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Vancouver Chapter PROMOTIONAL SUPPLEMENT VANCOUVER CHAPTER 18TH ANNUAL Regional OFFICE M ETRO VANCOUVER CHAPTER Cost of Business Survey Fall 2018 NAIOP Vancouver Chapter is pleased to present the 2018 findings of its Office Development “Report Card” 400 West Georgia by Westbank V ANCOUVER CHAPTER GREATER VANCOUVER CHAPTER n the 19th year of its publication, n Average annual inflation tracked back The 2018 winners are: Index the NAIOP Cost of Business Survey to 2006 (previously 2000) so all 20 I Most Improved has quantified development costs and municipalities are included 2018 Highlights . 1-2 processing times for 20 Metro Vancouver City of Port Coquitlam demonstrated a 70% reduction in fees from 2016 to municipalities to provide its membership 2018 NAIOP Awards for Municipal Office Market Update . 3 and the business community as a whole 2018, more than double the next closest Excellence municipality in terms of reduction over Office Development Scenario . 4-5 with a reference tool when considering NAIOP will be acknowledging four development areas since 2000. The survey that time period. municipalities that have excelled in creating 2018 Municipal Rates . 6-7 is also intended to be utilized by the environments positive to business creation. Most Fiscally Responsible municipalities, whose active participation City of Surrey has managed to keep an Timing . 8 makes this survey possible, as a gauge for The three categories of awards are: annual average inflation rate of 1.66% Permit Data . 9 their own development costs and approval Most Improved from 2006 to 2018 processes compared to those of their Mill Rates . 10-11 The most improved compared to Most Business-Friendly neighbours. previous survey results New for 2018, NAIOP has City of Burnaby for their support NAIOP Development Features . 12 Most Fiscally Responsible of density and mixed use office incorporated a number of changes to better Commercial Real Estate Awards . 13 deliver this information: Cost increases kept in line with overall developments. inflation. Municipal Update . 14 n Condensed municipal fee table created for better display Most Business-Friendly Office Trend: n Implementation of policies to support Different reporting of timing to more WELL Building Standard . 15 accurately reflect developer experiences the creation of new job spaces Continued on next page 2 Regional Office Cost of Business Survey — Fall 2018 M ETRO VANCOUVER CHAPTER 2018 Highlights V ANCOUVER CHAPTER King George Hub by PCI Developments ACKNOWLEDGMENT: NAIOP would like to acknowledge and thank all of the municipalities that took part in this year’s Cost of Business Survey. Participation is voluntary and the time expended to respond to it can be significant GREATER VANCOUVER CHAPTER for planning departments. 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 that participated in the publication of this information for the business community. NAIOP would also like to acknowledge the contributions of Avison Young for the office market update. If you have any questions on the data, please contact the Cost of Business Survey Committee at [email protected]. 32 Regional Office Cost of Business Survey — Fall 2018 3 M ETRO VANCOUVER CHAPTER Office Market Update Economic Overview Richmond, which has not built any new office space for leaseV ANCOUVERin more than a CHAPTEdecade, R The growth of the B.C. economy is expected to slow after expanding by more than 3.5% will have to wait until the end of 2020 for new supply in the form of the ViewStar annually over the past four years. Growth is forecasted to ease to 2.9% in 2018 and average development. 2.7% in 2019 to 2020, before decreasing to 2.3% in 2021. High levels of construction have Only two projects are set to deliver in Surrey by 2020, one of which is currently 45% resulted in residential development remaining a growth driver in 2018; however, the recent preleased and the other may be sold as strata office. changes in mortgage lending policy and provincial housing measures have contributed to Market Outlook a decrease in demand that will slow residential investment during the next couple of years. Demand for office space throughout Metro Vancouver has rapidly highlighted shortfalls of A normalization trend is forecasted for interest rates as the Bank of Canada is expected to new supply in multiple markets as regional vacancy tightened to its lowest point since 2012 hike rates multiple times in 2019. GREATER VANCOUVER CHAPTER and is likely to approach the record-low vacancies of 2007-08 within 18 months. Source: Central 1, Economic Analysis of British Columbia, August 2018 With vacancy set to tighten due to a number of significant opportunities during Market Overview