Commercial Real Estate: Gas station companies cashing out on value of Vancouver real estateOctober 18, 2017 3:26 pm
Vancouver will likely lose more gas stations as land values soar and high-density zoning along major corridors in the city encourages more fuel companies to cash out, says a commercial real estate expert.
“Gas stations are typically located in prime areas on corners of major crossroads, and just the opportunity costs of capital that’s built within those sites, and how it’s been growing over the years — it makes sense to me,” said Curtis Scott, manager of market intelligence for Western Canada with Colliers International.
“I think it is a trend, for sure. But I think it depends on the organization that is managing the gas station,” he said. “From a real estate standpoint, you’re unlocking a lot of capital. It’s a unique opportunity.”
Earlier this month, Chevron Canada confirmed it would be selling and closing five more gas stations in the City of Vancouver.
Categorized in: The Vancouver Sun