Vancouver
Total Stock (million sq. ft.)
192.0
Vacancy Rate
1.8%
Availability Rate
2.3%
NNN Lease Rate
C$11.74
Net Absorption (million sq. ft.)
192.0
Vacancy Rate
1.8%
Availability Rate
2.3%
NNN Lease Rate
C$11.74
1.5
Metro Area Population
2.6 million
Unemployment Rate
4.7%
Annual Salary - Warehouse
C$46,322
% of Pop - Secondary Education
N/A
% of Pop - Tertiary Education
N/A
2.6 million
Unemployment Rate
4.7%
Annual Salary - Warehouse
C$46,322
% of Pop - Secondary Education
N/A
% of Pop - Tertiary Education
N/A
Airport
Vancouver International Airport
Total Cargo (millions of U.S. tons)
0.31
Seaport
Port of Vancouver
TEU Volume - 2017 (millions)
3.25
Major Highways
Hwy. 1, Hwy. 17, Hwy. 99
Number of Intermodal Rail Hubs
2
Number of Class I Rail Lines
2
What is the term of a typical lease?
5-10 years
How is the rent quoted?
Net annual
What is the tenant's option for termination or break?
Not typical
Does the tenant have the option to renew? What is the length of the typical option?
Yes, one or two times, 3 to 5 years
How is the rent determined at renewal?
Prevailing fair market
What is the typical rent-free period, if any?
1-2 months net on a 5+ year deal
What is the typical rent escalation?
2% per annum
Does the tenant have the right to sublet?
Yes, with landlord's written approval
5-10 years
How is the rent quoted?
Net annual
What is the tenant's option for termination or break?
Not typical
Does the tenant have the option to renew? What is the length of the typical option?
Yes, one or two times, 3 to 5 years
How is the rent determined at renewal?
Prevailing fair market
What is the typical rent-free period, if any?
1-2 months net on a 5+ year deal
What is the typical rent escalation?
2% per annum
Does the tenant have the right to sublet?
Yes, with landlord's written approval
What is the unit of measurement of a typical lease?
Per sq. ft. per year
Does the leasable area include the common area?
No
Per sq. ft. per year
Does the leasable area include the common area?
No
What is the average rent for a warehouse greater than 50K sq. ft.?
C$10.00
What is the average rent for a manufacturing facility greater than 50K sq. ft.?
C$10.00
Is there a rent review during the lease?
No
What are the average service charges (OPEX)?
C$4.26
Who is responsible for the service charges?
Tenant
What are the average taxes paid on the lease?
C$2.25 per sq. ft. per year
Who is responsible for the property taxes?
Tenant
Who is responsible for the utilities?
Tenant
Who is responsible for the fit-out costs, if any?
Tenant
What is the typical security deposit?
2 months net, paid by wire transfer or check, no interest, 1 month held and 1 month applied
How is car/truck parking paid?
Included in rent
Any other occupancy costs?
No
C$10.00
What is the average rent for a manufacturing facility greater than 50K sq. ft.?
C$10.00
Is there a rent review during the lease?
No
What are the average service charges (OPEX)?
C$4.26
Who is responsible for the service charges?
Tenant
What are the average taxes paid on the lease?
C$2.25 per sq. ft. per year
Who is responsible for the property taxes?
Tenant
Who is responsible for the utilities?
Tenant
Who is responsible for the fit-out costs, if any?
Tenant
What is the typical security deposit?
2 months net, paid by wire transfer or check, no interest, 1 month held and 1 month applied
How is car/truck parking paid?
Included in rent
Any other occupancy costs?
No
What are typical agency fees? Who pays them?
5% of first year net rent, 3% of balance, paid by landlord
Who is responsible for legal fees?
Each party is responsible for their own legal fees
Any other transaction costs?
Space measurement and environmental as required. GST
5% of first year net rent, 3% of balance, paid by landlord
Who is responsible for legal fees?
Each party is responsible for their own legal fees
Any other transaction costs?
Space measurement and environmental as required. GST
What is the typical land tenure?
Freehold. 50 years of tenure on leasehold.
What is the terminology of the purchase agreement?
Purchase and Sale Agreement or PA Purchase Agreement
What is the average cost?
$300 per sq. ft.
What is the agency fee and who pays?
1.5%-3%, typically vendor, more and more cases with purchaser (off market)
What is the typical LTV?
70%
What is the average borrowing rate?
4.5%
What is the mode of payment?
Part of the payment is made when the transaction contract is signed (deposit), and the remainder is paid when the transaction is completed 30 days later.
What are the average transaction (closing) costs?
PTT (1% of first C$200K, 2% up to 2 million, 3% over 2 million on balance), legal fees and title.
Freehold. 50 years of tenure on leasehold.
What is the terminology of the purchase agreement?
Purchase and Sale Agreement or PA Purchase Agreement
What is the average cost?
$300 per sq. ft.
What is the agency fee and who pays?
1.5%-3%, typically vendor, more and more cases with purchaser (off market)
What is the typical LTV?
70%
What is the average borrowing rate?
4.5%
What is the mode of payment?
Part of the payment is made when the transaction contract is signed (deposit), and the remainder is paid when the transaction is completed 30 days later.
What are the average transaction (closing) costs?
PTT (1% of first C$200K, 2% up to 2 million, 3% over 2 million on balance), legal fees and title.
What is the average clear ceiling height?
30' - 32' average
Average number of dock doors?
1 / 5,000 sq. ft.
Typical column spacing?
55' width
Average parking ratio?
1 / 1,000 sq. ft.
Sprinkler system?
ESFR
What is the typical power supply?
3 phase 800 amps, 600 volts
30' - 32' average
Average number of dock doors?
1 / 5,000 sq. ft.
Typical column spacing?
55' width
Average parking ratio?
1 / 1,000 sq. ft.
Sprinkler system?
ESFR
What is the typical power supply?
3 phase 800 amps, 600 volts
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