the remainder of 2018 in the downtown, Vancouver-Broadway and New Westminster While the development pipeline in Metro Vancouver has typically maintained a relatively markets, annual absorption is expected to be among the strongest since the last steady stream of new supply, a gap in both new product delivery and availability has development wave crested in 2015. Vacancy in all these markets as well as Burnaby, formed in key markets such as downtown, Burnaby, Richmond and, to a lesser extent, Richmond and Surrey is expected to continue tightening as deal velocity is likely to slow Surrey and Vancouver-Broadway. in response to fewer leasing opportunities. While overall, the office market in most Metro There is virtually no new space for lease being delivered downtown until 2020. Vancouver markets is expected to remain strong, there are certain municipalities that are However, the two buildings set for 2020, 402 Dunsmuir Street (100% preleased by contemplating requiring developers to provide a larger percentage of office space, as part Amazon) and 400 West Georgia (67% preleased by Deloitte Canada and Spaces), are of mixed use developments, without consideration for demand in these markets. While substantially preleased. In reality, meaningful amounts of new supply downtown will not all municipalities have the desire to create more job space, in reality the demand for office be available until 2021. space is limited in certain suburban markets. Burnaby, the second-largest office market in Metro Vancouver, has only a single project completing in the back half of 2018 with no other deliveries of office space until 2022. Metro Vancouver Vacancy & Absorption Trends 2018 Notable Office Leases 12.0% 1,600,000 9.4% 10% 9.7% 7.2% 1,400,000 Submarket Tenant Building Size (SF) 10.0% 1,223,656 1,200,000 Downtown Vancouver Amazon The Post 416,000 1,334,604 8% 8.0% Burnaby BC Liquor Distribution Branch Discovery Green 146,570 1,000,000 Downtown Vancouver Spaces 400 W. Georgia 120,390 6.0% 856,868 800,000 Downtown Vancouver Deloitte 400 W. Georgia 117,000 764,911 600,000 Downtown Vancouver Kabam Vancouver Centre II 105,000 4.0% Downtown Vancouver Amazon The Exchange 90,000 Vacancyrate 400,000 Absorption rate (sf) rate Absorption Downtown Vancouver Blake, Cassels & Graydon LLP The Stack 80,000 2.0% 200,000 Downtown Vancouver WeWork Grant Thornton Place 75,600 92,870 Downtown Vancouver DLA Piper The Stack 67,000 0.0% – 2014 2015 2016 2017 2018 Downtown Vancouver EY Canada The Stack 60,000 (mid-year) Vacancy Absorption 2018 Notable Office Sales Submarket Building Buyer Seller Size (SF) Price Price PSF Downtown Vancouver 800 Burrard Street Crestpoint Real Estate Investments CPP Investment Board/Oxford Properties 222,238 $277,000,000 $1,246 Burnaby Willingdon Park Spear Street Capital Healthcare of Ontario Pension Plan 488,811 $179,400,000 $367 Downtown Vancouver Telus House GWL Avigilon Corp. 134,967 $107,500,000 $796 Burnaby Canada Way Business Park CC&L Private Capital and Public Sector Pension Investors Group 327,964 $106,500,000 $325 North and South Investment Board Burnaby Production Court Pacific Reach Properties Artis REIT 297,727 $100,500,000 $338 East Vancouver Containers – Phase 2 Concert Properties Rize Alliance Properties 128,404 $92,000,000 $716 Downtown Vancouver Shorehill Building Hollyburn Properties Ltd. Shorehill Investments Ltd. 83,068 $80,000,000 $963 4 Regional Office Cost of Business Survey — Fall 2018 M ETRO VANCOUVER CHAPTER Office Development Scenario V ANCOUVERhis year’s s urvey CHAPTE was basedR on an office development scenario, the construction All municipalities were provided an opportunity to review and comment on the Tof a two-storey, 50,000-square-foot, Class B office building on two acres of results prior to publication. Please note that the survey results are based solely on the land. Municipalities received a “development proposal” where rezoning, subdivision, responses of the municipalities. The Metro Vancouver sewer and drainage charge has development permit and building permit approvals would be required. They then been broken out as a separate item for comparative purposes but has not been included reported on development costs and approval times according to their usual standards in totals due to regional variation in methods for calculating these items. and processes. Twenty municipalities were sent the survey representing a real-life situation in Development context: a mock development scenario, intending for them to run this request through their • Located within an area designated in the municipality’s Official Community Plan approvalGREATER VANCOUVERtimeline and CHAPTE assessR overall cost requirements. and Metro Vancouver’s
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