Metro Vancouver Industrial Overview - Avison Young

Metro Vancouver

Industrial Overview Fall 2013

INSIDE: Q&A with Paul Tilbury, Tom Corsie and Jarvis Rouillard on the impact of the new South Fraser Perimeter Road on investment and industrial development south of the Fraser River.

> Metro vancouver industrial market snapshot Market

Industrial Inventory

Vacancy

(square feet)

Fall 2013

Spring 2013

Fall 2012**

Richmond

36,850,443

4.4%

2.6%

2.8%

Surrey

27,888,034

2.3%

1.9%

2.0%

Burnaby

27,361,097

4.3%

4.6%

3.8%

Vancouver

23,305,291

2.5%

2.0%

2.0%

Delta

20,844,309

7.1%

6.9%

7.2%

Langley

16,171,991

3.1%

3.8%

3.4%

Coquitlam

8,003,369

4.4%

7.8%

8.6%

Port Coquitlam

7,179,547

4.2%

2.5%

4.7%

Abbotsford

7,081,192

3.6%

2.8%

3.2%

North Vancouver

5,354,433

2.3%

2.2%

1.9%

New Westminster

3,776,194

3.1%

3.5%

3.9%

Maple Ridge/Pitt Meadows

2,531,493

3.3%

1.8%

3.2%

186,347,393

3.9%

3.5%

3.6%

Total

**In order to provide the most accurate statistics, Avison Young undertook an extensive Metro Vancouver industrial inventory update prior to the Fall 2012 report.

> Market Indicators (change from six months ago)

absorption

cap rates

rental rates

Strengthening bond rates yield resilient Metro Vancouver industrial market

C

onfidence in Metro Vancouver’s industrial market has surged since spring 2013 as owner/users secured new and/ or additional premises in the wake of the unpredicted outcome of the provincial election and rising port cargo volumes. The addition of almost 1.4 million square feet (msf ) of new industrial product in that six-month period has provided little relief, with Metro Vancouver’s industrial vacancy rising incrementally to 3.9%. Vacancy has risen just 30 basis points since fall 2012 (3.6%) despite the addition of more than 3.4 msf of new inventory in the past year. Business confidence, which had been tempered somewhat pending the outcome of the BC election, resurfaced and fed into a resurgence of speculative industrial construction since spring 2013, particularly next-generation logistics/distribution facilities, in Metro Vancouver. Stable leasing (and sales activity) continues to propel the majority of Metro Vancouver’s industrial markets as vacancy has remained mostly stable since spring 2013, with some upward pressure due primarily to new additions to inventory. Vacancy in large-floorplate modern distribution buildings remained exceptionally tight in all markets. Specific requirements (owner/users seeking more than 100,000 sf ) in Metro Vancouver’s traditional industrial submarkets remained a challenge to accommodate. Strata product is currently almost the only option for small to mid-sized industrial owner/users seeking to purchase commercial real estate. Increases in five- and 10-year Canadian bond yields throughout much of 2013 have impacted interest rates. Those increases are having a moderating effect on industrial sales activity. On the investment side, a floor was established in late 2012/early continued on page 2

vacancy rate

construction

retail sales

container shipping volume

continued from page 1

2013 on capitalization (cap) rates for Metro Vancouver industrial assets. The expectation of buyers facing increased debt costs by mid-year 2013 was that cap rates would rise. This belief was also fuelled by an overall retreat of REITs from the Canadian commercial real estate market. While Metro Vancouver remains a seller’s market due to a lack of supply, developers have not yet had to moderate pricing (or lease rate expectations) for new-product offerings. Metro Vancouver’s disciplined industrial development community, which continues to be controlled by a limited number of landowners, will continue to make rational and practical decisions around speculative construction. Oversupply remains highly unlikely in the near to midterm. However, land banking opportunities pursued by major industrial developers in Metro Vancouver has softened with many groups turning their attention to other markets. Tight but stable vacancy has kept Metro Vancouver availability rates below 5% (achieving a five-year high of 4.7% in spring 2010). Availability in individual submarkets (primarily Delta and Coquitlam) exceeded that threshold at the height of the downturn but has steadily decreased since. Much of the remaining vacancy represents older, less efficient space that requires investment or redevelopment. Lease rates have generally remained stable regionally with little upward pressure overall. Specific

Securing suitable industrial premises has remained a challenge in 2013, but this recent 44,500-sf lease by Fast Track Indoor Karting at 5760 Production Way in Langley demonstrates deals are still getting done.

submarkets and industrial nodes have seen lease rates rise incrementally (primarily due to proximity to new transportation infrastructure), while premium lease rates (and sale prices) can be achieved for new modern industrial space, particularly those buildings with a logistics/distribution focus. Small-bay leasing activity has been strong with supply remaining constrained and even less efficient properties being more actively considered by potential tenants. Land prices have remained elevated but flat as developers have been able to demonstrate to land owners (and speculators) with some success that they can only pay so much for land when lease rates are at current levels. Institutional investors have remained active in the market as both vendors and purchasers. Many such investors (on behalf of themselves or clients) divested themselves in the past six to 12 months of industrial assets held in their portfolios that were not core to their long-term

2 I

With the completion of the South Fraser Perimeter Road (SFPR) set for December 2013, the full impact of the $1-billion-plus continued on page 8

> Recent Notable lease deals MUNICIPALITY

investment objectives. These dispositions also benefited from premium pricing due to lack of supply, and provided capital to reinvest in more suitable assets within or outside the Metro Vancouver industrial market. While institutional investors understand intimately the difficulty associated with acquiring quality industrial assets, many owner/occupiers naively believe it is simply a matter of price and timing. This lack of knowledge can result in hesitation to embrace build-to-suit options in the misguided belief that assets are available. Most of the new supply being delivered is lease or strata product. Developments on leasehold land have provided temporary relief for users seeking large floorplate assets. Infrastructure investment has been touted as a means to uncover new industrial development opportunities in Metro Vancouver.

ADDRESS

SQUARE FEET

TENANT

Langley

274th Street

260,000

Masonite International Corporation*

Richmond

7451 Nelson Road

230,050

Ingram Micro Logistics LP

Langley

5350 275th Street

154,200

Canwel Building Materials Ltd. (Renewal)

Coquitlam

255 North Road

63,450

Canadian Utility Construction Corp.

Richmond

13331 Vulcan Way

62,800

Vancouver Truck Terminal Inc.

Burnaby

3676 Bainbridge Avenue

48,629

Seaforth Supply Chain Solutions Inc.

Burnaby

8508 Glenlyon Parkway Suite/Unit: Building C

46,777

New B Innovation Limited

Langley

27450 55th Avenue

45,831

Le-Ron Plastics Inc.

Delta

1619 Foster’s Way

45,000

Henry Schein Ash Arcona Inc.

*Build-to-suit development; completion 2015

Partnership.Performance.

Cypress Provincial Park

Grouse

Lynn Headwaters Regional Park

Woods

Glenmore

Y GREEN

EWAY

DISTRICT OF NORTH VANCOUVER

NANC

RM A N

IA

D

IN

T LE

OXFORD ST.

COAST MERIDIAN ROAD

WAY

.

M

AP

EL

INE ROAD

DR

A H

T

A

H

C

PIPEL

ET STRE ESSY GHN

CEADAR DR.

JOHNSON ST.

PINE TREE

ER

COAST MERIDIAN RD.

BROADWAY STREET

PITT RIVER RD.

IV

R

HARRIS ROAD

SHAUGHNESSY

TYNER ST.

DR. CHI LCO

AD RO ER T RIV PIT

203RD STREET

E. WHALLEY RING RD.

144TH STREET

216TH STREET

154TH STREET

S AVE. MAPLE MEADOW

KINGSTON ST.

HARRIS RD.

STATION RD.

196TH B ST. 195TH ST.

194TH A ST.

193RD A ST.

McMillan Island

Indian Reserve No.

194TH ST.

RO AD

196TH A ST.

198TH ST.

92ND AVE.

91ST A AVE.

NS

HA

US

H

R TO NN

GL

K CO OO

216TH STREET

ST. 206

A ST.

GLA

S CR.

LANGLEY BYPASS

City Hall

DOU

Hi - Knoll Park

56TH AVENUE

LANGLEY AIRPORT

LANGLEY GRA

DE

CRE

48TH AVENUE

SCE

NT

152ND ST.

MURRAYVILLE Boundary Bay Regional Park East Delta Accretion

Serpentine Fen Bird Sanctuary and Natural Trails

CHURCHILL ST.

DELTA HERITAGE AIR PARK

BROOKSWOOD

GE

OR UL

BO

232ND STREET

TOWN OF LANG

194TH ST.

D

188TH ST.

AR

EV

32ND AVENUE

YD

CRO

53RD STREET

196TH ST.

192ND STREET 32ND AVENUE

216TH STREET

GE

32ND AVE. DIV.

208TH STREET

G

CRE

DELTAPORT WAY

36TH AVENUE

194TH ST.

