IndustrIal - NAIOP Vancouver

Transcription

Promotional supplement
VA N COU VE R C H A P T E R
16th annual
Regional
METRO VANCOUVER
CHAPTER
Industrial
Development Cost Survey
Fall 2015
The Vancouver chapter of the Commercial Real Estate Development Association (NAIOP)
is pleased to present the 2015 edition of its Industrial Development “Report Card”
Boundary Bay Industrial Park
VANCOUVER
CHAPTER
S
ince the economy appears to be
withstand this much speculative product
improving and the demand for larger
being added to inventory. Although
blocks of available space is increasing,
there may be a slight uptick in vacancy
there is currently a “construction boom”
rates as some of these new buildings
underway. In a recently conducted survey, are completed, recent leasing activity
GREATER VANCOUVER
CHAPTER
there is more than 4.6 million square feet
figures have shown that the space will be
of inventory coming to the market within leased quickly and the trend of positive
the next 18 months. It should be noted
absorption will continue (Cushman &
however that not all of this space will be
Wakefield, 2015).
available to the market as approximately
With the end of 2015 approaching,
40% of the space is pre-leased. Not
the next edition of the Industrial Cost of
since 2007 has the market been able to
Business Survey is ready for your review.
2015 Highlights
Each year, NAIOP Vancouver and Business in
Vancouver present the NAME (NAIOP Award for
Municipal Excellence) to municipalities in three
categories, including Most Business-Friendly,
Most Fiscally Responsible and Most Improved.
These awards have been given out for the
past four years. NAIOP will be acknowledging
three municipalities that have excelled in
creating environments positive to business
creation. The three categories of awards are:
Most Improved
The most improvement compared
to previous survey results
Most Fiscally Responsible
Cost increases kept in line
with overall inflation
Most Business-Friendly
Implementation of policies to support
the creation of new job spaces
This year’s winners are:
Most Improved:
Awarded to the City of Maple Ridge,
which has reduced the estimated fees for
the development scenario in the study by
34% compared to 2013, when we last
did the industrial scenario. In addition,
the city reduced its estimated processing
time of a rezoning and subdivision
application by 38% to 150 days.
Most Fiscally Responsible:
Awarded to the Corporation of Delta,
which has maintained an equivalent
annual inflation rate of 1.8% for the
2013-2015 term, while consistently
achieving a similar level of equivalent
annual inflation for previous terms.
Most Business-Friendly:
Awarded to the City of North Vancouver
and the City of Maple Ridge. The City
of North Vancouver is recognized for its
encouragement of sustainable design
through a variety of mechanisms, such as
height, setback and floor area exemptions
for green building technologies, e.g., solar
installations, green roofs, green building
equipment and increased installation. The City
of Maple Ridge has an Employment Lands
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 2015,
the development project was, as per the
previous surveys, the construction of a
two-storey, 100,000-square-foot industrial
warehouse distribution building on 5.5
acres of land requiring both subdivision
and rezoning.
Investment Incentive program for all industrial
developments that achieve LEED Silver or
better certification or for projects that select
energy sources that do not consume nonrenewable resources, and are not provided
by BC Hydro, including solar, wind, water,
geothermal and biomass. These projects
are eligible for a 10-year tax exemption,
reduced by 10% per year, plus 50% DCC
reduction to a maximum of $75,000.
Some Positive Highlights to Note:
• Three municipalities decreased
their costs by 8% or higher
• F our municipalities reported approval times
decreased by 33% or greater, with one
municipality reporting a 47% decrease
Some Not-So-Positive Highlights to Note:
• Three municipalities increased their costs
by 44% or higher, largely attributed
to increased DCC rates in the City
and District of North Vancouver
• Three municipalities reported slower
approval times by 25% or greater, with one
municipality reporting a 75% increase in time
In producing this annual publication,
NAIOP strives to 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 their own development costs
and approval processes. •
Index
Survey Scenario . . . . . . . . . . . . . . . . 2
Marketbeat: Industrial Snapshot. . . . 3
Future Trends . . . . . . . . . . . . . . . . . . 5
Move Towards Green. . . . . . . . . . . . . 6
Municipal Fees . . . . . . . . . . . . . . . . . 7
Comparative Tax Burden. . . . . . . . . . 9
Mill Rates. . . . . . . . . . . . . . . . . . . . . 9
Building Permit Data. . . . . . . . . . . . 10
Timing. . . . . . . . . . . . . . . . . . . . . . 11
NAME Awards. . . . . . . . . . . . . . . . . 13
CREA . . . . . . . . . . . . . . . . . . . . . . . 15
2
Regional Industrial Development Cost Survey — Fall 2015
METRO VANCOUVER
CHAPTER
Industrial Development Scenario
VANCOUVER
CHAPTER
T
he proposal consists of constructing a
100,000-square-foot (9,290-squaremetre) concrete tilt-up distribution
warehouse with a 15,000-square-foot
(1,394-square-metre) office component
in a single-storey structure. The office
component of the building will be
improved throughout as required by code
for its designated use/occupancy with two
(2) full three-piece washroom facilities and
the warehouse component with one (1)
full three-piece facility. Both areas will be
fully sprinklered, unless this requirement
is not mandatory in the particular
jurisdiction, and will require all new
services from the property line.
The building is proposed for an
unsubdivided, residentially zoned six-acre
lot. The land will have to be subdivided
to create one parcel, which will have
net size of 5.5 acres less road and other
dedications. The newly created parcel will
enjoy 490 feet of frontage on a 15-year-old
dedicated municipal roadway and interior
parcel lines with adjacent lots.
The property is located within an area
designated on the municipality’s official
plan as suitable for industrial use, and
the design complies with all of the bylaw
regulations governing the general office/
industrial zoning in the jurisdiction.
Additionally, the land is located within a
DCC applicable area (if the jurisdiction
employs a DCC bylaw). Subdivision,
rezoning and a development permit will be
required.
The intent is to accurately reflect all
of the municipal costs involved in the
process of rezoning, subdividing land
and obtaining development and building
permits.
CHAPTER
FRONT ELEVATION
4
SIDE ELEVATION
40'-0"
28'-0"
WAREHOUSE
5
CROSS SECTION
30'-0"
WAREHOUSE
OFFICE
6
CROSS SECTION
12'-0"
Scenario
The cost to construct the building,
exclusive of land cost but inclusive of
on-site improvements, is estimated at
a total of $87 per square foot ($79.50
per square foot for building and $7.50
per square foot for site improvements)
or $8.7 million for the purposes of this
exercise. Off-site works will be necessary
in the amount of $750,000 for street and
drainage improvements and these works
are not DCC rebatable.
