British Columbia

The City of New Westminster has sold Merchant Square office tower for $36.5 million. When the original partner in the project pulled out, the city forged ahead on speculation. The gamble has apparently paid off.

A “quantum leap” into foreign real estate by mainland Chinese investors is expected this year and three recent British Columbia sales show it may include a dive into recreational real estate.

Cutbacks by the provincial government have driven Victoria’s office vacancies to record levels and are adding to the glut of space in downtown Vancouver, commercial real estate agents and property managers confirm.

Implementation of the City of Vancouver Building Bylaw – which will ban doorknobs and usher in some of the toughest energy requirements in Canada – has been postponed from March 2014 until July 1 2014, according to Mark Hartman, Vancouver’s green bui

While many high-rise developers are rediscovering roof space for amenities, gardens and even fountains, Century Group may be the first to consider a commercial business operating from atop a tower.

The owners of Mount Washington Alpine Resort have quietly put Vancouver Island’s only commercial ski hill on the market. “It’s probably been in the process for six to eight months,” Don Sharpe, director of business operations, told CHEK News.

Downtown Calgary is the next big play for multi-family residential developers, according to Cameron McNeill, president of Mac Marketing Solutions, Vancouver’s market-leading condominium sales agent.

Downsizing by the provincial and federal governments and the closing of Microsoft’s development office has pushed Victoria’s office vacancy rate to a 16-year high.

“We have no leases signed yet,” said Andrew Laurie, a senior associate with Cushman Wakefield, the commercial broker handling office leases in Merchant Square. “We do have a lot of interest in the project.

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