Elgin

PACIFIC HIGHWAY

RO

KIN

NT

SCE

176TH STREET

AD

Musqueam Indian Reserve No. 5

40TH AVENUE

40TH AVENUE

40TH AVENUE

190TH ST.

S

MUD BAY

BOUNDARY BAY AIRPORT

192ND ST.

LADNER

168TH STREET

Boundary Bay Regional Park

KETTLE

BURLINGTON NORTHERN & SANTAFE RAILWAY

ATHABASKA ST.

CR.

57 A AVE.

56TH AVE.

53RD AVE.

52ND AVE.

BROO

SKEENA ST.

UE

.

54TH AVE.

53TH A AVE.

WAY

A ST.

EN

AVE

204TH ST.

176 ST.

52ND AVE.

205

RIAL

PL.

188TH ST.

DR. PANORAMA

ST WE AD RO ER

PRODUCTION BLVD.

D

AR

EV

UL

RIV

N AV

UST

203RD ST.

BO

ROAN

GA

IND

WAY

198 ST.

GE

172ND ST.

OR

DUC

55TH AVE.

55TH AVE.

196 ST.

GE

177TH B ST.

G

55B AVE.

TION

PRO

56TH AVENUE

54TH A AVE.

Colebrook

WA

199TH ST.

KIN

CAN

LO

Y

ARK

DM

LAN

COLE

VICTORIA ST.

RD

DUN

60TH AVENUE

AY

206

RA

180TH ST.

RN

ILW

CANADIAN NATIONAL RAIL WAY

S

MU

FFO

HE

208TH ST.

148TH ST.

144TH ST.

128TH STREET

UT

LADNER TRUNK ROAD

1

OV ER

EC

203RD ST.

64TH AVE.

LANGLEY BYPASS / 61ST AVENUE

SO

Sullivan

Colebrook Park

RO AD

NT

62ND AVE.

Watershed Park

HIGHWAY 10 BYPASS CE

65 AVE.

BR

65A AVE.

CR

ES

66TH AVE.

OW

64TH AVENUE

H IG HW AY

ILL

179TH ST.

65A AVE.

RD.

64TH AVENUE

SE R

66 AVE.

W

66TH AVE.

CR

Willowbrook

CLAYTON FR A

66 A AVE.

202 ST.

145TH

CLOVERDALE

205 ST.

68TH AVE.

176A ST.

NEWTON

68TH AVENUE

179TH A ST.

152ND ST.

138TH ST.

134TH ST.

72ND AVENUE

SURREY

72ND AVE.

Sunshine Hills

City Hall

MacKENZIE

232ND STREET

208TH STREET

184TH STREET

74TH AVE.

216TH STREET

WILLOUGHBY

Fleetwood Park

130TH ST.

77TH AVE.

192ND STREET

134TH ST.

78TH AVE.

144TH ST.

140TH ST.

78A AVE.

H

D E LTA

ST. JOHN ST.

GL OV

AD RO IE RV

130TH ST.

132ND ST.

80TH AVENUE

80TH AVE.

80TH AVE.

ANVIL WAY

76TH AVE.

135TH A ST.

124TH STREET

120TH STREET

Strawberry Hill

58TH AVENUE

160TH STREET

190TH ST.

16TH AVENUE

184TH STREET

DOUGLAS Campbell Valley Regional Park

BUENA VISTA AVE.

STAYTE ROAD

48TH STREET

21ST AVE.

16TH AVENUE

16TH AVENUE

City Hall

Boundary Bay Regional Park

24TH AVENUE

22ND AVE.

192ND ST.

NORTH BLUFF ROAD

MARINE DRIVE

12TH AVENUE

FINLAY STREET

Ocean Park

JOHNSTON ROAD

52ND STREET

CRESCENT BEACH

26TH AVE.

Sunnyside

OXFORD STREET

Beach Grove

16TH AVENUE

196TH ST.

152ND ST. 148TH STREET

128TH STREET

20TH AVENUE

South Surrey Athletic Park

4 25TH AVE.

24TH AVENUE

24TH AVENUE

Tsawwassen Indian Reserve No. 0

English Bluff

Sunnyside Acres Urban Forest Park

27TH AVE.

200TH STREET

56TH STREET

140TH STREET

Crescent Heights

144TH STREET

ST.

.

HER

BEEC

NT

DR

28TH AVENUE 27TH AVENUE

ON

CRESCE

191ST ST.

S RD.

AY

RAWLISON CRESCENT

K RD.

PA

HIG

HW

G

U

LADNER TRUNK ROAD

OE CAN

CAN

ADA

AND

OTTAWA ST.

FORT LANGLEY

88TH AVENUE

TRA

UPL

MONTREAL ST.

ER

WALNUT GROVE

196TH A ST.

168TH STREET

160TH STREET

199TH A ST.

192ND ST.

188TH ST. 189TH ST.

187TH ST.

190TH ST.

193RD ST.

156TH STREET

186TH ST.

152ND STREET

148TH STREET

140TH ST.

96TH AVENUE

84TH AVE.

66TH AVE.

Delta Municipal Hall

232ND STREET

GHN ESSY SHAU

A

138TH

134TH ST.

132ND ST.

132ND A ST.

W. WHALLEY RING RD.

130TH ST. 129TH ST.

123RD ST.

112TH STREET

NorthDelta

Panorama Ridge

RD.

WHITE ROCK

ew

ay

New construction thriving despite limited land supply due to constrained availability us

BO

Ca

UN

DA

RY

TSAWWASSEN

BA

8TH AVENUE

8TH AVENUE

Y RO

AD

Isla nd s

&G ul f

Boundary Bluff

Boundary Bay

To

etro Vancouver’s industrial inventory has continued to expand rapidly since spring 2013 with almost 1.4 msf of new product added in the past six months and nearly1.8 msf currently under construction. Richmond’s industrial market has seen the greatest increase since spring 2013, with more than 560,000 sf added to the 36.8-msf market. Delta has also recorded a significant increase in the past six months, with an additional 220,000 sf added to its Partnership.Performance.

SEMIAHMOO BAY

1ST AVENUE

Vic tor ia

M

ENGLISH BLUFF ROAD

TSAWWASSEN Ferry Terminal

To Nanaimo (Duke Point)

POINT ROBERTS ROAD

Semiahmoo Indian Reserve

Tsawwassen Beach

ST

Brae Island

97TH

Fleetwood 84TH AVE.

Barber Island

ISLA ND

224TH STREET

. DR EEK

NO ON

S CR

HONEYSUCLE LN.

MARINER WAY

ES CE NT CR VIE W

RIV ER NORTH BEND ST.

GLACIER ST.

RN HO PE CA R ST. SCHOONE

FAWCETT RD.

BURBIDGE ST.

LEEDER AVE.

ST.

DR. BRIGANTIN

CLIPPER 125 ST.

124TH ST.

AD 122ND ST.

RD

176TH ST.

I

SHAU

ELECTRONICA AVE.

MORAY ST.

AV E.

CAYER ST.

SCHOOLHOUSE ST.

MYRNAM ST.

KING EDWARD ST. 130TH ST.

DRIVE 131ST ST.

125TH A ST.

124TH ST.

RD. AL

DR.

STRI

123RD

INDU

AM QUE MUS

RD. GE BRID E RD. UC

T RO OT SC

121ST ST.

E RO AC

WESTWOOD

GATENSBURY RD.

GATENSBURY ST.

MARMONT STREET WOOLRIDGE

VUL AN CAN ST. FOR AVE .

AV EN UE UN ET TE BR

I A S T RE E T

O LUM B ST C

EA

RD. EN

RD.

OLS

D LAN

BER TIM

RD.

SPR

ER

E RD.

LKN

DYK

R

AD

VE SON ROB RD. SON DER

BURNS ROAD

ROBINSON STREET

BONNEVILLE PL.

RI ALA

SKA

GUN

WAY

OXFORD STREET

YS

SU NN

1ST AVENUE

4TH AVE.

TON PRINCE

GLENAYRE DR.

RO AD KE AR CL

BLUE MOUNTAIN STREET

UNDERHILL AVE.

GAGLARDI WAY

LAKE CITY WAY LOZELLS AVE.

80TH ST.

HONEYMAN ST. 72ND ST.

Bear Creek Park

PACIFIC HIGHWAY

VENTURE ST.

PARKWAY BLVD.

AD RO IDE

RA RD

R

PIPER

. AVE RD DFO

AUL

AVE.

WAY

DY

ENT

CUN

AY

FRASERWOOD PL.

GRAYBAR RD.

NO. 9 RD.

DERW

W EL RD

84TH AVE.

76TH ST.

G

FAU

GREENFORD AVE.

BOUNDARY RD.

N

A

E

V

A

R

RD. LE NG

D.

TRIA

BLV NT ME AIN

TR.

200TH STREET

ERT

APH

94TH A AVE.

92ND AVE.

PORT KELLS

176TH STREET

ESHO

EGR

Y

HORS

95TH A AVE.

94TH AVE.

TEL

WA

E PL.

96TH AVENUE

98TH AVE.

96TH AVENUE

ER

GARDEN CITY RD.

AVE.