3
28'-0"
GREATER VANCOUVER
3
METRO VANCOUVER
CHAPTER
Marketbeat: Industrial Snapshot
Source: RBC Economics
INDUSTRIAL MARKET
OVERVIEW
For the third consecutive quarter,
vacancy rates have decreased and have
now dipped below 4%, the lowest since
Net Absorption/Asking Rent
VANCOUVER
OUTLOOK
Since the economy appears to be
improving and the demand for larger
blocks of available space is increasing,
there is currently a “construction boom”
underway. In a recently conducted survey,
there is more than 4.6 million square feet
of inventory coming to the market within
the next 18 months. It should be noted
however that not all of this space will be
available to the market as approximately
40% of the space is pre-leased. Not
since 2007 has the market been able to
withstand this much speculative product
being added to inventory. Although
there may be a slight uptick in vacancy
rates as some of these new buildings
are completed, recent leasing activity
figures have shown that the space will be
leased quickly and the trend of positive
absorption will continue. •
CHAPTER
Vancouver Industrial
Market Indicators
Q3 2014
Q3 2015 12-MONTH
FORECAST
Overall Vacancy
4.2%
3.9%
▼
Net Absorption
966K
2.0M
▲
REATER
Direct Asking Rents G1.7M
(psf/yr)
Overall Average Ask- $8.07M
ing Rent
4.7M
VANCOUVER
CHAPTER
❚
E
conomic indicators point to British
Columbia maintaining its position at
the top of the provincial growth rankings in
2015, led by the strength of the consumer
who benefits from rising housing valuations,
low gasoline prices and accommodative
borrowing conditions. Stronger U.S. demand
and a low Canadian dollar are further
buttressing the province’s ongoing economic
expansion, although softer growth prospects
in Asia are tempering the export sectors. It
is expected that real economic activity will
expand by 2.9% in 2015 and strengthen
marginally to 3.1% in 2016.
Q2 2013. Although the average lease
rate continues to hover at $8 per square
foot (psf) for the overall market, rental
rates differ remarkably market to market.
Absorption levels spiked this quarter
on account of several large tenants such
as TJX, Ironwood Studios Ltd. and
Lululemon Athletica leasing space. It is
expected that this positive absorption
trend will continue as several large
tenants are in the market looking for new
space or are looking to expand.
Although leasing activity levels have
seen some resurgence, strata and freestanding building sales are also up. Strata
sales in some markets are achieving rates
of close to $200 psf. So far, 2015 has been
a good year for users buying buildings;
a prime example this quarter is GFR
Pharma’s acquisition of the Sony building
in Coquitlam.
$8.07M ▲
Economic Indicators
Q3 2014
Q3 2015 12-MONTH
FORECAST
Vancouver
Employment
1.29M
1.31M
▼
Vancouver
Unemployment
6.2%
6.0%
▲
Canadian
Unemployment
6.9%
7.0%
❚
ECONOMIC OVERVIEW
Overall Vacancy
The Commercial Real Estate Lawyers at Koffman Kalef LLP include:
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
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
Patrick J. Julian
Direct: 604-891-3605
Email: [email protected]
Erin K. Tait
Direct 604-891-3618
Andrew G. Kadler
Direct: 604-891-3633
Daniel S. Remick
Direct: 604-891-3646
Stanley Wong
Direct: 604-891-3628
Daniel B. Newfield
Direct: 604-891-3641
4
METRO VANCOUVER
CHAPTER
MARKETBEAT
MARKETBEAT
Industrial
Snapshot
Q3
2015
Industrial
Snapshot
Q3
2015
Vancouver, BC
Marketbeat: Industrial Snapshot
Vancouver, BC
VSUBMARKET
A N C O U V E R TOTAL C
H A P TINVENTORY
ER
BLDGS
SUBMARKET
TOTAL BLDGS
INVENTORY
Abbotsford
N/A
7,177,949
Abbotsford
N/A
7,177,949
Burnaby
N/A
29,464,485
Burnaby
N/A
29,464,485
Coquitlam
N/A
7,423,716
Coquitlam
N/A
7,423,716
Delta
N/A
22,708,174
Delta
N/A
22,708,174
Langley
N/A
16,548,117
Langley
N/A
16,548,117
Maple Ridge
N/A
3,026,695
Maple Ridge
N/A
3,026,695
New Westminster
N/A
5,226,161
New Westminster
N/A
5,226,161
North Shore
N/A
5,762,577
North Shore
N/A
5,762,577
Port
6,451,068
G
R E Coquitlam
A T E R V A N C O U V EN/A
R
CHAP
TER
Port Coquitlam
N/A
6,451,068
Port Moody
N/A
904,444
Port Moody
N/A
904,444
Richmond
N/A
37,912,524
Richmond
N/A
37,912,524
Surrey
N/A
32,305,772
Surrey
N/A
32,305,772
Vancouver
N/A
23,695,845
Vancouver
N/A
23,695,845
VANCOUVER
N/A
198,607,527
TOTALS
VANCOUVER
N/A
198,607,527
TOTALS
*Based on 1-3 acre parcel of serviced industrial land
*Based on 1-3 acre parcel of serviced industrial land
Key Lease Transactions Q3 2015
Key Lease Transactions Q3 2015
PROPERTY
PROPERTY
Boundary Bay – Phase II
Boundary Bay – Phase II
888 S.E. Marine Drive
888 S.E. Marine Drive
South Fraser Industrial Centre
South Fraser Industrial Centre
24th & 192nd
24th & 192nd
19055 Airport Way
19055 Airport Way
Key Sales Transactions Q3 2015
Key Sales Transactions Q3 2015
PROPERTY
PROPERTY
12091 88th Avenue
12091 88th Avenue
4671, 4691, 4693, 4700, 4720 & 4740
Vanguard
Road
4671,
4691,
4693, 4700, 4720 & 4740
Vanguard Road
65 North Bend Street
65 North Bend Street
YTD LEASING
ACTIVITY
YTD
LEASING
ACTIVITY
OVERALL
VACANCY
RATE
OVERALL
VACANCY RATE
74,470
74,470
1,614,081
1,614,081
295,422
295,422
2,048,716
2,048,716
775,094
775,094
321,638
321,638
269,216
269,216
82,940
82,940
406,833
406,833
13,546
13,546
1,750,790
1,750,790
1,740,261
1,740,261
1,188,895
1,188,895
10,581,902
10,581,902
4.0%
4.0%
3.9%
3.9%
2.3%
2.3%
5.8%
5.8%
3.1%
3.1%
13.4%
13.4%
6.7%
6.7%
1.8%
1.8%
4.4%
4.4%
0.3%
0.3%
2.4%
2.4%
4.7%
4.7%
3.3%
3.3%
3.9%
3.9%
YTD NET
OVERALL
YTD NET
ABSORPTION
OVERALL
ABSORPTION
6,088
6,088
26,975
26,975
112,439
112,439
812,759
812,759
526,727
526,727
(206,879)
(206,879)
(65,417)
(65,417)
(1,415)
(1,415)
195,488
195,488
3,773
3,773
653,457
653,457
178,584
178,584
(104,336)
(104,336)
2,138,243
2,138,243
SF
SF
427,394
427,394
177,033
177,033
155,562
155,562
150,000
150,000
135,115
135,115
TENANT
TENANT
TJX
TJX
Ironwood Studios Ltd.
