Bruce Strebinger is a real estate developer with a solid handle on the markets today. He knows that, with all the chatter about the rebounding economy, it can be difficult to make long-term decisions — particularly in commercial real estate. He opens up about what the future is likely to hold.
A Still-Adjusting Economy
The significant trends are essentially accessible to anyone at little more than a cursory glance. The economy is still adjusting to the rampant disruption that was COVID. People have become accustomed to getting goods and services online, and workers have made it more of a habit to work from home. Interest rates are rising, and it’s unclear exactly how this will affect prices for real estate.
Space in Vancouver
Bruce Strebinger has made his success in developing and building multi-family homes in Vancouver. The economic trends are offset by the available space if you’re looking in the popular city, though. In fact, the city recently made headlines for having the closest possible vacancy rate in the entire continent at just .5%. Investment activity already hit a half-billion dollars in the first quarter of the year, and Strebinger points out that because the vacancy rate is so small, it’s likely to balance the cooling market.
Investing in Vancouver
It’s going to be challenging to invest in Vancouver, as the majority of space is accounted for through 2022. Anything that may come onto the market is going to be priced at a premium, given how few opportunities there are. It may mean having to set your sights outside of the most populated areas.
This doesn’t have to be a bad thing, though, particularly for any investor who wants to get started in a more modest venture. For instance, multi-family properties are still a possibility, as shifting lifestyle patterns have made them a convenient and affordable choice for people from all walks of life. There are a number of reasons to consider how different units are being used now and what they’re likely to become in the future.
Bruce Strebinger has always prioritized objectivity when he looks at the market. If he develops a property, he makes sure to look at how each decision will affect the people who use the facility. He also looks at what it means for the people who live around the neighborhood as well. There’s no reason not to change the way you think about commercial real estate, either. Even distant surrounding cities and towns might start to see more traction, particularly if Vancouver doesn’t slow down in terms of vacancy rates.
Bruce Strebinger knows that the market can’t continue at the current it’s going — it’s simply too chaotic to remain this way for much longer. He also knows that there’s never a perfect time to get involved for an investor. You simply have to play the hand you’ve been dealt. He advises people to study the trends and make sure they understand what exactly is driving each new development before putting down any cash of their own.
