Our recent podcast episode featured an insightful conversation with Mark Goodman and Ian Brackett from Goodman Commercial, two experts deeply entrenched in the Vancouver commercial real estate market. Together with addy co-founder Stephen Jagger, they unpacked a range of topics shedding light on the dynamics of commercial real estate in Vancouver and beyond.
The episode began with an introduction to Mark and Ian, setting the stage with their wealth of experience in the industry. They shared an overview of Vancouver’s commercial real estate market, highlighting current trends and challenges. A key theme was the tension between buyers’ and sellers’ expectations, which has created a difficult market landscape in recent years.
One of the most intriguing discussions centered on the ownership of apartment buildings in the Lower Mainland. Mark and Ian explored whether foreign money, REITs, or local investors dominate this space and how ownership patterns impact the broader market. They also touched on off-market deals, explaining what they are and why they’ve become a significant factor in today’s transactions.
The conversation moved into the practicalities of commercial real estate, including the use (or lack thereof) of MLS for listings. Land use policies, particularly Transit-Oriented Areas (TOAs), sparked a fascinating dialogue about how these high-density hubs shape the city and whether homeowners near these zones truly hit the jackpot with skyrocketing land values.
Mark and Ian also discussed the challenges developers face, such as rising costs, land banking, pre-sales, and the impact of foreign investors on financing projects. Vancouver’s Broadway Plan emerged as another important topic, offering insight into how strategic urban planning could redefine the city’s landscape.
The discussion concluded with thoughts on the risks developers take and the future of Vancouver’s commercial real estate. The pair highlighted areas like Marpole, where demand remains high, and shared perspectives on how strata-titled buildings, similar to The Lex that addy investors participated in, factor into the equation.
This episode offered a deep dive into the complexities of Vancouver’s commercial real estate market, providing listeners with valuable insights into its past, present, and future.
