William Wright Report Q3 2021 - Is Kamloops BC's Next Real Estate Market to Boom?

Report

Q3 2021 Vancouver Office 430-605 Robson Street Vancouver, BC 604.428.5255

New Westminster Office 350-522 7th Street New Westminster, BC 604.545.0636

Fraser Valley Office 210-8029 199th Street Langley, BC 604.546.5555

Victoria Office 843 Johnson Street Victoria, BC 250.590.5797

Kelowna Office 205-478 Bernard Avenue Kelowna, BC 236.420.3558

Property Management Office 200-808 W Hastings Street Vancouver, BC 604.330.8295

British Columbia’s fifth largest city could be the next to boom in our real estate rich province. Kamloops is home to more than an estimated 90,000 people and sees a population growth rate of 1.39% annually, which should increase in the coming years as people and employers put a larger focus on livability and a continued repositing of jobs takes place post-pandemic.

Kamloops, which promotes itself as Canada’s Tournament Capital, is becoming much more than just a hub for mining and lumber. An expanding Thompson Rivers University, a growing downtown core, a development industry seeing increasing demand for both rentals and condo sales, the current construction of the Trans Mountain pipeline through the region, topped off with housing prices seeing a ± 20% increase over the pandemic firmly puts Kamloops on the map for real estate investors and companies looking for locations in BC’s secondary markets.

In 2020, Invictus Properties, in partnership with A&T Project Developments, launched their The Hive project, the first commercial development in downtown Kamloops since 2007. What could be viewed by some as an aggressive office development of up to four 6-storey office buildings with animated retail at grade has proven to be just what the market was asking for.

Sales and leasing kicked off with the first building, a 55,000 SQFT professional centre on the corner of 5th and Lansdowne, which has been met with huge success, boasting incoming companies such as BDC, Smile Dentistry, Urban Systems, McMillan Dubo Law Group, and William Wright Commercial. Set for completion in summer 2022, the project could transform this city block into Kamloops’ premier business district.

In August, the Vancouver Commercial Real Estate Podcast welcomed Bryan Pilbeam, Vice President of Invictus Properties, to discuss The Hive and everything Kamloops.

“We’re very excited for the future of Kamloops. We’ve seen the population steadily grow and we know that momentum will continue. We’re excited to develop the future phases of The Hive, which will allow more companies to come to Kamloops,” he said.

Bryan sees Kamloops as a steady market with increasing demand for both residential and commercial

Welcome To

KAMLOOPS

in the coming years. “There are great residential opportunities and lower price points for people to get in on in Kamloops, and the recreational opportunities will keep coming. I wouldn’t be surprised to see 20% growth in the next five years.”

When asked how COVID has impacted Kamloops, Bryan remains optimistic. “The construction industry has done extremely well, and so have the professional firms. Our tenants in the law firms and accounting firms have never been busier,” Bryan said. “There’s an excitement about what is ahead for Kamloops and BC in general—a lot of business is happening. I think it’s an overall rising tide that’s lifting all boats. There is a lot of opportunity for people who come to town.”

Kamloops has yet to see the run up in commercial demand that Victoria and Kelowna have experienced, but all indicators show that it is not far behind in seeing that glass ceiling on pricing soon to be smashed. As 2022 nears, William Wright Commercial is set to open their sixth commercial brokerage office in downtown Kamloops and looks to get a foothold on the Kamloops commercial market as the city continues to grow. • WRITTEN BY

CORY WRIGHT, MANAGING BROKER VANCOUVER OFFICE

I THINK IT’S AN OVERALL RISING TIDE THAT’S LIFTING ALL BOATS. THERE IS A LOT OF OPPORTUNITY FOR PEOPLE WHO COME TO TOWN.

FEATURED LISTINGS Q3 2021

FOR LEASE

100-1751 HARVEY AVE, KELOWNA Jeff Brown, Victoria Mitchell Retail/office/showroom with warehouse space in a recently renovated building with Highway 97 frontage. +/- 5,037 SQFT

FOR LEASE

105-109 W 3RD AVENUE, VANCOUVER David Hemmings Industrial unit in Mount Pleasant with strong signage opportunities and easy access to downtown. +/- 7,425 SQFT

FOR LEASE

FOR LEASE

2648 KYLE ROAD, WEST KELOWNA Jeff Hancock*, Ryan P. Malcolm Industrial build-to-suit opportunity with options from 5,000–100,000 SQFT of main floor area plus mezz as required.