E

MB

ENT

SPE EN FIR RD. SPA RD. N RD.

ROSEBERRY AVE.

FRASERWOOD CT.

NELSON RD.

NO. 8 RD.

FRASER DELTA THRUWAY

IN

INDIAN RIVER DR.

PHILLIPS

GILLEY AVENUE

SELLERS

PALM AVE.

MERRITT

SHIRLEY

RANDOLPH

CONWAY AVE.

PATTERSON AVE. IVY AVE.

GREENALL AVE.

JOFFRE AVE.

COMMERCE PARK WAY

SHEILD RD.

MINORU BLVD.

ARDEN AVE.

AVE. SPRIN GER

EASTBROOK PKWY. .

WAYBURNE DR.

WILLINGDON AVENUE

BOUNDARY ROAD

VICEROY PL.

FRASERTON CT.

PATRICK ST.

SAVAGE RD.

VALMONT WAY

BURDETTE ST.

VIKING WAY

VANDYKE PL.

NO. 6 R ROAD

SWEDEN WAY

VISCOUNT WAY

NO. 5 ROAD

JACOMBS RD.

BETA AVE.

ALPHA AVE.

BOUNDARY ROAD

RUPERT STREET

NOOTKA ST.

ST. CE JOY MELBOURNE

RUPERT STREET

TYNE STREET

KERR ST.

CROMPTON ST.

TIPPING RD.

MILLCARCH ST.

OLAFSEN

SPERLING AVENUE

KOOTENAY

NOOTKA

LILLOOET

BENTALL ST.

KASLO ST.

ARGYLE STREET DR.

FRASER STREET CHESTER ST.

MANITOBA

HOLDOM AVENUE

ST.

REFREW STREET

WILLINGDON AVENUE

GILMORE AVENUE

VICTORIA DR.

SALSBURY DR.

WELWYN ST

COMMERCIAL ST.

VICTORIA DRIVE

SLO CA N ST.

NANAIMO STREET

CLARENDON STREET

VICTORIA DRIVE

FRASER STREET MAIN STREET

EBURNE PL.

PAGE ST.

SCOTT ST.

SHEILD RD.

SIMPSON RD.

SMITH ST.

GARDEN CITY ROAD

NO. 5 R ROAD

NO

KE

CEDARBRIDGE

DR.

CO

COPPERSMITH PL.

86TH AVE.

85TH AVE.

72ND AVENUE

ANNACIS HIGHWAY

HAMMERSMITH WAY

NORDEL WAY

RW

AY

MAYCREST WAY

McMILLAN WAY

.

BA

RD

SS

TER

RU

IME PER S.

No . Br 2 Ro id ad ge

ONE

88TH AVENUE KING GEORGE BOULEVARD

er Fras Alex ge Brid

NO. 3 ROAD

PL.

GARDEN CITY ROAD

RD.

BER

GILBERT ROAD

HOLT

HUM

NO. 2 ROAD

.

TRITES ROAD

97TH

NST

A

RD

RAILWAY AVENUE

98TH AVE.

BAR

PACIFIC HIGHWAY

ER

DYKE RD.

CLIFF AVE.

ER

CAMBIE STREET CAMBIE STREET 75TH AVE.

Art hur Brid Laing ge

TEMPLETON ST.

AYLMER RD.

JERICHO RD.

ASH ST.

ANGUS DRIVE DR.

BARNARD ST.

ANGUS

BEN

McDONALD ROAD BELL-IRVING ST.

ELLIOT STREET

WEST BOULEVARD

MacDONALD STREET

ST.

TLEY

SHANNON ROAD

FRASER STREET

ARBUTUS STREET

DUNBAR STREET

MacKENZIE STREET

CROWN STREET

BLENHEIM STREET

AGAR DR.

Tynehead Regional Park

200

E PL.

WA

. S RD

AN

TH

236

98TH A

TYNEHEAD

Green Timbers

102 AVE. 101 ST AVE.

176TH STREET

LISL

IGH WAY

ERM

E.

ER H

.

FISH

D.

NO. 1 ROAD

AVE KAY

S RD

R RD.

BLV

RA

Katzie Indian Reserve No.2

102ND B AVE.

Barnston Island Indian Reserve No.3

GG

RD.

RIVE

Johnston Heights

100TH AVENUE

Woodwards Hill

M

AY

Mann Point

Mc

LY

82A AVE.

80TH AVENUE

NORTH DELTA

WILSON AVE.

THA

HW

LEY

ST.

AUD

DEW

CAL

HE

82ND AVE.

WAY

WES

HIG

Y

Green Timbers Urban Forest Park

Williamson Island

Westham Island

EED GH

LOU

T WA

UT

Ears Bridge

EN

SO

Derby Reach Regional Park

Golden

RW

King George SkyTrain

Woodward Island

Duck Island

CR.

DE

GUILDFORD

Reedville

Gunn Island

RT

Barnston Island

TRI

DA

Kennedy Heights

NORDEL WAY

Kirkland Island Reifel Island

WA

ST.

el

nn

y Tu

se

O SL

DEAS

STE

ST.

OD

PL.

EWEN AVE.

Y ST. WA

D

NE

WO

BOY

PL.

Mas

nd

East Haney

AR

N DIV GUILDF ORD . DR.

92ND AVE.

KITTSON PARKWAY

Deas Island

R.

Isla

SS

EV

UL

BO

h

ge

ug

ENT

EY

RIDL

FRASER VIEW PL.

EBURY PL.

CL.

ge

ur

PA

.

AD

FR AS

RW

PL.

or

E RD.

mo

Y BY

104TH AVENUE

Deas Island Regional Park

DYK

C. N.

Gil

AD

GE

AD

OR

RO GU

SO

96TH AVENUE

WAY

McALLISTER RD.

E WAY

NE

HANEY

Hammond

FER

Ge

LONDON RD.

BRO

DR.

EN

108TH AVENUE

RO

Cedar Hills

84TH AVENUE

NORDEL CT.

HA

Katzie Indian Reserve No.1

88TH AVENUE

E WAY

City Hall

West Coast Express Port Haney

113B AVE.

Surrey Bend Regional Park Reserve

112TH AVENUE

MACHRINA WAY

ESHO

RD.

West Coast Express Maple Meadows

HAMMOND RD.

2

PITT MEADOWS AIRPORT DYKE

Fraser Heights

104TH AVENUE

Y

VANTAG

CR .

West Haney

Surrey Central SkyTrain

IL

RN

DEWDNEY TRUNK ROAD

Municipal Hall

NS

WHALLEY

106TH A AVE.

RN

FE

West Coast Express Pitt Meadows

HA

GE

Gateway SkyTrain

108 AVE.

South Westminster

85TH AVE.

128TH AVENUE

.

92ND AVENUE

Annieville

132ND AVENUE

DEWDNEY TRUNK ROAD

R RD

109 AVE.

DE

ON

STEAD

DERWENT WAY

DEWDNEY TRUNK ROAD

FRASER

NO

NG

ro

Annacis Island

FRASER

e

T

Douglas

OS

KI

bo

3

T PI

Fraser Islands Regional Park Reserve

GR

.

LE

E CT.

dg

UE

PL.

.

ns R SQ.

Bri

EN

Port Mann

Bolivar Heights

110TH AVE.

RIVE

PLYWOOD RD. NO

Y AV

PASS L BY HIL RY MA NG

ST

.

.

Pit t Riv er

WA

HILL BYPASS RY

VE

LIEN WIN RD. RAM RD.

RD

INDUSTRIAL AVE.

SHUSWAP AVE.

M

ROGERS AVE.

117TH AVE.

112TH AVE.

Scott Road SkyTrain

LE

Mary Hill

RIDE McB

H 8T

ST

EVI

IDG

BR

DOMINION AVENUE

AY

GS

STA

DR.

EST

LIN

Y

Purfleet Point

EAT

WA

L RD.

AVE.

114TH AVE.

D YA

NC

CH

Y PL.

DSE

N

WAY

HAMP

EN AVE.

CLIVED FOSTERS

TO

RD.

EA

JACOBSON

HARTLEY

112TH A

YA

HW

KIN

MU

.

. ST

TH

D

PITT MEADOWS

CANOE AVE.

Bridgeview

EW

HIG

McLEAN AVE.

ge Brid ann rt M Po

VD E BL

H 6T

12

OL

Codd Wetlands Regional Park

PORT COQUITLAM

Gates Park

OL

NA

RD.

PROGRESS

ROCKET WAY

ARD

ST.

. ST

ST.

AVE

AN

HIGHW AY

UNITED BOULEVARD

UCE

D

ID BR Mc

2N

AY W

.

EN

VED

CLI

HEED

HIGHWAY

BOULEV

BRIGANTINE

R RD.

SVE

WA

TILB

ETT

HARTNE

RICE MILL RD.

SPR

DA NA

N

N CT.

URY

RD.

UNITED

DR.

N

y

CA

AN

CAR

CH

PL.

LETO

LD

NORTH ROAD

ab

id

Br

VE

DEN

CAR

NA

ACI

ANN

GRO

S

e

Q4 2013 McNEIL ROAD

Birchland Manor

West Coast Express Port Coquitlam

Colony Farm Regional Park

LDE GO

104TH AVE.