Ironwood Studios Ltd.
Lululemon Athletica
Lululemon Athletica
A-52
A-52
JYSK Linen ‘N Furniture Inc.
JYSK Linen ‘N Furniture Inc.
SF
SF
SELLER/BUYER
SELLER/BUYER
Postmedia Network Inc. /
Pacific Press
Properties
Postmedia
Network
Inc. /Inc.
Pacific Press Properties Inc.
Carnarvon Properties Ltd. /
South Street
Development
Carnarvon
Properties
Ltd. /
Group
South Street Development
Sony of Canada Ltd. / GFR
Group
Pharma
Ltd.
Sony of Canada
Ltd. / GFR
Pharma Ltd.
195,960
195,960
194,000
194,000
121,884
121,884
YTD
UNDER CNSTR
CNSTR
YTD
UNDER CNSTR COMPLETIONS
CNSTR
COMPLETIONS
153,702
153,702
552,489
552,489
0
0
1,759,000
1,759,000
408,318
408,318
308,000
308,000
299,383
299,383
0
0
0
0
0
0
13,999
13,999
845,977
845,977
325,478
325,478
4,665,746
4,665,746
36,000
36,000
86,000
86,000
0
0
527,153
527,153
381,390
381,390
0
0
243,610
243,610
0
0
0
0
0
0
84,300
84,300
498,127
498,127
65,062
65,062
1,921,642
1,921,642
WEIGHTED
AVG.
WEIGHTED
NET
RENT
AVG.
NET RENT
$7.30
$7.30
$8.65
$8.65
$10.20
$10.20
$7.31
$7.31
$8.01
$8.01
$7.15
$7.15
$5.59
$5.59
$13.77
$13.77
$7.61
$7.61
$10.81
$10.81
$8.35
$8.35
$7.79
$7.79
$10.16
$10.16
$8.07
$8.07
PROPERTY TYPE
PROPERTY TYPE
Warehouse Distribution
Warehouse
Warehouse
Warehouse
Warehouse
WEIGHTED
AVG.
WEIGHTED
ADD.
RENT
AVG.
ADD. RENT
$3.12
$3.12
$3.73
$3.73
$4.25
$4.25
$3.26
$3.26
$3.38
$3.38
$2.38
$2.38
$3.67
$3.67
$5.81
$5.81
$3.14
$3.14
$3.75
$3.75
$3.46
$3.46
$2.84
$2.84
$4.19
$4.19
$3.42
$3.42
AV. COST OF LAND
*
AV. (PER
COSTACRE)
OF LAND
(PER ACRE) *
$825K – 1.1M
$825K – 1.1M
$1.5M – 1.7M
$1.5M – 1.7M
$1.4M – 1.5M
$1.4M – 1.5M
$950K – 1.2M
$950K – 1.2M
$ 950K – 1.5M
$ 950K – 1.5M
$450K – 1.0M
$450K – 1.0M
$1.0M – 1.4M
$1.0M – 1.4M
$2.5M – 3.0M
$2.5M – 3.0M
$1.3M – 1.5M
$1.3M – 1.5M
$1.3M – 1.5M
$1.3M – 1.5M
$1.0M – 1.5M
$1.0M – 1.5M
$1.0 – 1.6M
$1.0 – 1.6M
$1.5M – 2.6M
$1.5M – 2.6M
$1.1M – 1.6M
$1.1M – 1.6M
SUBMARKET
SUBMARKET
Delta
Delta
Vancouver
Vancouver
Delta
Delta
Surrey
Surrey
Pitt Meadows
Pitt Meadows
PROPERTY TYPE
PROPERTY TYPE
PRICE
PRICE
SUBMARKET
SUBMARKET
Light Impact Industrial
Light Impact Industrial
$17,600,000
$17,600,000
Surrey
Surrey
Industrial Retail
Industrial Retail
$22,000,000
$22,000,000
Richmond
Richmond
General Industrial
General Industrial
$19,250,000
$19,250,000
Coquitlam
Coquitlam
About Cushman & Wakefield
About Cushman
&isWakefield
Cushman
& Wakefield
a global leader in commercial real estate services, helping clients transform the way
Cushman
& Wakefield
a global
leader43,000
in commercial
realinestate
helping clients
theand
way
people work,
shop, andislive.
The firm’s
employees
more services,
than 60 countries
providetransform
deep local
peopleinsights
work, shop,
and live.
The firm’s
43,000
employeesand
in more
thanaround
60 countries
provide
deep local
and
global
that create
significant
value
for occupiers
investors
the world.
Cushman
& Wakefield
global
insights
that create
significant
occupiers
and
the world.
Cushman
& Wakefield
is
among
the largest
commercial
realvalue
estatefor
services
firms
in investors
the world around
with revenues
of $5
billion across
core
is
amongofthe
largestleasing,
commercial
estatecapital
services
firms infacilities
the world
with revenues
$5 billion
acrossglobal
core
services
agency
assetreal
services,
markets,
services
(brandedofC&W
Services),
services
of
agency
leasing,
asset
services,
capital
markets,
facilities
services
(branded
C&W
Services),
global
occupier services, investment management (branded DTZ Investors), tenant representation and valuations &
occupier
investment
management (branded DTZ or
Investors),
tenant representation
advisory. services,
To learn more,
visit www.cushmanwakefield.com
follow @Cushwake
on Twitter. and valuations &
advisory. To learn more, visit www.cushmanwakefield.com or follow @Cushwake on Twitter.
Copyright © 2015 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources considered
to be reliable.
The Cushman
information
containAllerrors
omissions
and
is presented
without within
any warranty
or representations
to its accuracy.
Copyright
© 2015
& may
Wakefield.
rightsorreserved.
The
information
contained
this report
is gathered fromas
multiple
sources considered
to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy.
