Scott Takes the Reins

Update the rolodoxes! Revamp the speed dials! Reformat your LinkedIns! (Or is it LinkedsIn?) Cushman & Wakefield today promoted Scott Chandler to president and CEO of Canadian operations. We asked him what Vancouver faces in the years ahead.

ScottÂ sees the Vancouver market as slowing. "That said, vacancy is still tight in the core, hovering around 5%, and new supply is still several quarters away." He feels if there is any improvement on the outlook for the resource sector, "this market could really tighten up quickly." Scott's goal is to build on what he says the company already has. "Commercial real estate is about relationships and delivering," he adds. "So I expect the majority of my time is going to be spent engaging with our key clients across the country and ensuring we're meeting their needs." Scott has more than 20 years of experience in commercial real estate. He joined C&W in 2012 after a decade in the investment banking.

Re-Thinking Shopping Centres

There's a unique ownership concept at Aberdeen Square in Richmond. Owner-developer Fairchild Group offered tenants the chance to buy their space, a fusion of purchased retail space next to big-box tenants. Colliers International SVP Cecilia Tse tells Bisnow that investors from mainland China purchased the majority of the retail condo units; they are 100% sold out (over 300 units, most averaging around 400 SF). Aberdeen Square is a new 160K SF, multi-level retail and office extension of the Aberdeen Centre.

"It's the only commercial building in Richmond connected to the Canada Line," Cecilia says. "This adds value [to the purchase]." Aberdeen is six levels: half retail, half office. We're told it sold out quickly, averaging around $400k per unit. "Most of the owners bought more than one unit," Cecilia says. (You try going to the mall and coming back with one bag.) Like with residential condos, owners set up a corporation and pay management fees used for maintenance of the building. Cecilia, who specializes in investment properties brokerage, worked with the developer.

NAIOP's Mentorship Program in High Gear

Kevin Chan from London Pacific Property understands the importance of seeking advice from the grey hair set to help advance his career. He signed on for NAIOP's mentorship program, and last night spent an hour with Ivanhoe Cambridge's Graeme Silvera. "We talked about Graeme's career, different roles he took on, how he got to where he is now. One good piece of advice is to never be afraid to ask a dumb question," says Kevin, who has three other mentoring sessions with three other people in the biz. For Graeme, the motivation is just to give something back:"I want to make sure people don't make the same mistakes I made."

Big Donation Hospital Opening

The new emergency department at Surrey Memorial Hospital got off on the right foot, with a landmark donation of $2M by prominent Fraser Valley entrepreneur Ralph Berezan. And now you can enter the building through the Lorraine and Ralph Berezan Lobby. (Luckily they're name doesn't have too many syllables, so it's not hard to tell the ambulance driver where to take you.) Ralph has been an active member of the Surrey Memorial Hospital Foundation's board for five years.

The opening of the department is the latest chapter in Surrey's growth, which we touched on the other day. The emergency department at the hospital is Canada's second-largest, located on the first floor of the eight-floor tower. The remaining floors of the tower are expected to open in June 2014. The emergency department has almost 100,000 visits per year. In the photo is Premier Christy Clark at the opening.