Royal Heights

GRA

BEL

EL

CLIVE

RD.

cDO

DOCK RD. Y.

North Delta Nature Reserve

G RD.

Ma

DENN

PIN

ee

CI

ST.

WAY

RD.

RIVER

Bri

dg

Qu

ST. ORD .

S ST.

A

S PKW

Y

R ST.

LTE

SA

BER

S RD.

AD

rn

.

ST

GIN

GIFF

CT.

WIG

END

ERB

EN

EW

D WAY

RWOO

NDER

WEBSTER

RD.

ROS RD.

ST.

Tilbury Island

PCO

TT

HOSKINS

N

H

HO

llo

.

T ST

ON

Y RD.

E.

AV

Y HIGHW A ER

N

IDGE

TRANS CANADA

ET

RE ST

FR

NER

EET

RIV

ST

FRASE

ALEXA

STO

AC

82ND

RE

Bu

TH

DR.

IN

WOOLR

ORT

TAN

D BOY

RIVER RD

GORDON WAY

DYKE

HU

D

IA MB

LU CO

E RD.

STR

D

Y

WA

EN

RO

st

H

R RD.

SPU

.

OO

AVE

NW

OW

GLE

AD

AVE

RIVER WAY

S

OO RIB

Ea

15T

.

PP

TRA

.

Don and Lion Island Regional Park

RD.

Columbia St. SkyTrain

New Westminster SkyTrain

Glenwood

Coquitlam Indian Reserve No. 2

Cape Horn

ST.

HORS

ANDREWS RD.

PRINCESS ST. PRIN CES S LN.

CA

Y 20

ME

GE

DYKE

FORGE PL.

WA

.

BRID

BLACKSMITH PL.

S DR

GT

RIVE

K DR

E AVE

RN

THO

ER

RD.

RIVERSIDE WAY SILVERSMITH PL.

ITH

RSH

MA

D DR.

RBEN

Don Island

DELL

BLUN

Shellmont

Gilmore

DA NA

IFF

NT

RO

IV

ERF

RIV

LLY

WILLIAMS ROAD

CA

GR

.

R

.

.

K DR

PAR

ST. M ICU TILFRA SER PAR

. S RD EEN QU HAMILTON RD.

COPPERSMITH WAY

ENGLISH AVE.

AY HW

E WAY

.

R

AVE

D

LAN

DR

SER

E

5

Big Bend

D

FRA

S

Lion Island

HAMMERSMITH GT.

EASTHOPE AVE.

ET

MARIN ST.

RD

SFO

OT

ABB

LAN

LOW

A

Hamilton

STEVESTON HIGHWAY

nd

R

East Richmond

McLennan

WAT

Isla

F

WESTMINSTER HIGHWAY

FRANCIS ROAD

MONCTON STREET

ton

M

RICHMOND FREEWAY

WEST

ves

R

AV

ST.

Poplar Island Regional Park Reserve Poplar Island

WIRELESS WAY

Lulu Island

Broadmoor

Ste

AD

E RO

Y

A

East

EDW

ttu

E.

H

NG

Pa

YA

RO

City Hall

AV

SON WAY AR D STEW AD

SSI

RN

BY

WA

H

HY

Lincoln Park

PRAIRIE AVE.

Coquitlam River Wetlands Regional Park

Coquitlam

LOUG

E.

L AV

ME

CRO

SPARWOOD PL.

BLUNDELL ROAD

E.

AV

Q1 2014

H

Beedie Group

Nature Reserve

LINCOLN AVE.

ED

AUSTIN AVENUE

Sapperton SkyTrain

E.

H

6T

NEW WESTMINSTER 6T

WES T M

INTERNATIONAL PL.

AV

Edmonds

22nd St. SkyTrain

WESTMINSTER HIGHWAY

RICHMOND

ER DR.

RE

Y.

T

Municipal Hall

W STREET

ST

N PKW

R

Richmond-Brighouse SkyTrain

Steveston

CR.

LYO

O

WAY PL.

FRA

SER

N

GRANVILLE AVENUE

BAYVIE

HIG

HT

ER

Cambie

FIR BRIDGE WAY

Blundell

N

DA NA CA

RIVER

NOR

GLEN

AS

Lansdowne SkyTrain

Town Centre

WESTMINSTER HIGHWAY

Thompson

Seafair

21S

Edmonds SkyTrain

MAYFIELD PL.

WORSTER CT.

KIN GS WA Y

E.

VIKING PL.

TH

10

S ST

ND

MO ED

E.

T AV

H

FR

WA

RID

RB

DE

AL

WAY

PRENTER ST.

8T

H

Y

GE

IDGE

ET

RE

R ST.

C

A

HE

Maillardville

BRAID STREET

EN

RIA

PE

IM

Middlegate

NTE

VANIER PL. DELF PL.

ELMBR

ST.

PRE

SOUTH RIDGE DR.

RT

M AR

KNOX WAY

Braid SkyTrain

UE

S ST.

.

RD

CLARKE PL.

ORD

MARIN E WAY

VERDUN PL.

CRESTWOOD PL.

BERESF

NORTHBROOK CT.

Aberdeen SkyTrain

HO

MIDDLE RIVER ROAD

BURROWS RD.

WAY

VULC

South Slope

NO

AN

ALL PL.

VAUXH

VICKERS WAY

VOYAGEUR WAY

RR

BU

TUPPER

The Crest

Robert Burnaby Park

GIN

RIVER RD.

Bridgeport

BRIDGE PORT ROAD

RUMBLE STREET

WIG

WAY

HOR

Burnaby Lake

.

ST

S.E. MARINE DRIVE

RIVER RD.

Austin Heights

Lougheed SkyTrain

NOR

Cariboo

Buckingham Heights

R

E

UG

TH

IRMIN ST.

T

NE

VAN

NS TRA

RD.

WAY

RAIL

TA FE

Pitt Addington Marsh Wildlife Area

De Boville Slough Park

98,000 sf

City Hall

Q2 2014

Minnekhada Regional Park

Beedie Group

VICTORIA DR.

Central Port Coquitlam

COMO LAKE AVE.

SAN

N&

West Coast Express Coquitlam Central

Ranch Park

Mundy Park

THER

TON

LAKE

L ST

MAVIS DORSET

SIDLEY ST.

Suncrest

Champlain Heights

ABY

ET

RKE

ST

GREAT CANADIAN WAY

CR.

STARK ST.

Fraserview

RN

Grosvenor

Oxford Heights

Westwood

ABERDEEN AVE.

Pinnacle Creek Ravine Park

162,715 sf Coquitlam River Park

BARNET HIGHWAY

EY TRUNK RD.

Chineside

Q1 2014/Q2 2014

101,225 sf

OZADA

Laurentian

Coquitlam West

RE

SHORT ST.

DR. GUILDFORD WAY

Harbour Chines Park

Q2 2014

Onni Group

LO

FOSTER AVENUE

OAKLAND ST.

McKay Jubilee

NIE

DEWDN

BOO

Deer Lake

OW

COMO LAKE AVENUE

LING

ST.

DSD

COQUITLAM

Burnaby Lake Regional Park

MA

k St. Oa dge Bri

SEA ISLAND WAY

NGE

WINSTON STREET

Government Road

Stoney Creek Park

Harbour Place

Dayhu Group

River Springs

Town Centre Park

Port Moody Centre

Sullivan Heights

EASTLAKE DR.

LOUGHEED HIGHWAY

GOVERNMENT RD. BURNLAKE DR.

CONRAD ST.

IS

Eagle Ridge

LAN

Y

DEER LAKE PKWY.

GRA AY

Oakdale

ON CTI DU PL. PRO BAXTER

Simon Fraser Hills

Lake City

University SkyTrain

BU

Deer Lake Park

E.

FALCON

GOLDEN SPIKE

439,970 sf 256,710 sf

Canyon Springs

West Coast Express NOOTK A Port Moody KLAHANIE DR. WA

MURRAY

Harbour Chines Y

AV

City Hall GLEN DRIVE

BUR

Garden Village

VID

City Hall

MURRAY ST.

ESPLANADE

AILSA AVE.

WA

WA

ENTERPRISE ST.

Lake City SkyTrain

W AY

Metrotown SkyTrain

N CR. PAI

MITCHELL

RD.

Mitchell Island

CA NA DA

Deer Lake Place

DOVER ST.

AM

Y ST.

ESS

AIRPORT RD. S. INGLIS DR.

Killarney

49TH AVENUE EAST

JOE SAKIC WAY

Patterson SkyTrain

KEITH ST.

TWIGG

TWIGG PL.

ROWAN PL.

re mo ns e Di Bridg

RD.

KING SW

KENT AVE. S.

71ST AVE.

LAUREL ST.

DA

Burnaby Business Park

COMO LAKE AVENUE

EXPRESS ST.

GREENWOOD ST. DARNLEY ST.

SARDIS ST.