Economic indicators
point to British
Columbia maintaining
its position at the top
of the provincial growth
rankings in 2015, led
by the strength of
the consumer who
benefits from rising
housing valuations,
low gasoline prices
and accommodative
borrowing conditions
Andrea Welburn
Andrea Welburn
Manager,
Information & Research
Manager,
& Research
700 - 700 Information
West Georgia
Street
Vancouver,
BC Georgia
V7Y 1A1Street
700
- 700 West
Vancouver,
BC V7Y 1A1
Tel: (604) 683-3111
Fax:(604)
(604)683-3111
683-0432
Tel:
Fax:
(604) 683-0432
[email protected]
[email protected]
www.cushmanwakefield.com
www.cushmanwakefield.com
BC’s #1 law firm
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5
METRO VANCOUVER
CHAPTER
Future Trends
A
s an indication of what the future
could bring, NAIOP includes 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.
City of Port Moody
A review of the DCC Bylaw is
underway.
City of Vancouver
A new planning process is underway
for the area known as False Creek Flats,
which will include industrial zoning
areas. The City of Vancouver is looking
to expand usage of industrial lands for
the digital industry.
City of New Westminster
The city is currently doing a
comprehensive review of the OCP. The
updated OCP will provide a renewed
vision for New Westminster, and the
regulatory framework to guide growth
toward that vision. The OCP will contain
policies on housing, parks and open
space, arts and culture, heritage, energy,
utility services, transportation, well-being,
hazards, economy and environment. It
will also include a land-use designation
map, which will indicate the future land
uses that would be supported by council.
The land-use designations will determine
future development and redevelopment
of property within the city. The policies
and land-use map, together with tools
and actions for implementation, will
help to shape the future growth of New
Westminster. The city is about to begin
the process of creating an economic plan.
The city feels it is synergistic to create
both this plan and the OCP at the same
time. Though the economic plan will
have a broad scope, the city has identified
six strategic economic priorities that will
IMAGINE EXTENDING
YOUR BUSINESS BY
EXPANDING YOUR
CLIENTS’ PREMISES.
be integral to the development of a new
plan:
1. Continue to attract mediumand high-density residential
development along the SkyTrain
corridor
2. Promote Class A office space in
transit-oriented developments
3. Complete the downtown vision
4. Diversify to a knowledge-based
economy by creating technology
and innovation opportunities
throughout the city
5. Intensify underutilized industrial
land by transitioning to new
economic opportunities
6. Create an economic health-care
cluster
The OCP will be one important tool
for implementing the findings of the plan.
City of Coquitlam
The City of Coquitlam has completed the
industrial zones consolidation work. The
city has consolidated nine industrial zones
into three new zones, which should help
facilitate industrial business operators in
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CHAPTER
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for the area known
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CHAPTER
finding appropriate locations to operate
their business in Coquitlam’s industrial
areas. It will also improve administration
of the Zoning Bylaw and the review and
processing of development applications
for industrial sites.
6
METRO VANCOUVER
CHAPTER
Move Towards Green
A
VANCOUVER
CHAPTER
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.
Of the 18 municipalities interviewed
for this year’s survey, 13 had some form of
sustainability incentive or requirement for
a new development application. This is a
small increase over the 2013 results, which
saw 12 municipalities identify either a
green building incentive or requirement.
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, parking
reductions, floor area exclusions, CAC
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.
GREATER VANCOUVER
Municipality
Green Building Incentives
Development Requirements
Municipality of Delta
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 as appropriate.
District of North
Vancouver
Green Building Policy: projects that require rezoning must be
designed to Built Green Gold or LEED Gold (or equivalent).
City of Richmond
The Zoning Bylaw includes a floor area exemption for green building
mechanical and associated service spaces.
The Green Roof Bylaw requires industrial buildings >2,000 sq. m. to
achieve stormwater runoff objectives. The OCP supports provision
of electric vehicle charging infrastructure. The City Centre Area
Plan recommends developments achieve a minimum LEED Silver
equivalency. The city is introducing District Energy utility systems,
mainly within the city centre.
Yes. New Westminster has a community energy efficiency program
in place called Energy Save New West that is designed to encourage
energy efficiency improvements and greenhouse gas reductions in
new and existing buildings. For the business/commercial sector, Energy
Save New West engages interested commercial tenants and building
owners with current demand-side management programs (rebates and
incentives) available from BC Hydro Power Smart and FortisBC. We have
also offered a limited number of free energy efficiency assessments to
interested businesses to help establish the business case for an energy
improvement or retrofit. For businesses interested in exploring a deeper
level of improvements, we offer a subsidy on one year of support and
engagement to local businesses through the Climate Smart initiative,
with 13 firms participating in this program to date (ranging from small
businesses to large industrial clients).
Not at present for this building typology (i.e., tilt-up construction
warehouse with attached office). However, for all development
permit applications, the city does have a Sustainability Report Card
in place that is used as a scorecard that captures and ranks various
building systems or mechanical components as well as architectural design approaches that would have a positive impact on the
environment, community or local economy. The scorecard is used
as a discussion tool with the applicant to understand how these
attributes may (or may not) be ultimately incorporated into the final
design of the building. A summary of the result of the Sustainability Report Card is included within the Council Report on the
overall development application. Energy efficiency aspects of the
proposed building are captured within the environmental section
of the Sustainability Report Card.
City of Surrey
Encouraged and negotiated through the rezoning and development
permit application review process.
Applicant is required to provide a sustainability checklist as part of
rezoning/development permit application.
CHAPTER
City of Burnaby
Green building/LEED standards may be determined on a sitespecific basis with co-operation of developer. Some reduction in
parking for co-op car spaces.
City of Langley
Sustainability checklist is required to be completed with RZ/DP/SD
applications.
City of Vancouver
Vancouver exceeds all BCBC requirements for green buildings.
Vancouver has been a leader in green building and energy requirements and is used as a role model for our province, other provinces
and municipalities.
City of Port Coquitlam
Environmental conservation development permit area objective
and guidelines were introduced in 2013 to promote energy and
water conservation and reduction of greenhouse gases.
City of Maple Ridge
Yes. The city has an Employment Lands Investment Incentive Program
for all industrial developments that achieve LEED Silver or better certification, or for projects that choose energy sources that do not consume
non-renewable resources, and are not provided by BC Hydro, including
solar, wind, water, geothermal and biomass. These projects are eligible
for a 10-year tax exemption, reduced by 10% per year, plus 50% DCC
reduction to a maximum of $75,000.
City of North Vancouver
Yes. The city encourages sustainable design through a variety of
mechanisms. These include: floor area exemptions for enhanced
code compliance, which includes documenting the integrated design
team’s responsibilities, engaging an energy modelling professional and
commissioning the building; height, setback and floor area exemptions
for green building technologies (e.g. solar installations, green roofs,
green building equipment, increased insulation); and sustainable
development guidelines that provide guidance to applicants on how to
include sustainability in their design proposal.
