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North Shore Report

Summer 2009

Report Highlights

North Shore Stats

99Seylynn Village overview

Sales Volume

99North Shore Summary 99Quick Facts

Lease Volume

99Office Overview

Vacancy (overall)

99Industrial Overview

Lease Rates (overall)

99Retail Overview 99Multi Family Overview

CAP Rates

99Feature properties Matt Thomas

(604) 630 3396

Tel: (604) 684 7117

Rand Thomson

(604) 630 3393

DTZ Barnicke Vancouver Limited 800 - 475 West Georgia Street Vancouver, BC, Canada V6B 4M9

Seylynn Village – Innovative, Sustainable, Livable Hynes Developments’ proposed Seylynn Village has received 3rd reading with approval in November from the District of North Vancouver and construction is slated to begin within a year’s time. The 5.5 acre mixed-use project located in the Lower Lynn neighborhood between Highway # 1 and Fern Street will be one of the most exciting developments in the District of North Vancouver’s history. The community oriented plan will feature 690 housing units, 70 of which are designated affordable housing, as well as 50,000 square feet of commercial space. The development has received positive feedback from council members and area residents alike. Seylynn Village will target a high green building standard with additional advanced energy management techniques. The area revitalization will have a substantial positive impact on local businesses. For further information and updates, contact your North Shore Specialists or click on

Artist Rendering of Seylynn Village

Quick Facts: ●●BC’s GDP has grown 3.5% over the past year.

North Shore Summary Through the first tumultuous half of 2009 the North Shore commercial market experienced the expected anemic start to the year with only 12 sales to date, compared to 30 for the first 6 months of 2008. While the leasing market has remained reasonably active, deals are taking up to three times longer to complete. For the remainder of the year we expect sales and leasing volume to increase considerably as cautious optimism replaces the unprecedented uncertainty that accompanied the global financial meltdown.

Office Overview At mid-year the overall office vacancy rate grew to 8.1%, an increase of 1% from last quarter. New inventory and companies downsizing were largely to blame. Developers will add almost 100,000 sq ft to the market this year including:

99North Shore Corporate Centre – 30,000 sq ft 99Harbourside Corporate Centre – 40,000 sq ft 991133 Lonsdale Avenue – 28,000 sq ft

Tel: (604) 684 7117

●●Since Y/E 2008, the Bank of Canada cut its key lending rate from 4.25% to 0.25% ●●Canada’s Prime Business currently at 2.25%,



●●Down 0.25% since last quarter and 2.5% from last year. ●●BC’s population has grown 1.7% over the past year, ●●Canada’s population grew 1.2%. ●●Provincially the unemployment rate is at 7.6%, substantially lower than the national rate of 8.4%.

North Shore Report

Summer 2009

The result of the increase in vacancy is a modest reduction in head lease rates which will be good news for tenants looking to expand or renew. GWL plans on building the latest phase of North Woods Business Park, largely on a speculative basis. Their 75,000 sq ft office building will be built in 2010, a completion date has yet to be determined. Concert Properties proposed office development at 801 Harbourside Drive has been put on hold while they investigate a potential mixed use proposal.

Recent Office Deals

Industrial Overview

Recent Industrial Deals

The industrial vacancy rate on the North Shore dropped 18 basis points over the second quarter of 2009. No new construction and over 8,000 sq ft of positive absorption dropped the vacancy rate to 2.01%. Over 90,000 square feet is currently available, largely in units of 5,000 sq ft or smaller. Lease rates have held up surprisingly well, however inducements have now become an important part of tenant/ landlord negotiations. The market has been ‘spotty’ but shows signs of improvement.