Central Park

AR DI

Forest Hills

BROADWAY

Royal Oak SkyTrain

SOUTHEAST MARINE DRIVE

BATHGATE WAY

RD.

RD

COWLEY

ST GUA

CHARLES ST. NO

.3 RD . DOUGLAS ST.

WE

Sea Island Bridge Mor Brid ay ge

E WAY

AIRPORT

COA

70TH AVE.

69TH AVE.

UGN

Bridgeport SkyTrain .

TERRACE ST.

68TH AVE.

SHA

Templeton SkyTrain

GRANT McCON ACHI

Sea Island Centre SkyTrain

AVE.

41ST AVENUE EAST

.

AVE.

Greentree Village

Forglen

RIVER DR.

Sea Island

N. SERVICE ROAD

MILLER ROAD

57TH AVENUE EAST

Knight Street Bridge

REL

E.

74TH

Joyce St. SkyTrain

AY

DR

Sperling SkyTrain LAND

Municipal Hall

54TH AVENUE

South Vancouver

Marine Drive SkyTrain

70TH AVE

R ST.

LAU

AV

ST. 76TH AVE.

GRAUER

YVR Airport SkyTrain

T ES HW THE

AVE.

MILT

ON

49TH AVENUE EAST

MOSCROP ST.

IMPERIAL STREET

E RIV ED RIN MA E ST.

UT SO

HEA

73RD

.

VANCOUVER INTERNATIONAL AIRPORT

Marpole

AISN

AVE

D

H

Richmond Island

77TH AVE.

Swishwash Island

49TH AVENUE EAST

South Cambie

VE

OAK STREET

75T

RAN

Sea Island

Knight

29TH AVENUE

NE

Y

NOR

DR

.

SAINT JOHNS STREET

GL

TO

KINGSLAND CT.

REGENT ST.

B. C. I. T.

INE

D

GA

EYS

STILL CREEK AVE.

WILLINGDON GREEN

NORFOLK

GLENNCOE

Simon Fraser University GR

Squint Lake Park

Montecito

ST.

CH

IVE E DR

Sea Island Conservation Area

41ST AVENUE EAST

KNIGHT STREET

RIN . MA

PAR K DRI

S.W. Marine

GH NALD SLOU

Sea Island Indian Reserve No. 3

Langara/49 Ave. SkyTrain

57TH AVENUE WEST

GORING

ROY ST.

Central Burnaby

DOMINION

CANADA WAY

Duthie

BURNABY

SPROTT ST.

29 th Ave. SkyTrain

KING SW

th

GRANVILLE STREET

Southlands

McDO

41ST AVENUE EAST

S.W

Iona Beach Regional Park

33RD AVENUE EAST

Victoria

Oakridge

Deering Island

STILL CREEK AVE.

11TH AVE.

SIMON FRASER UNIVERSITY

N.

TO

Oakridge/41st Ave. SkyTrain

South Granville Beach

Iona Island

33RD AVENUE EAST

Main

Musqueam Indian Reserve No. 2

Iona Island

Nanaimo St. SkyTrain

VANCOUVER 49TH AVENUE WEST

RD.

Y MT

NS WI

Kerrisdale

ETT

CORN

Parkcrest

RAV

Blackthorn IV CLARKE ST.

Glenayre

AB

Holdom SkyTrain

22ND AVE.

22ND AVE.

AY

KNIGHT STREET

47TH AVENUE

AN

41ST AVENUE WEST

Fraser

HI

E DRIVE

Quilchena

King Edward SkyTrain

Cambie

33RD AVENUE WEST

JUNEAU ST.

Renfrew St. GRANDVIEW HIGHWAY Falaise Park SkyTrain

OT

MARIN

VIRTUAL WAY

SUMAS ST.

DAWSON ST.

ALASKA ST.

Rupert St. SkyTrain

12TH

20TH AVE.

DL

WEST

10TH

RN

Brentwood SkyTrain

BUCHANAN

Gilmore SkyTrain

BU

CURTIS STREET

HAlFAX ST.

LOUGHEED HIGHWAY HENNING DR.

.

I

Duthie Union Park

Sperling

NORTH ROAD

MAIN STREET

12TH AVENUE EAST

MI

SOUTH

EAST BROADWAY

18TH AVE.

KING EDWARD AVENUE

MacKenzie Heights

VICTORIA DRIVE

Broadway SkyTrain

KING SW

GRANVILLE STREET

Dunbar

33RD AVENUE WEST

2ND AVE.

Commercial St. SkyTrain

EAST BROADWAY

L

NE

Pacific Spirit Regional Park

ST

WA

8TH AVE.

PARKER STREET

Brentwood Park

GRANT ST.

1ST AVE.

1ST AVENUE

Renfrew

RN WA Y

VCC-Clark SkyTrain

Willingdon Heights

WILLIAM ST.

CHARLES ST.

KITCHNER ST.

GRAVELEY ST.

1ST AVENUE

G WAY

E RD

College Park COLLEGE PARK WAY

8080 North Fraser Way, Burnaby

DOUGLAS RD.

ES QU

Shaughnessy

KING EDWARD AVENUE

Grandview

NANAIMO STREET

ST.

McLEAN DR.

GRANDVIEW VIADUCT

AVE

FINNIN

GREAT NORTHE

City Hall

16TH AVENUE WEST

Arbutus

COMMERCIAL DRIVE

AVE.

INAL

COMMERCIAL DR.

ROGERS ST. GLEN DR.

RAYMUR AVE.

CHESS

NAPIER

VERNON DR.

EVANS

ODLUM DR.

ST. GEORGE CAROLIN A BEGG ST.

EARL

.

TERM

Mount Pleasant

RIAL AVE.

E.

CLARK DRIVE

AVE

AL AVE.

INDUST

AVE

AV

WOODLAND DR.

DUNLEVY AVE.

N ST.

THORTO

STATION ST. 1ST

Broadway/ City Hall SkyTrain

OAK STREET

MALKIN

NATION

RN ST.

WESTE

ST. NE LOR

D

SCOTIA ST.

ALBERTA ST.

COLUMBIA ST.

HEMLOCK STREET

PINE ST.

FIRST STREET

BURRARD STREET

MacDONALD STREET

QUEBEC STREET

et Gr an vil Br le id St ge re

Cambie Bridge

ALMA STREET

12TH AVENUE WEST

BROADWAY WEST

Fairview

2N

PANORA

SID

LOUGHEED HIGHWAY

LIE

16TH AVENUE

Kitsilano

NORTHERN ST. CENTRA SOUTHEL ST. RN ST.

5

RD.

WE CRO

K

BROADWAY WEST

10TH AVENUE WEST

4TH AVE. 5TH AVE.

PARKER STREET

LAS

COO

WY

3RD AVE.

6TH AVE. 7TH AVE.

Hastings Comm. Park

UG

1ST AVE.

2ND AVE.

Westridge

Burnaby Mountain Conservation Area

RK

OA

Main St. SkyTrain

Olympic Village

EAST HASTINGS STREET

BAR N E T H I G

D

MA DR.

PA

T ST.

BLVD

EK

PANDORA ST.

PENDER ST.

GEORGIA ST.

PARKER

DO

CRE

LSE

FRANKLIN ST.

VENABLES STREET PRIOR STREET

.

IFIC

PAC

FA

VA RDO . CO DIV

SkyTrain

Olympic Village SkyTrain

GRANVILLE STREET

UNIVERSITY BOULEVARD

POWELL STREET CORDOVA STREET WEST HASTINGS STREET

ET RE R ST StadiumME Chinatown

HO

YaletownRoundhouse SkyTrain

Yaletown

Granville Island

2ND AVE.

ET

19347 24th Avenue, Surrey ROA

OR SH

dg

Bri

YORK AVE. 1ST AVE. 3RD AVE.

4TH AVENUE

RE

CASSIAR TUNNEL

rd

rra

Bu CORNWALL STREET

POINT GREY ROAD

4TH AVENUE

ST

R

OU

4

nel)

Kitsilano Beach

Jericho Beach Park

Point Grey

T

YM SE

ET RE E ST ITH SM

Jericho Beach

VE

RD

EE TR

P.N.E. Exhibition Park

DUNDAS STREET

ST.

(Tun

ET RE

E DRI

LEVA

ES

Hastings East STEWART

RAIL

ST

ET UE EN AV UE EN FIC CI CH AV BEA

RIN

BOU

sity

W

HO

AY ST.

C.N.

ON

RE

ET

RE

ST

D

AR

RR

BU

e

ROAD

RAILW

Estimated completion

Pinecone Burke Provincial Park

North Coquitlam

North Shore Port Moody

OR OC

ET

ST PA

Locarno Beach

. MA

Gastown Granville St. SkyTrain

Vancouver City Centre

ET

RE

ST

W

LO

UR

TH

N.W

FRONT

WATER

BARN ET

Stratford Park

Y H WA

N TO

RE

ET

ST

RE

Waterfront SkyTrain West Coast Express

Downtown

ETON STREET

Ridge Park

Westwood Plateau

Millennium VI

IO CO

MOODY

PORT MOODY

Barnet Marine Park

Scenic Park Confederation Park

McGILL STREET

LL

A PL.

