Thanks to a favourable geographic location and a robust economy, Vancouver and the rest of British Columbia have constantly experienced an increase in real estate prices in recent years. This is just as true for businesses as it is for residential property owners. In fact, Central 1 Credit Union expects this trend to continue until 2018 at the earliest. While this is great for property owners, the fact of the matter is that purchasing a new commercial property can be a bit challenging with such high costs. What innovative options do potential buyers have?
The Availability of City-Owned Properties
One option to consider is to employ the city of Vancouver itself. The local government currently owns a number of commercial and retail properties for sale. Please note that many of these buildings (and parcels of land) can also be leased. However, it is still wise to consult with a qualified commercial real estate broker in order to address issues such as tax obligations and even the state of the property in question.
The Possibility of Part Exchange Schemes
Some brokers and estate agents will offer what is known as a part exchange service. This enables the client to use the current value of his or her business property to offset some of the costs associated with purchasing a new property. There are several times when this might prove to be useful, such as if the buyer does not expect to obtain further liquidity, if he or she desires to purchase a new commercial building within a relatively short period of time, or if the current value of their location far exceeds the value associated with the new property.
As the rules and regulations associated with this option can be a bit tricky, it is once again prudent to utilise the services of highly trained and reputable real estate brokers from Vancouver Business Brokers.
There is no doubt that Vancouver commercial real estate listings will continue to represent a business “hot spot” into the foreseeable future. Potential buyers who are aware of how they can leverage these options may be able to capitalise on this upward momentum. Using the expertise of a professional brokerage is the best way to make the most appropriate decisions at the right times.
B.C. housing market to remain “robust”: Central 1 Credit Union, Business in Vancouver