Retail Overview

111 Forester St Unit 301 303 - 315 Mountain Hwy 1433 Lonsdale Ave Unit 217

Address 1326 Main Street 324 Harbour Ave 998 Harbourside Dr Units 113 & 114 2411 Dollarton Hwy Unit 106 & 212 2411 Dollarton Hwy Unit 100 & 111

Lease/ Sale Sale

Size Price (SF) 12,750 $5,025,000







Sale Sale Sale

Size Price (SF) 15,285 $2,800,000 2,705 $610,000 3,277 $975,000








Recent Retail Deals

The overall retail vacancy in North Vancouver remains low at 1.67%. Lease rates have remained stable with rates ranging from $15 to $55 per square foot. Marine Drive has been the predominant hub of retail activity with several large retail developments underway. Bed Bath & Beyond and Thrifty Foods are amongst the latest companies coming to the North Shore. Vancouver Pacific Development Corporation is constructing the 90,000 sq ft retail centre located on the south side of Marine Drive between Hanes Avenue and Fell Avenue. A second development located in the same block is the Jim Pattison Group’s new 100,000 sq ft retail centre, which is slated to open this fall and will be home to Shoppers Drug Mart, a Pattison food anchor and two financial institutions.

Tel: (604) 684 7117


Address 1225 - 1259 Marine Dr 3101 - 3103 Woodbine Dr 1300 Marine Dr 2002 Park Royal St 1801 Lonsdale Ave 1803 Lonsdale Ave

Lease/Sale Sale Sale Sale Lease Lease Lease

Size Price (SF) 2,965 $1,080,000 2,705 $1,400,000 1,400 $1,100,000 51,000 TBA 857 $50.00/SF 1,362 $42.00/SF

Although the information contained within is from sources believed to be reliable, no warranty or representation is made as to its accuracy being subject to errors, omissions, conditions, prior lease, withdrawal or other changes without notice and same should not be relied upon without independent verification. DTZ Barnicke Vancouver Limited, Real Estate Brokerage 8/2009

Available Properties 267 Pemberton Avenue Size: 2,600 sq ft Lease: $12.95 per sq ft Features: • Grade loading • 18 ‘ ceiling heights • Yard / parking

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Services Provided: Sales, Leasing, Subleasing, Renewals, Sale/Lease Back, Joint Ventures, Property Valuations - Over 25 Years Experience Areas of Expertise: Industrial, Retail, Office, Investment, Multi Family, Land, Tenant Representation Matt Thomas

(604) 630 3396

Rand Thomson

407 Mountain Highway Size: 6,886 sq ft Lease: $11.25 per sq ft Features: • 3 phase power • 24’ ceilings • 10 parking stalls 123 East 3rd Street - INVESTMENT Size: 7 units Sale: Ask Matt or Rand Features: • Great location • Recently renovated • Minutes to SeaBus 1-1225 East Keith Road Size: 1,000 - 8,000 sq ft Lease: $13.50 per sq ft Features: • Up to 19 offices • Dock loading • Ample parking 1520 Richmond Street Size: 6,102 sq ft Sale/Lease: $1,180,000 Features: • 20’ ceiling height • 3 phase power • Grade level loading 239A East 1st Avenue Size: 5,000 sq ft Lease: Ask Matt or Rand Features: • Lower Lonsdale location • Grade loading


195 - 207 Pemberton Avenue Size: 1,500 - 16,500 sq ft Sale/Lease: Ask Matt or Rand Features: • 3 phase power • Ample parking • Grade loading doors 1602 - 1618 Pemberton Avenue Size: 3,500 - 7,134 sq ft Lease: Ask Matt or Rand Features: • 3 bathrooms • Gated rear parking • 13 stalls in total 144B West 16th Street Size: 2,007 sq ft Lease: $17.50 per sq ft Features: • Shell condition • 1 block from Lonsdale 375 Lynn Avenue Size: 3,439 to 19,813 sq ft Sale/Lease: Ask Matt or Rand Features: • 24’ ceilings • Grade loading • Flexible size range 1518 Columbia Street Size: 9,207 sq ft Sale/Lease: Ask Matt or Rand • 16.5‘ ceiling heights Features: • Ample parking • 3 phase electrical power 1617 Lonsdale Avenue Size: 2,000 + 600 sq ft Lease: Ask Matt or Rand • Lonsdale exposure Features: • Perfect for restaurant use



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Summer 2009

(604) 630 3393

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