t vote” in local elections, in reality they do cast a ballot, by making the decision to relocate to lower cost jurisdictions in which their business can thrive and contribute to the sustainability and vitality of their local communities.

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CHAPTER

NAIOP used the value of $7,800,000 from the scenario as a constant to calculate the level of taxes that the exemplar office building would pay in each municipality

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NAIOP’s Board of Directors for 2012: Back: Don Harrison—GWL Realty Advisors Inc.; Stephanie Setchell—Farrell Estates Ltd.; Gordon Wylie—Ivanhoe Cambridge II Inc; Derek Jones—Concert Properties Limited Middle: Maury Dubuque—Colliers International; John Scott—CEI Architecture Planning Interiors; Geoff Heu—GWL Realty Advisors Inc.; Darlene Hyde—Executive Director; Ernest Hee—Boughton Law Corporation; Emel Tetiker—Support Services Unlimited; Chris MacCauley—CBRE Limited|Industrial Properties Front: Jennifer Podmore Russell—Deloitte; Graeme Silvera— Plenary Group; John Conicella—Wesgroup Properties Not Present: Pav Sikham, CA—KPMG LLP; James Delmotte— Grosvenor Americas

NAIOP truly reflects the pulse of the commercial/industrial/development industry in Greater Vancouver. It provides its diverse membership with a valuable network of industry professionals, a powerful forum to exchange ideas, economic information and market news, and a collective voice to lobby for regulatory debate and change. NAIOP works for members year round to enhance market knowledge and exposure, to help streamline the industry, and provide a healthy sprinkling of camaraderie and fun. The Vancouver Chapter of NAIOP is one of 50 chapters within an extensive network that represents the interests of developers and owners of industrial, office and related commercial real estate throughout North America. NAIOP’s Award Winning annual Cost of Business Survey provides a benchmark for performance of over 21 municipalities in the Metro Vancouver area with respect to their development costs and ease of doing business.

John Conicella President

NAIOP is the Commercial Real Estate Development Association, with more than 10,000 members across North America, who represent the interests of developers and owners of industrial, office and related commercial real estate. NAIOP’s Canadian network includes chapters in Vancouver, Calgary and Toronto.

Why become a member of NAIOP? The NAIOP Value Proposition: Local networking opportunities through monthly breakfast speaker series and events. • Special events for Developing Leaders, under 35 years of age. • A biennial Awards Gala, to recognize the best in the industry. • Industry and market information—through breakfast speakers, special publications and its website www.naiopvcr.com

• • • •

The Annual Commercial and Industrial Development Report Card —which reviews the effectiveness of local municipalities in addressing office and industrial development projects. Educational opportunities—through seminars, webinars and symposiums, including the annual Developers’ Symposium. The “Icon Speaker” series, which provides access to the top tier of industry leaders. Weekly newsletters which keep the membership up to date on association happenings. Legislative voice with municipal and provincial officials— through our Development Issues and Government Affairs Committee.

For more information on NAIOP – Vancouver Chapter or any of its events,

NAIOP 13th Annual Regional Office Development Cost Survey  

The Vancouver Chapter of the National Association of Industrial and Office Properties (NAIOP) is pleased to present the 2012 edition of thei...

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