EET

Burrard St. SkyTrain

LS NE

VIE DA

ENGLISH BAY Spanish Banks Beach

COM MIS SION

AD

STR

PORT ING

ST

ON BS

A GI

DER

Capitol Hill

Roche Point

SH WA

OR

RO

CAN

PEN

R.

Vancouver

ST.

GE

ST AN NM West End

DE

English Bay Beach

P.

Village Hall & Museum

3RD ST.

BU 1005 Derwent Way, Delta

IVE

C.

Crown Park

BEDWELL BAY RD.

Village Hall

AD RO

Second Narrows Bridge

Montrose Park

KENNETH

K

3

ET

RE

MT. SEYMOUR RD.

Cates Park

HARBOUR RD.

ROA

BAY

Belcarra Regional Park

DR

ST. SPICER RD.

COLUMBIA ST. BAY ST.

ROYAL OAK AVE.

AR

Deadman Island

CHARLES

MOUNTAIN HWY.

YP

BUR RARD INLET

AY

Boundary Bay Industrial Park

D

LL WE

BID

Boulder Island

AD RO

N LE

EW

Hamber Island

White Rock

Dollarton

Bldg 400/300, Airport Way, Pitt Meadows Golden Ears Business Centre

Roche Point

RIL AP

ST A

US

2

ST.

STREET

INL ET

FRONT

MAIN

Burrard Inlet Indian Reserve No. 3

DOLLART ON HI GHW AY

BAINBRIDGE

BOND ST. OX FOR D ST. .

CA

Windsor Park

Windridge

DR.

OLD DOLLARTON HWY.

KENSINGTON AVE.

ROAD

DOMINION ST.

Stanley Park

Second Beach

BERKLEY RD.

VE DRI YNN ORL ARB LYNNMOUTH

DGE

WINDRI

Seymour Creek Indian Reserve No. 2

CROWN ST. RUPERT ST.

RUSSELL

LEVEL

Maplewood

CHARLOTTE

CURAGH

LOW

BELCARRA 8181 Churchill Street, Delta

1

MOUNT SEYMOUR PARKWAY

Lynnmour

HUNTER ST.

Calverhall LYNN AVE.

LO

ST.

Lower Lonsdale

BROOKSBANK

4TH ST. E.

3RD ST. E.

E E.

AD RO

AD

Developer

Cove Cliff

Myrtle Park

ST EA

D E.

LAN

HAROUR AVE.

ER EST

DA LE

CH

NS

KEITH ROAD EAST

3R

ESP

QUEENSBURY AVE.

E

FIE

LILLOOET ROAD

ST. GEORGES AVE.

EAST GRAND BLVD.

E.

Keith Lynn

LD

AV

D W.

Mission Indian Reserve No. 1

AV

MACKAY RD.

HANES AVE.

DONAGHY AVE.

LLOYD

PEMBERTON PHILIP AVE.

WESTVIEW DR.

AVE.

FELL

RD. ANO LOWE

R CAPIL

BOWSER AVE.

COPPING ST. AUTOMALL DR.

Size

D. U BLV

GARDEN AVE.

e dg

CHA S RD. RLIE

Bri te

AVE.

Northlands Seymour Heights

Project name (Greater than ~100,000 sf)

Jug Island

TEA

Ga

City Hall

3R EN

Riverside

Wickenden Park

PLA

CHI JEN EF KIN

Hamilton

ST.

McKE

13TH ST. E.

DEEP COVE

GALLANT AVE.

N. DOLLARTON HIGHWAY

ns

Indian River

DEEP COVE ROAD

Lio

Blueridge

Y WA IGH SH

WELCH ST.

13TH STREET W. 2ND ST. W.

HARBOURSIDE DR.

Third Beach

Address

. DR

ROOSEVELT 14TH ST. W. 3RD ST. W.

EL LEV ER UPP

Norgate 1ST

Westlynn

Central Lonsdale

ON

RS

LA

CHURCHILL

15TH ST.

STEWART ST.

Lynn Canyon Park

NIS AN

MARINE DRIVE

Capilano Indian Reserve No. 5

MOUNTAIN HIGHWY

23RD ST. W.

CITY OF NORTH VANCOUVER

Pemberton

Park Park Royal

Belcarra Regional Park

Mount Seymour Provincial Park

Westlynn Terrace

128TH STREET

HOSKINS RD.

NN

LY

UPPER LEVELS HIGHWAY

Pemberton Heights

Cedardale

Ambleside

Hollyburn

AD

RO

EY

LL

VA

HY

Municipal Hall

29TH ST E.

INS RD.

FULTON AVENUE

PRINCESS AVE.

AVE .

HIG

NO ROAD

QUEENS RD. W. Municipal Hall

ANMORE

Racoon Island

Upper Lonsdale

Hugo Bay Park

Indian Arm Provincial Park

Lynn Valley

HOSK

Sentinel Hill

11TH ST.

25TH ST.

Y

.

21ST ST.

WA

TAYLOR WAY

INGLEWOOD AVENUE

VD

Ambleside

15TH ST.

MATHERS AVENUE

Dundarave

BL

E

DR

BRAEMAR ROAD E.

OSBORNE ROAD E.

NT

DRIV

Delbrook

MO

INE

GH

GE

MAR

HI

ED

WEST BAY

SANDY COVE

DA

CAPILA

TRA NS CA NA

QUEENS AVE.

West Bay

HL AN

Westmount

Sandy Cove

.

R

AI

cN

M

DEMPSEY ROAD

Braemar

Capilano Highlands

British DR. Properties

GE S AV E.

UNT

GE OR

EYR

D BLV

L DR.

D.

TWEL

EMO

Bayridge

NS DRIVE

THBO ROU

CHAR

I GH W A Y

GOSTICK AVE.

V EL S H

SOU

ER L E

Upper Lynn Valley Upper Delbrook

Forest Hills

STEVE

UPP

Chartwell

Panorama Village

Panorama

MONTROYAL BLVD.

OK

RD

GH DRIV E

LL

WE

EST

CR

Deer Ridge CYPRESS BOWL ROAD

Capilano River Regional Park

DEL BRO

.

GR

CYPRESS BOWL ROAD

FORESTER ST.

WEST VANCOUVER

Peace Arch Provincial Park

CANADA

CANADA

growing 20.8-msf industrial market. More than 150,000 sf was also added to Surrey’s 27.9-msf industrial market during the same period. Maple Ridge-Pitt Meadows recorded 118,000 sf of new supply, which is significant considering the small but expanding 2.5-msf industrial market. Delta currently has the most new industrial product under construction (~680,000 sf ) due primarily to phase I of Dayhu’s Boundary Bay Industrial Park and Grosvenor’s Millennium VI development

U.S.A.

U.S.A.

Peace Arch State Park

on Annacis Island. Both of which are being built on speculation as is the majority of industrial construction in Delta. Surrey’s Campbell Heights remains popular with almost 240,000 sf of industrial space under construction. Almost threequarters is speculative construction. Burnaby’s Big Bend area remains active with approximately 210,000 sf of industrial premises under construction and more than half of that space is in speculative developments.  I 3

Q&A

With the completion of the South Fraser Perimeter Road (SFPR) set for December, how does this new infrastructure impact your business and development decisions and what effect do you believe it will have on the region?

1. How has the completion of the SFPR impacted your holdings/operations in the area?

2. What ripple effects do you anticipate as a result of

the investment in the SFPR? Will it be a generator of investment/employment growth? And if so, how?

3. How much has the SFPR influenced your organization’s

investment decisions and outlook for Delta and industrial lands south of the Fraser River in general?

Paul Tilbury 1. The Dayhu Group of Companies

have invested significantly in its Boundary Bay Industrial Park (BBIP) development as a result of the construction of the SFPR. This 900,000-sf industrial park would not likely have been undertaken by any developer without the proximity of this new infrastructure. The access that the SFPR gives to Highway 1 and its connections to Highways 91 and 99 creates an unparalleled traffic flow from west to east with tremendous ease of port access. This “enabling” of the BBIP site by the SFPR has attracted interest from national users hence Dayhu’s delivery of a tier one building with 36’ clear heights to give the cubic capacity leading logistic companies are demanding in their warehousing strategies. While the impacts of the SFPR have yet to be fully or indeed partially realized, our tenant base is actively working to understand the logistics shift that will occur with the SFPR opening, the ease of regional access it offers and the fiscal advantages of relocating along this new corridor given rising fuel and transportation costs and the need to continually mitigate these in margin-driven businesses. Paul Tilbury Chief Operating Officer Dayhu Group of Companies Joining Dayhu in 2007, Tilbury is responsible for the day-to-day management of 3.5 msf of industrial and commerical properties as well as targetting growth opportunities for the group. 4 I

2. Prior to the start of the construction of the SFPR there had been a notable migration of population to the LangleySurrey-Delta corridor, primarily as a result of SkyTrain, affordability and ease of access. The SFPR will continue this shift in regional population causing further densification of the areas south of the Fraser. This in turn will have the effect of drawing businesses as they follow their employee base. There is a growing desire to work within the neighbourhoods that employees live in and mitigate the commute endured by so many in the Lower Mainland. While Vancouver’s average commute time is 28.4 minutes (2011 Stats Canada, National Household Survey), Boundary Bay Industrial Park gives a potential 700,000 employees a commute less than this average (Site Economics Study 2013). Dayhu’s expectation is that the development of industrial land, such that there is, will continue at a pace over the next several Tom Corsie Vice-President, Real Estate, Port Metro Vancouver Prior to joining PMV after it was amalgamated in 2008, Corsie was the VP of property development for the Fraser River Port Authority (FRPA). He joined the FRPA in 1980.

years south of the Fraser. This will generate jobs that will continue to fuel the need for residential housing and improvements in transit infrastructure.