City of Port Moody
A sustainability checklist for new development is required with all
rezoning and development permit applications. Includes an energy
efficiency target for new industrial buildings of 25% better than Model
National Energy Code.
City of Pitt Meadows
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7
METRO VANCOUVER
CHAPTER
Municipal Fees
VANCOUVER
Fees and Schedule
that cities such as Richmond that do
not vary their DCC levels across their
municipality can appear to be highercost jurisdictions when compared to other
cities such as Port Coquitlam that do vary
DCC charges. Port Coquitlam assumed
the parcel of land used in the study was
located in a low DCC rate area and the
results should be considered in light of
these facts.
Acknowledgement
NAIOP would like to acknowledge
and thank all of the municipalities
that 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
Fee Changes 2013 to 2015
Administration
and Processing
Fees
DCC Charges
Sewer Hookup
Cost
Water Hookup
Cost
Landscape/
Street
Improvements
Fees
Development
Permit Fee
Rezoning
Application Fee
Metro Regional
Sewer and
Drainage Fees
Refundable
Security
Deposits /
Letters of Credit
Other
Taxes
(Municipallycontrolled
portion)
Total (Excluding
Metro Regional
Charges & Taxes)
2013 Total
Percentage
Change
2001 Total
Percentage
Change from
2001
Equivalent
Annual Average
Inflation Rate
City of Maple Ridge
2,422
n/a
23,066
820
30,000
71,338
19,400
5,000
n/a
2,492
5,590
81,100
n/a
n/a
107,043,060
160,128
242,171
-33.9%
163,165
-2%
-0.13%
2
City of Burnaby
2,705
100
88,347
2,104
32,299
n/a
21,420
10,543
n/a
20,880
16,039
81,100
n/a
n/a
79,382,280
194,437
184,209
5.6%
73,660
164%
7.18%
6
3
1,310
100
71,740
2,113
30,000
112,603
10,000
5,000
5,250
4,872
8,714
81,000
n/a
n/a
147,753,840
251,702
280,460
-10.3%
96,209
162%
7.11%
4
4
City of Chilliwack
745
50
71,841
n/a
8,750
191,374
160
80
n/a
742
2,455
n/a
n/a
n/a
81,531,267
276,197
271,435
1.8%
n/a
n/a
n/a
3
5
City of Port Moody
2,984
80
63,985
1,970
30,000
115,740
60,000
20,500
n/a
21,143
21,943
81,100
4% of cost
estimate
n/a
161,013,510
338,344
261,239
29.5%
140,251
141%
6.49%
7
6
435
n/a
61,532
1,402
30,000
292,955
8,585
n/a
n/a
n/a
3,913
93,265
8,380
n/a
89,951,910
398,821
323,104
23.4%
310,784
28%
1.80%
10
7
1,950
n/a
71,550
n/a
24,000
287,560
13,200
10,100
2,000
6,620
5,569
81,081
n/a
n/a
145,256,940
422,549
418,051
1.1%
154,747
173%
7.44%
11
8
City of Coquitlam
2,500
n/a
70,472
1,393
n/a
320,505
n/a
n/a
34,563
8,538
6,142
81,100
n/a
n/a
117,668,370
444,112
435,100
2.1%
304,339
46%
2.74%
5
9
1,650
100
70,276
1,420
61,594
212,757
60,000
40,000
n/a
n/a
7,406
60,500
146,250
n/a
73,256,958
455,202
272,479
67.1%
259,729
75%
4.09%
12
10
City of Langley
2,100
n/a
72,005
1,159
33,750
303,330
27,000
35,000
n/a
10,000
6,428
81,100
n/a
n/a
86,132,610
490,772
488,733
0.4%
132,130
271%
9.83%
15
11
City of Port Coquitlam2
750
n/a
70,320
1,874
27,750
359,630
12,900
8,000
n/a
2,300
12,877
n/a
110% of
landscape
estimate
n/a
115,251,510
496,401
539,810
-8.0%
193,743
156%
6.95%
13
12
District of Mission3
1,535
100
55,089
1,790
37,000
361,399
27,042
7,966
n/a
2,430
4,797
n/a
n/a
n/a
119,321,370
499,147
507,097
-1.6%
n/a
n/a
n/a
8
13
City of Abbotsford
1,800
100
53,085
1,177
49,925
391,410
150
3,550
38,880
3,925
6,240
n/a
n/a
n/a
91,898,361
550,242
383,082
43.6%
n/a
n/a
n/a
14
14
City of Surrey
1,677
50
73,645
n/a
37,989
426,289
n/a
n/a
6,960
9,346
5,787
81,100
n/a
n/a
53,015,538
561,743
530,893
5.8%
322,563
74%
4.04%
16
15
Township of Langley
1,760
0
66,243
1,000
34,250
445,383
n/a
4,900
3,950
7,510
10,000
81,100
n/a
n/a
81,517,260
574,996
563,049
2.1%
350,357
64%
3.60%
9
16
District of North Vancouver 1,580
114
98,819
2,739
31,750
476,953
33,333
32,000
n/a
3,800
6,610
69,570
n/a
780
103,371,660
687,698
350,548
96.2%
210,330
227%
8.83%
17
17
City of Vancouver
7,830
n/a
35,519
2,440
n/a
513,000
41,702
18,565
n/a
26,363
48,916
44,300
landscape
deposit
refunded
515
63,909,330
694,335
676,671
2.6%
202,039
244%
9.22%
18
18
City of Richmond
816
Municipality
1
1
2015 Rank
2
2013 Rank
Inspection Fees
for Sprinklers
CHAPTER
Building Permit
Application/
Processing Fees
GREATER VANCOUVER
Site Profile
A graph on the page 8 illustrates the
percentage change in development fees
levied by each municipality between 2013
and 2015. Of the 18 municipalities that
responded to the survey, 14 reported a
wide range of increases ranging from 0.2%
to 96%. Four municipalities reduced fees
over this time frame.
the Metro Vancouver jurisdictions
that participated in the publication
of this information for the business
community.
NAIOP would also like to
acknowledge the contributions from
Cushman & Wakefield for the
Marketbeat report.
If you have any questions on the
data, please contact the co-ordinator
of the Cost of Business Survey,
Christopher Correia, at christopher@
pacificlandgroup.ca.
Subdivision
Permit
The total fees levied by each municipality
for the construction of a 100,000-squarefoot industrial distribution warehouse
and office building development (as
described on page 3) are presented below.
It is important to note that one of the
main fees levied by each municipality
is development cost charges (DCCs),
which tend to vary amongst, and within,
each municipality. Be mindful of the
range of DCCs when reviewing the total
development costs.