6900 NO. 3 ROAD, RICHMOND Nathan Armour, Bikram Singh, Stathis Savvis Newly renovated office/retail space with high foot & vehicular traffic near RichmondBrighouse SkyTrain. +/- 5,000 SQFT

FOR SALE

FOR SALE

$1,799,000

$8,300,000

FOR LEASE

1277 E PENDER STREET, VANCOUVER David Hemmings Open layout industrial/office in Strathcona with natural light and one small private office/boardroom. +/- 4,268 SQFT

FOR LEASE

7592 VEDDER ROAD, CHILLIWACK Chris van Vliet High exposure retail units with strong anchor tenants at Vedder Exchange off Highway 1 by Sardis. +/- 9,517 SQFT

FOR LEASE

200-32526 GEORGE FERGUSON WAY, ABBOTSFORD

Chris van Vliet, Meg Cooney 2nd floor professional services office features outdoor patio space and 38 surface stalls. +/- 6,500 SQFT

FOR SUBLEASE

D-19248 94TH AVENUE, SURREY Sam Repchuk +/- 5,004 SQFT industrial warehouse unit with adjacent 1,280 SQFT of paved yard in the heart of Port Kells.

FOR SALE

Price: Contact Listing Agent

FOR SALE

$10,250,000

12414 GIANTS HEAD RD, SUMMERLAND Ryan P. Malcolm, Jeff Hancock* Development land across from Giants Head Park offers lake views and is a 5 min walk to downtown. +/- 2.46 acres

19624 86 AVENUE, LANGLEY Meg Cooney, Liam Simpson, Seamus Bailey Rare industrial land opportunity designated for industrial business park redevelopment +/- 88,862 SQFT

3825 TRANS-CANADA HWY, COBBLE HILL Connor Braid South Cowichan Storage, a Class B storage facility comprised of 321 units over two locations. +/- 43,140 SQFT

414 W PENDER STREET, VANCOUVER Jeff Hancock* Development land currently zoned DD area C2 for market residential or commercial uses. +/- 6,240 SQFT

FOR SALE

FOR SALE

FOR SALE

FOR SALE

Starting from $1,077,025 4342 WEST SHORE PARKWAY, LANGFORD Connor Braid, Harry Jones West Shore Business Park is a collection of 33 premium industrial strata units. +/- 3,215–10,500 SQFT

*PERSONAL REAL ESTATE CORPORATION

$9,799,000 700 COTTONWOOD AVE, KAMLOOPS Zuber Jamal, Jeff Brown Mixed-use, high-density development site walking distance to Northills Mall. +/- 105,119 SQFT

Price: Contact Listing Agents 7026 ROYAL OAK AVENUE, BURNABY Seamus Bailey, Meg Cooney, Liam Simpson Rare transit-oriented development site designated as Medium Density Mixed Use. +/- 48,698 SQFT

$225,000–$3,300,000 LOT 1-6 1837 SHUSWAP AVENUE, LUMBY Jeff Brown, Victoria Mitchell Industrial development opportunities at Monashee Gateway Business Park. +/- 0.5–2.7 acres

66% SOLD / UNDER CONTRACT westshorebusinesspark.com

THE NEW BENCHMARK IN VANCOUVER ISLAND INDUSTRIAL, OVER 66% SOLD / UNDER CONTRACT West Shore Business Park is a collection of 33 premium industrial strata units located in Langford, BC. This stacked industrial style project will be the first of its kind on the Island, and one of the many now found in BC’s rapidly growing industrial marketplace.

LOCATION 4342 West Shore Parkway is located in the City of Langford, a bustling community nestled in the foothills of Mount Finlayson. With a streamlined re-zoning process and an ever-growing consumer market, it’s quickly becoming West Shore’s business heart.

BUILDING West Shore Business Park will consist of three separate buildings: the Lower Building, the Upper Building, and a stand-alone “Build to Suit” building.

AGENTS Connor Braid, Harry Jones

2648 KYLE ROAD, WEST KELOWNA

ZONED & SERVICED INDUSTRIAL FOR SALE

William Wright Commercial is pleased to present this incredible build-to-suit opportunity in West Kelowna. This well located Kyle Business Park will offer future tenants build-to-suit options from 5,000 to 100,000+ square feet of main floor area, plus mezzanine options as required.

The build-to-suit approach will allow tenants to maximize space, efficiency, and reduce long term costs. The design of the building will be tailored to the exact needs of the tenant and will allow businesses to accommodate future growth requirements.