3. As a result of the SFPR, Dayhu is bullish on Delta and the SFPR corridor. Should the port deliver on its short- and long-term expansion plans at Deltaport there could well be an extended run of growth in the geographic area along the SFPR and the announced replacement of the Massey Tunnel only serves to enhance this. There is no doubt that all of these factors lead to a positive shift south of the Fraser River in demand for industrial lands. The greatest challenge will be the availability of significant land assemblies to allow for the delivery of product that this region needs. Large distribution facilities, to compete with those that have successfully attracted tenants into the Alberta market, with ample truck and trailer parking onsite require 20-acre-plus land massing. These Jarvis Rouillard Vice-President, Investments, Triovest Realty Advisors Rouillard leads a team responsible for investment and development activities in all asset classes throughout the BC Region.


are not readily available and land assembly, which has its obvious challenges, may well need the coordination of various levels of government, the port as well as existing land owners and developers to work to create these parcels for the economic welfare and growth of the region.

Tom Corsie 1. The SFPR has actually negatively

impacted access to Fraser Surrey Docks because of the need to close Elevator Road, which is the main access point for the marine terminal and surrounding industrial users located on Port Metro Vancouver (PMV) property. This change will require an investment in a new internal access road to serve port tenants who will soon only have the Tannery Road interchange as an access point. Elevator Road will become a right in, right out access initially and then will be closed permanently in a few years.

Source: Ledcor

The complete length of the South Fraser Perimeter Road will be fully operational by December 2013.

Although this change will have an impact on some of the businesses operating within the Fraser Surrey complex, it will also facilitate the expansion of rail infrastructure within the adjacent CN\BNSF rail corridors which will positively impact rail capacity. It will be interesting to see if the SFPR, when fully functional, will change truck traffic routing choices through the Lower Mainland.

2. I do believe the SFPR will be a positive

influence to investment and employment growth, particularly for areas south of the Fraser River. The theme of investments is likely to be in logistics, warehousing, distribution and freight forwarding services. Partnership.Performance.

The road will likely encourage industrial transportation investments further east than was previously practical. We expect areas like Port Kells, Pitt Meadows and even Abbotsford to become more in play to satisfy anticipated market demand. We would anticipate robust demand for distribution space such as the new Dayhu Group of Companies’ Boundary Bay Industrial Park in Delta and the proposed Tsawwassen First Nation Industrial Park near Deltaport Way and 41B Street.

3. On September 12, 2013, PMV lodged its

application to the Canadian Environmental Assessment Agency for the proposed Terminal 2 Container Terminal to be built adjacent to the Deltaport facility at Roberts Bank. We anticipate construction of the proposed project, which will increase container capacity by 2.4 million TEU’s, to occur in about four to five years with completion around the 2022/23 timeframe. Prior to commencement of this project, PMV will develop the Deltaport Road and Rail Improvement Project which is primarily a mid causeway overpass that will eliminate an at-grade rail crossing and ultimately increase capacity at Deltaport by 600,000 TEU’s. The value of these projects is in the $2- to $3-billion range. The SFPR is a critical piece of transportation infrastructure that is required to support the investments in increased terminal capacity at Deltaport. We also expect PMV holdings in the Nordel/River Road area to be in higher demand for logistics companies and we will be looking to redevelop those sites. We are hopeful the larger east Delta area will pursue opportunities to participate in off dock logistic development opportunities.

Jarvis Rouillard 1. The completion of this key piece of

infrastructure is creating value for users and investors located in its direct vicinity. From our discussions with existing tenants/users in these areas, they are pleased with the efficiencies that the SFPR will bring both to their respective businesses and to their employees’ commutes.

Tenant demand should continue to increase in these areas, especially with the extensive construction activity and traffic re-routing associated with the SFPR coming to an end in those areas affected by the final construction phase.

2. Tenant/user demand for areas in its direct vicinity is increasing with more users looking at these areas as a relocation option and existing occupants being less inclined to leave. With lower perceived leasing risk, this should drive more investment to the areas which will result in a regeneration of the building stock where possible, thereby attracting even more quality businesses to these newer, efficient facilities.

“The greatest challenge will be the availability of significant land assemblies to allow for the delivery of product that this region needs.” It takes years, but the long-term effects are circular and will be significant. With an already challenged industrial land stock in Metro Vancouver, this type of infrastructure investment is critical to maintaining an efficient flow of goods and maximizing use of the limited industrial lands currently available.

3. The SFPR was a major contributing factor in the decision to proceed with the acquisition/renovation of what we now call South Fraser Industrial Centre in Tilbury. The SFPR will have a significant positive impact on the surrounding areas and Tilbury in particular. Triovest saw this particular property as an unique and rare opportunity to acquire a sizeable fee simple industrial land parcel for our client and create value through re-development and lease-up. What the SFPR did was provide our team with the confidence to take on the leasing and construction risk associated with this project that we otherwise may not have had in that particular area pre-SFPR. I 5

Avison Young Industrial Lease Listings

1020 Derwent Way, Delta

1608 cliveden ave, delta

915 cliveden ave, delta

• 251,222 sf available • Excellent distribution space

• Up to 142,395 sf available • Free-standing warehouse/office/laboratory facility

Rob Gritten / Ryan Kerr

Ryan Kerr / Mark Hannah

• Up to 99,731 sf available • Excellent distribution space with trailer storage • 26`clear ceiling heights Ryan Kerr / Rob Gritten

CO

M

2 ING

! 015

Campbell Heights west Business Park

capilano business park, north vancouver

9425 190th st, surrey

#202,205 & 206, 9710 187th St, Surrey

• Up to 400,000 sf available • Preleasing opportunities in prime Campbell Heights location

• 1,794 sf to 11,847 sf available • Light industrial flex space • Dock and grade-level loading

• 20,000 sf to 61,625 sf available • Build-to-suit industrial opportunity for lease in prime Port Kells location

• Up to 19,355 sf available • Industrial warehouse/office space with dock and grade loading

Ryan Kerr / Rob Gritten / Gord Robson

Terry Thies / Ian Whitchelo

Michael Farrell / John Lecky

John Eakin / Michael Farrell

CO

northwoods business park, north vancouver • 4,606 to 22,952 sf available • Light industrial/office/showroom • Flexible zoning Terry Thies / Ian Whitchelo

M

ING

! 14 20

Horizon Pacific Corp. Centre II, langley • 9,000 sf to 86,000 sf available • Preleasing warehouse and builtto-suit office space in Gloucester Industrial Estates

Cypress Business Centre, North Vancouver

#102-1750 COAST MERIDIAN RD, PORT COQUITLAM

• 637 sf to 5,917 sf available • Renovated flex light industrial/office space

• Warehouse/office space in professionally managed complex • 8,396 sf available

Terry Thies / Ian Whitchelo / Dan Smith

Kyle Blyth / Ben Lutes / Matt Thomas

Michael Farrell

3642 Commercial Street, Vancouver • 14,982 sf available • Distribution/manufacturing space • Grade level loading Struan Saddler / Kevin Kassautzki

1575 Vernon Drive, Vancouver

85 North Bend, Coquitlam

3771 Marine Way, Burnaby

• 26,320 sf available • High exposure warehouse/production/ office building with refrigeration facilities

• 9,300 sf available • Flex warehouse/office space with excellent exposure to United Boulevard

• 17,101 sf available • Warehouse/office facility with Marine Way exposure and dock loading

Struan Saddler

Kyle Blyth / Ben Lutes / Matt Thomas

Kyle Blyth / Matt Thomas / Ben Lutes

Recent Avison Young Transactions A LE

SE

D

1108 Derwent Way, delta

S OL

18,750 SF / 11.24 acres

Ryan Kerr / Douglas McMurray

6 I

D

930 & 980 West 1st St, 949 West 3rd St, north vancouver

A LE

290,000 SF / 10 acres

Robert C. Levine / Michael C. Gill / Terry Thies / Ian Whitchelo

SE

D

27450 55th Avenue, Langley Michael Farrell / John Eakin

so

45,831 SF / 4.5 acres

ld

National Portfolio Sale

538,594 SF / 98.3 acres

Robert Gritten / John Lecky / Kevin Kassautzki


Avison Young Industrial Sale Listings

CO

19675 98th Ave, Langley

M

2 ING

! 014

Bridgeview Dr. Business Centre, Surrey

• Three (3) buildings totalling 36,000 sf on 6.13 acres • Excellent redevelopment opportunity John Lecky / Kevin Kassautzki