As DCCs are normally the largest
component of the overall costs of
development, we would normally expect
“developing” areas to post the highest
increases, but in this case it would
appear that DCCs are equally high in
some already urbanized municipalities,
particularly Vancouver and the District
of North Vancouver. We would also note
CHAPTER
Metro Vancouver
58
66,291
n/a
31,086
896,000
11,300
10,800
n/a
12,933
2,869
50,500
n/a
n/a
60,402,969
1,032,152
1,030,418
0.2%
416,481
148%
6.70%
District of West Vancouver¹ n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
City of White Rock1
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1 Survey not applicable due to no industrially zoned land in the municipality
2 For area one $96,348/acre, otherwise area 2 is $359,630/acre
3 The administration fee requires a $75,000 warranty fee for one year
Increase from 2013 Survey
Decrease from 2013 Survey
8
METRO VANCOUVER
CHAPTER
Percentage Change
Total Fees, Excluding Metro Regional Charges & Taxes
Total fees, excluding Metro Regional charges & taxes
Percentage change
City of Richmond
City of Vancouver
VANCOUVER
District of North Vancouver
$1,032,152
City of Richmond
$694,335
CHAPTER
$687,698
Township of Langley
City of Surrey
$561,743
$496,401
City of Langley
$490,772
City of Surrey
$455,202
GREATER VANCOUVER
City of Coquitlam
CHAPTER
$422,549
$194,437
City of Maple Ridge
$200,000
0.42%
67.06%
2.07%
1.08%
23.43%
29.52%
City of Chilliwack
1.75%
-10.25%
City of Burnaby
$160,128
$0
-8.04%
City of Langley
City of Port Moody
$251,702
City of Burnaby
$276,197
-1.57%
$338,344
City of Chilliwack
43.64%
District of Mission
City of Coquitlam
$398,821
City of Port Moody
5.81%
$444,112
2.12%
City of Abbotsford
$499,147
96.18%
Township of Langley
$550,242
District of Mission
2.61%
$574,996
City of Abbotsford
0.17%
City of Vancouver
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
5.55%
City of Maple Ridge
-33.88%
-40%
-20%
0%
20%
40%
60%
80%
120%
100%
Equivalent Annual Average Inflation Rate
City of Richmond
6.70%
City of Vancouver
9.22%
junior.pdf
1
2015-10-06
8.83%
11:42 AM
Township of Langley
3.60%
City of Surrey
FOCUSSED ON THE PRECISION
OF OUR CLIENTS’ VISION
ONE BUILDING AT A TIME
4.04%
6.95%
City of Langley
9.83%
4.09%
City of Coquitlam
2.74%
7.44%
1.80%
City of Port Moody
7.11%
City of Burnaby
7.18%
City of Maple Ridge
-2.00%
C
6.49%
-0.13%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
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12.00%
9
METRO VANCOUVER
CHAPTER
Comparative Tax Burden
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 assessed
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. Fewer than half the
municipalities surveyed are in line with
this ratio. The awareness among business
owners of the disparity between industrial
and residential tax rates is growing. Small
and medium-sized industrial 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.
It is worth noting that mill rates listed
include only mandatory portions of the
mill rate designated for the municipality,
which may include mandatory business
improvement area fees, which are
authorized by municipal councils. Even
with this potential increase in the mill
rate, 16 of 18 municipalities reduced
their ratio from 2013 to 2015. The
biggest change can be seen by the City of
Richmond, which reduced its ratio from
VANCOUVER
3.832:1 to 3.174:1.
Acknowledging that changes to
assessed property values impact mill rates,
we commend these municipalities for their
efforts by lowering the light industrial tax
rate at the expense of an increase in the
residential rate.
For 2015, the five municipalities
with the lowest industrial to residential
property tax burden (rated from lowest to
highest) were:
• City of Chilliwack
• City of Abbotsford
• City of Surrey
• City of Langley
• District of Maple Ridge
All five of these municipalities remain
the lowest since the 2013 edition of the
survey.
The five Metro Vancouver and Fraser
Valley municipalities with the highest
industrial to residential property tax
burden (rated from highest to lowest)
were:
• City of Port Moody
• District of North Vancouver
• City of New Westminster
• City of Coquitlam
• City of Pitt Meadows
Each municipality, except for Pitt
Meadows, remains one of the highest since
the 2013 edition of the survey.
CHAPTER
Municipal property
taxes pay for city
services such
as parks, roads,
utilities, policing, fire
protection and local
improvements
GREATER VANCOUVER
CHAPTER
Mill Rates
2013
Rank
2015
Rank
Municipality
Light Industrial
Mill Rate
Residential
Mill Rate
Light Industrial to
Residential Tax Ratio
9.37141
4.98666
1.879
Metro Vancouver
1
1
City of Chilliwack
2
2
City of Abbotsford
10.56303
5.09945
2.071
4
3
City of Surrey
6.09374
2.49070
2.447
Light Industrial to Residential Tax Ratio
Light industrial to residential tax ratio
City of Port Moody
4
City of Langley
9.90030
3.87940
2.552
5
City of Maple Ridge
12.30380
4.47130
2.752
City of Vancouver
6
6
District of Mission
13.71510
4.91290
2.792
City of Burnaby
7
Township of Langley
9.36980
3.24630
2.886
8
10.33930
3.55060
2.912
11
9
City of Richmond
6.94287
2.18723
3.174
10
10
13.24730
3.79500
3.491
4.566
City of Coquitlam
3
7
5.005
5
8
5.336
4.296
4.229
4.150
3.978
3.508
3.491
City of Richmond
3.174
2.912
Township of Langley
2.886
9
11
8.42034
2.40051
3.508
12
12
City of Burnaby
9.12440
2.29380
3.978
14
13
City of Vancouver
7.34590
1.77001
4.150
City of Langley
13
14
16.69620
3.94790
4.229
City of Surrey
District of Mission
2.792
City of Maple Ridge
15
15
City of Coquitlam
13.52510
3.14820
4.296
City of Abbotsford
18
16
16.98320
3.71910
4.566
City of Chilliwack
16
17
11.88180
2.37397
5.005
17
18
City of Port Moody
18.50730
3.46820
5.336
0.000
2.752
2.552
2.447
2.071
1.879
1.000
2.000
3.000
4.000
5.000
6.000
10
METRO VANCOUVER
CHAPTER
Building Permit Data
A
VANCOUVER
CHAPTER
cross the Metro Vancouver and
Fraser Valley regions, development
activity has been steady with significant
volume of building permits being issued.
The City of Surrey leads this activity
with 190 building permits for industrial
buildings being issued in 2014. The City
of Abbotsford and Township of Langley
have issued large amounts of building
permits as well, at 50 and 21 building
permits, respectively. This demonstrates
the significance of this industry in the
South of Fraser area. In total, these three
municipalities have approved over $164
million in industrial building activity.