SIZE +/- 5,000–100,000 SQFT TYPE Industrial BASIC & ADD. RENT Contact Listing Agents

AGENTS Jeff Hancock (Personal Real Estate Corporation), Ryan P. Malcolm

RECENT TRANSACTIONS Q3 2021

LEASED

LEASED

107A-3430 BRIGHTON AVE, BURNABY Nathan Armour Industrial unit at the foot of Burnaby Mountain with office space, parking, and dock & grade level loading. +/- 4,909 SQFT

115-5508 HOLLYBRIDGE WAY, RICHMOND Zuber Jamal High exposure corner retail unit in the rapidly expanding Oval Village residential community. +/- 3,365 SQFT

LEASED

LEASED

LEASED

LEASED

210-6400 ROBERTS STREET, BURNABY Stathis Savvis Sperling Plaza is a campus-style office development with green space, gym, cafe, and shuttle service. +/- 4,129 SQFT

30941 PEARDONVILLE RD, ABBOTSFORD Nathan Armour Industrial showroom and warehouse space with excellent access to Highway 1. +/- 16,407 SQFT

5791 SIDLEY STREET, BURNABY Roderick MacKay Industrial building near Metrotown with M2 zoning for light and general industrial uses. +/- 6,133 SQFT

W PART 30260 FRASER HWY, ABBOTSFORD

SOLD

SOLD

SOLD

SOLD

$3,500,000

$3,613,100

1053 RIDGEWAY AVENUE, COQUITLAM Stathis Savvis Freehold non-strata building on 7,920 SQFT lot with +/- 3,993 SQFT of retail space.

$5,150,000 426-454 BERNARD AVENUE, KELOWNA Marianne DeCotiis, Jeff Brown Highly anticipated Bernard Place is set to revitalize the north end of Bernard’s 400 Block. +/- 19,584 SQFT

120-1991 SAVAGE ROAD, RICHMOND Zuber Jamal, Sam Repchuk Industrial warehouse located near No. 6 and River Road, close to Highways 91 and 99. +/- 4,919 SQFT

$4,800,000

12880 KING GEORGE BLVD, SURREY Seamus Bailey, Liam Simpson Fully tenanted investment property in Bridgeview, offering tremendous exposure & access. +/- 37,000 SQFT

SOLD

LEASED

$2,060,000 453-459 BERNARD AVENUE, KELOWNA Jeff Brown, Victoria Mitchell Retail space on one of the busiest streets in the growing downtown core. +/- 4,900 SQFT

150-13500 MAYCREST WAY, RICHMOND Steven Lam Industrial/warehouse unit fully built out as a medical lab with clear ceiling height in the rear. +/- 3,546 SQFT

David Hemmings Industrial land zoned for commercial vehicle parking, paved and serviced with easy access to highway. +/- 65,000 SQFT

$5,400,000

2552 DAVIES AVE, PORT COQUITLAM Mark Nemish Industrial property improved with a concrete block warehouse, 20’ ceilings, and 14 offices. +/- 23,681 SQFT

SOLD

LEASED

2736 + 2754 GARDEN ST, ABBOTSFORD Steven Lam, Trideep Chakraborty* Two stand-alone retail buildings in the heart of Clearbrook’s commercial business district. +/- 37,025 SQFT

SOLD

$1,098,000 748 MARINE DR, NORTH VANCOUVER Zuber Jamal Retail strata space in a mixed-use building along the Marine Drive commercial corridor. +/- 900 SQFT

SOLD

$6,750,000 951 + 961 CEDAR ST, CAMPBELL RIVER Marianne DeCotiis Terrace View Apartments is a 3-storey 50unit rental apartment on 1.25 acres of land. +/- 39,450 SQFT

VANCOUVER COMMERCIAL REAL ESTATE PODCAST Hosted by Cory Wright, founder of William Wright Commercial, and co-hosts Matt Scalena and Adam Scalena from the Vancouver Real Estate Podcast, we bring you the Vancouver “Commercial” Real Estate Podcast!

Have you ever wondered how commercial real estate works or better yet what it even is? We got you covered with the launch of the Vancouver Commercial Real Estate Podcast hosted by Cory Wright.

Each week Cory welcomes guests to discuss the top topics in the commercial real estate world.

A Top 20 Apple Business Podcast as of May 2021

VANCOUVER COMMERCIAL REAL ESTATE PODCAST

Providing real-time insight into today’s commercial real estate industry.

FEATURED EPISODE

VCREP #16: IS KAMLOOPS BC’S NEXT BIG REAL ESTATE MARKET TO INVEST IN? WITH BRYAN PILBEAM Ever wish you could go back in time and buy as much Vancouver real estate as you could in 2003? It may not be too late to buy into what could be BC’s next real estate market set to boom: Kamloops.

In this episode, Cory and Matt welcome Bryan Pilbeam, Vice President of Invictus Properties, to discuss everything Kamloops, including his latest commercial project set to regenerate downtown Kamloops, The Hive. The pandemic has made working remotely the norm and has allowed both employers and employees to rethink where they call home, and cities like Kamloops are right ready to boom.

Learn which industries are thriving and what’s next for one of BC’s largest Okanagan towns. Plus, Bryan breaks down the difference between Kelowna and Kamloops, and you would be surprised with how much they differ.

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