• 4,702 sf available • Corner strata unit with exceptional exposure Kyle Blyth / Ben Lutes / Matt Thomas

ov

11060 Horseshoe Way, Richmond

s 5% er 7

• 4.05-acre development site • Corner of Marine Way & Boundary Road Kyle Blyth / Matt Thomas / Ben Lutes

John Eakin / Michael Farrell / Gord Robson

R DE T U NN T R AC CO

#1 – 75 Blue Mountain Street, coquitlam

8700 & 8790 Boundary Rd, Burnaby

• 2,625 to 40,000 sf available • Light industrial strata units and grade level loading

o ld

1515-1559 barrow st, north vancouver

• 28,359 sf available • Industrial facility with frontage on three sides (Horseshoe Way, Riverside Way & Coppersmith Way) Ryan Kerr / Matt Walker / Bill Elliott

3870 Commercial Street, Vancouver

• 3,252 sf to 6,519 sf available • Brand new high exposure light industrial strata units with grade loading

• 5,643-sf mixed-use premises • 3,874-sf site • Grade level loading

Terry Thies / Ian Whitchelo

Kevin Kassautzki /Struan Saddler / John Lecky

d ce d u ce R e Pri

#15 – 1520 Cliveden Avenue, Delta • 3,990 sf available • Office/warehouse unit with high quality build-out Ryan Kerr / Jeron Dillon

30331-30389 Brookside Ave, Abbotsford • Zoned and serviced industrial land • 1.0-, 2.25- and 3.25-acre lots • Located north of Hwy 1 on Mt. Lehman Road

1560 Richmond Street, North Vancouver

#1185 – 11980 Hammersmith Way, Richmond

• 2,935 sf available • Free-standing industrial building with fenced and secured yard

• 2,414 sf available • Currently tenanted, new office/warehouse space

Ian Whitchelo / Terry Thies

Michael Farrell /John Eakin

Jeron Dillon / Ryan Kerr

Recent Metro Vancouver Industrial Investment Sales

930 & 980 West 1st St 949 West 3rd St, north vancouver • Vendor: Triovest Realty Advisors • Purchaser: Bentall Kennedy • Purchase Price: $72,000,000 • Price Per Square Foot: $248 • Building Size/Site Area: 290,000 sf / 10 acres

5720-5800 Minoru Boulevard, richmond • Vendor: 0891951 B.C. Ltd., 0883911 B.C. Ltd. • Purchaser: Vancouver Soho Holdings Ltd. • Purchase Price: $36,000,000 • Price Per Square Foot: $446 • Building Size/Site Area: 80,775 sf / 3.88 acres

7003 72nd Street, delta

National portfolio sale

• Vendor: Beedie Group (Beedie Delta Lands Ltd.) • Purchaser: GWL Realty Advisors • Purchase Price: $62,750,000 • Price Per Square Foot: $152 • Building Size/Site Area: 412,000 sf / 21.01 acres

• Vendor: 0746620 B.C. Ltd. / 0747751 B.C. Ltd. • Purchaser: Metro Vancouver Properties Corp. • Purchase Price: $61,700,000 • Building Size/Site Area: 538,594 sf / 98.3 acres

> Recent Notable Industrial Land Sales ADDRESS

VENDOR

PURCHASER

SALE PRICE

SITE AREA (ACRES)

8151 Churchill Street (Boundary Bay Industrial Park), Delta

The Corporation of Delta

Dayhu Investments Ltd.

$23,550,000

45.96

$512,391

Lot 4 Harris Road, Pitt Meadows

Alouette Estates Ltd.

Onni Group (0968776 B.C. Ltd.)

$13,409,649

28.56

$469,558

5115 North Fraser Way, Burnaby

Canada Lands Company (Canada Lands Company CLC Limited )

British Columbia Hydro and Power Authority

$7,307,750

6.65

$1,099,406

19111-19177 32nd Avenue; 1907019188 33rd Avenue, Surrey

City of Surrey

Benchmark Properties (CamNorth Development Corp.)

$6,638,362

10.21

$649,991

5228 184th Street, Surrey

C.H. Baykey Ltd.

Spring Hill Ventures Inc.

$5,700,000

6.08

$937,500


PRICE/ACRE

I 7

continued from page 2

trucking route should manifest in 2014. Owner/users are likely to focus more on markets that are served by the SFPR and will enhance the desirability of existing business locations along the route. Unfortunately, many of the existing areas typically have very low vacancy and signficant large-scale expansion within these nodes remains elusive. Further densification in these existing industrial parks also remains unlikely at this juncture. In order to obtain a full return on the investment made in the SFPR, new additional lands along the route should ideally be made available for industrial development. The SFPR will provide improved access to existing industrial nodes such as Tilbury, South Westminster and Port Kells, and has made industrial development more feasible on Tsawwassen First Nation (TFN) land – an option made possible by the TFN treaty that took effect in April 2009. (SFPR construction had already commenced in January 2009). The SFPR has also improved access to Boundary Bay Airport and was a primary factor in Dayhu Group’s decision to develop Boundary Bay Industrial Park. Failure to pursue other development opportunities in proximity to the SFPR will remain a significant lost opportunity until the region’s industrial land supply issue is addressed. Metro Vancouver’s industrial land shortage remains top of mind for industry, the port authority and local and provincial governments. With Metro Vancouver estimates placing the region’s remaining supply of industrial land at 10 to 12 years based on current consumption patterns, and industry forecasts predicting ongoing annual increases in container traffic and cargo shipments, a compromise solution is increasingly likely to be legislated rather than mediated. BC Liberal Premier Christy Clark’s provincial core review, which is spearheaded by Bill Bennett, minster responsible for core review, will include the Agricultural Land Commission (ALC), which is responsible for administering the Agricultural Land Reserve, in its purview. On October 4, 2013, ALC Chair Richard Bullock issued a 24-page ALC: Message from the Chair update, which highlighted the ongoing changes already underway at the ALC since 2010. “I am issuing this Annual Update Message with two purposes in mind. One is to advise interested readers about the ALC’s progress in carrying out our renewed strategic vision. The other is to orient our strategic vision within a clear and focused discussion about the history and purpose of the ALR and the ALC. “Such clarity is particularly important today given the ongoing public interest in the future role of the ALC and the ALR, including the role agricultural land does and should play in the ongoing economic development of British Columbia. This issue is specifically identified in the Premier’s June 10, 2013 Mandate Letter to the Minister of Agriculture, which states as follows at item 3: “Ensure the Agricultural Land Reserve is working for British Columbia and propose any changes necessary. These changes must successfully balance our desire to protect valuable farmland while allowing for responsible economic development opportunities.” The financial outlook for BC in 2014 remains a mix of positive and negative indicators. With tepid growth now expected to extend well into 2014 and interest rate hikes not likely until 2015, it is the expected timeline of the U.S. Federal Reserve’s quantitative easing (QE) program that remains one of the most significant predictors of future economic conditions. Once QE tapering begins, bond rates will rise because they will need to remain attractive to investors, which will trigger moderate interest rate hikes. While interest rates are unlikely to spike and will rise gradually, any upward movement will have a huge impact as it works its way through the economy. Most BC industries will face slow-growth conditions through 2014 with the weakest performers being those who cater to the domestic market. Beyond 2015, that growth is somewhat dependent on improvements in the global economy and commencement of major projects to drive exports, construction and investment. 

Vancouver Industrial Team Kyle Blyth 604.647.5088 [email protected]

Bennett Lutes 604.646.8382 [email protected]

Jeron Dillon 604.647.1330 [email protected]

Douglas McMurray 604.647.5082 [email protected]

John Eakin 604.646.8399 [email protected]

Gord Robson 604.647.1331 [email protected]

Michael Farrell 604.646.8388 [email protected]

Struan Saddler 604.64.5077 [email protected]

Rob Gritten 604.647.5063 [email protected]

Dan Smith 604.646.8397 [email protected]

Kevin Kassautzki 604.646.8393 [email protected]

Terry Thies 604.646.8398 [email protected]

Ryan Kerr 604.647.5094 [email protected]

Matt Thomas 604.646.8383 [email protected]

John Lecky 604.647.5061 [email protected]

Ian Whitchelo 604.647.5095 [email protected]

Jake Luft 604.647.1340 [email protected] For more information please contact: Michael Keenan, Principal & Managing Director Direct Line: 604.647.5081 [email protected] Andrew Petrozzi, Vice-President, Research (BC) Direct Line: 604.646.8392 [email protected] Caitlin Cramb, Research Manager & Client Services Coordinator, Industrial Direct Line: 604.647.1332 [email protected]

Avison Young Commercial Real Estate Inc. #2100-1055 W. Georgia Street Box 11109 Royal Centre Vancouver, BC V6E 3P3, Canada

avisonyoung.com © 2013 Avison Young (Canada) Inc. All rights reserved. E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young Commercial Real Estate (BC) Inc.