GREATER VANCOUVER
CHAPTER
Total value of BPs issued for new
industrial buildings in 2014
Total number of BPs issued for
new industrial buildings in 2014
Corporation of Delta
300,000
2
District of Mission
106,000
1
City of Abbotsford
16,225,650
50
17,180,708
3
Richmond
10,450,000
5
0
0
City of Surrey
98,451,002
190
City of Burnaby
11,718,188
9
Township of Langley
50,133,110
21
City of Chilliwack
10,592,000
7
City of Langley
3,203,100
17
Vancouver
5,780,000
3
Port Coquitlam
7,200,000
3
City of Maple Ridge
697,000
4
0
0
City of Coquitlam
300,000
2
City of Port Moody
0
0
7,393,741
12
Over 60 years of industry experience
with land and building opportunities
in every major industrial area
in Metro Vancouver.
www.beediegroup.ca
11
METRO VANCOUVER
CHAPTER
Timing
2013 Rank
2015 Rank
VANCOUVER
CHAPTER
Municipality
Pre-Application Design Review (days)
Rezoning Process (days)
Development Permit
Process (days)
Subdivision
Approval (days)
Building Permit
(days)
2015 Approval
Timing1 (days)
2013 Approval
Timing (days)
Percentage Change
Metro Vancouver
1
1
City of Chilliwack
n/a
30-90
concurrent
concurrent
concurrent
90
90
0%
2
2
Township of Langley
30
90-120
concurrent
concurrent
concurrent
120
120
0%
2
2
City of Richmond
3-5
90-120
concurrent
concurrent
concurrent
120
120
0%
2
2
District of Mission
14-28
30-90
concurrent
concurrent
<30
120
120
0%
2
2
City of Langley
n/a
30-90
concurrent
concurrent
<30
120
120
1
2
City of Abbotsford
7
90-120
concurrent
concurrent
concurrent
120
90
33%
2
3
5
90-120
concurrent
concurrent
<30
150
120
25%
3
3
2
90-120
concurrent
concurrent
<30
150
150
0%
3
3
City of Burnaby
n/a
120-150
concurrent
concurrent
concurrent
150
150
0%
6
3
City of Maple Ridge
n/a
120-150
concurrent
concurrent
concurrent
150
240
-38%
4
4
City of Port Moody
42
150-180
concurrent
concurrent
concurrent
180
180
0%
7
5
City of Vancouver
n/a
>180
concurrent
concurrent
concurrent
180
270
-33%
2
6
City of Surrey
7
90-120
concurrent
concurrent
30-90
210
120
75%
8
6
City of Coquitlam
n/a
90-120
concurrent
concurrent
30-90
210
360
-42%
6
6
n/a
90-120
concurrent
concurrent
30-90
210
240
-13%
5
7
30
120-150
concurrent
concurrent
30-90
240
210
14%
9
8
n/a
120-150
concurrent
concurrent
90-120
270
510
-47%
7
9
n/a
120-150
concurrent
concurrent
120-150
300
270
11%
District of West Vancouver 2
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
City of White Rock
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2
1 Outside estimate inclusive of concurrent processing of rezoning, subdivision, DP and BP where allowed, not including pre-application review
2 Survey not applicable due to no industrially-zoned land within the municipality.
0%
GREATER VANCOUVER
Increase from 2013 Survey
Decrease from 2013 Survey
Learn more about Delta, visit Delta.ca
2013 NAIOP “Most Fiscally Responsible” 2013 NAIOP “Most Improved Municipality” 2014 finalist Provincial Government’s “Open for Business Awards”
2014 recipient of National CAMA Award of Excellence for SOIL Initiative 2014 ranked 2nd by fDi Intelligence as a city of the future for business friendliness
2015 ranked #13 in MoneySense Magazine's “Canada’s Best Places to Live 2015.” 2015 NAIOP “Most Fiscally Responsible”
CHAPTER
12
METRO VANCOUVER
CHAPTER
Approval Times
VANCOUVER
CHAPTER
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.
GREATER VANCOUVER
300
270
240
210
City of Coquitlam
210
City of Surrey
210
CHAPTER
City of Vancouver
180
City of Port Moody
180
City of Maple Ridge
150
City of Burnaby
150
150
150
City of Abbotsford
120
City of Langley
120
District of Mission
120
City of Richmond
120
Township of Langley
120
City of Chilliwack
90
0
50
100
150
200
Days
250
300
350
13
METRO VANCOUVER
CHAPTER
NAME Award Winners
Municipality of Delta:
NAIOP award for Municipal
Excellence: Most Fiscally
Responsible‎ municipality.
City of Maple Ridge:
NAIOP award for Municipal
Excellence: Most Improved and
tied for Most Business-Friendly
municipality (with the City of
North Vancouver).
City ofVNorth
A N C O U Vancouver:
VER
CHAPTER
Winner of the NAIOP award for
Municipal Excellence for Most
Business-Friendly Municipality
(tied with city of Maple Ridge).
GREATER VANCOUVER
Mayor Lois Jackson: Our philosophy is to reduce
and/or eliminate the debt load, and to “pay as you go.”
I have a background in real estate from several years
ago, and that knowledge never leaves you. I have built
a connection with the development community and
am familiar with issues like rezoning, and have an
orientation which is pro-development.
Mayor Nicole Read: We are open for business and
have made process improvements that expedite licensing
and other applications from the business community.
We have worked on getting our timelines down and
reducing our fees vis-a-vis processing development
applications. Relationships with our developers are
critical and we have worked hard to rebuild bridges
with them. We still have work to do. The secret to a
successful relationship between a municipality and
the development community includes the following: a
transparent process, an expedited timeline, and clarity
and consistency of rules and intent in the Official
Community Plan. As for the development community,
the more effective ones are engaged in building
complete communities.
CHAPTER
Mayor Darrell Mussatto:‎The development community
is a partner with us. We as a city cannot achieve our goals
without the success of the business community. We are
a livable city only if our businesses, including developers,
are successful.
We have made great strides in sustainable design by
offering incentives to developers and builders through a
number of measures, such as removing stairs from the
calculation of FSR. Accessible stairs, located in the right
places, reduce energy and electrical use‎and contribute to
a healthy lifestyle.
The key challenge we face as a city and a region is
dealing with densification, and the behavioural changes
we need to make around mobility and transit use. We
need to focus on goods and services movement, while
making adjustments in our use of roads, bridges and the
transit system.
Property Management • Asset Management • Leasing • Strata Management
Tel: (604) 602-1887 | www.warringtonpci.com | [email protected]
14
5x8 WeR port_Layout 1 05/06/14 6:27 PM Page 1
METRO VANCOUVER
CHAPTER
600
NAIOP Icon Speaker for 2015
VANCOUVER
CHAPTER
GREATER VANCOUVER
400
300
P
eeter Wesik is the president of
Wesgroup Properties, a family business
started in British Columbia more than 50
years ago. Wesgroup is a private real estate
organization with a diversified portfolio
spanning residential and commercial real
estate.
Wesgroup has also invested in the
equipment sales and service business under
the brand names Williams Machinery and
Westerra Equipment, with eight branches
located throughout British Columbia.
Peeter previously practised law as a
partner at Russell & DuMoulin (now
Fasken Martineau DuMoulin) and is
involved in numerous industry associations
including the Urban Development
Institute, where he served as a director and
500
200
100
0
CHAPTER
Peeter Wesik
past chair. He is also a current director of
the Royal BC Museum.
There are certain things that just make Vancouver,
Vancouver. Landmarks, nature, traditions. And of course,
Business in Vancouver. In fact, from our perspective, so
intertwined are we within the city dynamic, the two are
essentially equal parts of the whole. It’s easy, really:
Business + Vancouver = Business in Vancouver.
We are business in Vancouver.
biv.com
House FP.indd 1
2015-11-05 4:02 PM
2016 COMMERCIAL REAL ESTATE AWARDS OF EXCELLENCE
MAY 17, 2016
NAIOP Vancouver, in partnership with Business in Vancouver, is delighted to present its excellence awards
gala event: The 2016 Commercial Real Estate Awards of Excellence. This event will recognize excellence
in commercial real estate within the Metro Vancouver area for the 2014 and 2015 calendar years. The
awards recognize the full range of disciplines involved in creating successful real estate solutions, while
highlighting the leadership role played by property owners, developers and professional advisers.
The NAIOP and BIV Commercial Real Estate Awards of Excellence recognize quality and performance,
innovation and creativity, teamwork and collaboration, as well as community and environmental awareness.
Initial submission deadline for nominations: January 1, 2016
Shortlisted submission deadline: January 31, 2016
Gala date: May 17, 2016
AWARDS CATEGORIES
INVESTMENT TRANSACTION
Award will be given to the team or individual responsible for
negotiating the top investment transaction completed during
the 2014-15 calendar years. Selection will be based upon
the complexity, innovation and creativity of the transaction to
meet the objectives of all parties involved. Market impact of the
transaction will also be considered.
INDUSTRIAL LEASE
negotiating the top industrial lease completed during the
2014-15 calendar years. Selection will be based upon the
complexity, innovation and creativity of the transaction to meet
the objectives of landlord and/or tenant. Market impact of the
transaction will also be considered.
OFFICE DEVELOPMENT
developing the top office project completed during the 2014-15
calendar years. Selection will be based upon the quality,
functionality, leasing, sustainability and financial performance
of the project. Innovation will also be considered.
MIXED-USE
DEVELOPMENT
Award will be given to the team or individual responsible
for developing the top mixed-use project completed during
the quality, functionality, leasing, sustainability and financial
performance of the project. Innovation and scale will be considered.
OFFICE LEASE
negotiating the top office lease completed during the 2014-15
calendar years. Selection will be based upon the complexity,
innovation and creativity of the transaction to meet the objectives
of the landlord and tenant. Market impact of the transaction will
also be considered.
RETAIL DEVELOPMENT
developing the top retail project completed during the
2014-15 calendar years. Selection will be based upon the quality,
functionality, leasing, sustainability and financial performance of
the project. Innovation will also be considered.
INDUSTRIAL DEVELOPMENT
developing the top industrial development completed during
the quality, functionality, leasing, sustainability and financial
performance of the project. Innovation will also be considered.
This category shall include both multiple building projects and
single building projects.
35
DEVELOPING LEADER
Award will be given to the NAIOP Vancouver developing leader
who during the 2014-15 calendar years showed exemplary
leadership in the commercial real estate industry and who
contributed to the industry in a significant way.
Download the application form at
www.naiopvcr.com/events/cre-awards-of-excellence-gala/
Board of Directors 2015
Back, left to right: Gordon Wylie, Development Issues and Government Relations (Co-Chair),
Chard Development Limited | Ernie Hee, Legal Counsel, McMillan LLP | Steffan Smith,
Director, GWL Realty Advisors | Dan Jordan, Developing Leaders Chair, Colliers International
Inc | Jennifer Podmore Russell, Breakfast Committee (Co-Chair), Deloitte | Marvin Haasen,
Director, Madison Pacific Properties Inc. | Jarvis Rouillard, Director, Triovest Realty Advisors
Inc. | Stephanie Setchell, Events Committee (Co-Chair), Farrell Estates Ltd. | Darren Burns,
Communications Committee Chair, Stantec Architecture | Chris MacCauley, Vice President,
Development Issues & Government Relations (Co-Chair), CBRE Limited Industrial Properties
Front, left to right: Donald Harrison, National Director, Past President, GWL Realty Advisors
Inc | Janay Koldinges, Events Committee (Co-Chair), Dialog | John Middleton, President,
ONNI Group Darlene Hyde, Executive Director | Raymond Choy, Education Committee Chair,
Peterson Group
Missing: Steve Smith, Breakfast Committee (Co-Chair), Manulife Real Estate |
Pav Sikham, CA, Treasurer, KPMG LLP
Why become a member of NAIOP?
• Local networking opportunities through monthly breakfast speaker series and events.
• Mentorship Program and special events for Developing Leaders, under 35 years of age.
• A triennial Commercial Real Estate Awards of Excellence Gala, to recognize the best in the industry.
• Industry and market information—through breakfast speakers, special publications and the chapter
website, www.naiopvcr.com
• Access to the NAIOP Canada Sustainability Blog’s wide collection of articles, reports, case studies
and other sustainability-related works
• The Annual Cost of Business Report—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 e-bulletins which keep the membership up to date on industry news and events.
• Legislative voice with municipal and provincial officials—through our Development Issues and
Government Affairs Committee.
• Active online community, allowing members to join the conversation, grow their networks, and
obtain the latest commercial real estate news at
 @NAIOPVancouver  NAIOP Vancouver Group
NAIOP Vancouver represents commercial
real estate developers, owners and investors
of office, industrial, retail and mixed-use
properties. It provides strong advocacy,
education and business opportunities and
connects its members through a powerful
North American network.
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
51 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.
For more information on NAIOP – Vancouver Chapter or any of its events,
please visit the website at www.naiopvcr.com, email [email protected] or call 604.601.5106

IndustrIal - NAIOP Vancouver

Transcription

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