Commercial Area Profile

The Collingwood Business Improvement Area (BIA) runs along Kingsway from Rupert Street to Boundary Road (see Figure 1). The BIA comprises approximately 34,600 residents, 349 businesses and 2,400 daytime employees. Another 3,371 employees work within a one-kilometre area of the BIA, providing an additional potential market for businesses locating here.1

Comprised primarily of commercial district zoning (C-2) and some comprehensive development zoning (CD-1), the Collingwood BIA contains a mix of old and new developments. The area is ideally suited for businesses catering to ethnically diverse families, as well as businesses that thrive on significant exposure to drive-by traffic.

This report provides an overview of the Collingwood commercial market, focusing primarily on zoning and development potential as well as business and employee mix. The Collingwood Neighbourhood Market Profile focuses on key market information including population, household and spending statistics.

Physical Profile

Collingwood is at the eastern edge of the City of Vancouver – approximately 6 kilometres from City Hall and 7.25 kilometres from downtown.2 The 17-block BIA is home to 96 commercial properties and 349 businesses. Collingwood is known for its multi-cultural flare. The BIA has one structure listed on the Vancouver Heritage Register – 3250 Kingsway Avenue (Sir Guy Carleton Elementary School). Another three are in close proximity: 5835 Ormidale Street, 5882 Tyne Street and 3226 East 44th Avenue. Key elements of the BIA’s physical profile are discussed below.

Zoning Mix

The Collingwood BIA comprises over 31 acres of land, 731,413 square feet of commercial area and 437,305 square feet of residential area. City of Vancouver records indicate that the BIA consists of almost two-thirds Commercial District Zoning (C-2), and just over one-third Comprehensive Development Zoning (CD-1), as illustrated in Figure 2.

This zoning emphasizes provision of a wide range of goods and services in a central location to serve a large neighbourhood catchment area.

Assessed Value

In terms of assessed value, Collingwood ranks fifteenth highest among Vancouver BIAs. The total 2005 assessed value of all Collingwood BIA commercial properties was $85,206,309. This represents 3% of the value of all Vancouver BIA properties outside of Downtown and contributes over $1.4 million in property taxes annually. The lower assessed value reflects that many of the commercial properties in the BIA are pre-1991 one- and two-storey units.

Age and Quality of Buildings

The majority of commercial buildings in Collingwood (38%) were constructed from 1971 to 1990. Many others (34%), however, were constructed from 1946 to 1970, and fully 20% were constructed pre-1946, as illustrated in Figure 3a. More than one half of these pre-1946 buildings were significantly renovated pre-1991, shortening their “effective build” year, as illustrated in Figure 3b. Only 8% of buildings in the BIA are newer, post-1991 buildings.

Lease and Vacancy Rates

With parking a significant challenge for local business owners, the BIA consistently has retail and office properties available.3 A January 2006 survey of the BIA found retail lease rates ranging from $900 to $1900 per month for street front retail spaces (square footage not available). A few office properties were also identified, however lease rates for these properties were unavailable.

Development Potential

The Collingwood BIA runs along Kingsway at the Eastern edge of Vancouver. The area was once one of Vancouver’s primary commercial centers, dating back to the 1890s. With the removal of the old Interurban street car line in the 1960s, which connected Collingwood to New Westminster and other parts of Greater Vancouver, the area’s profile declined for several decades. Development of the Metrotown area in Burnaby to the east, contributed to a stalling effect on commercial development in Collingwood.

The Expo SkyTrain rapid transit line, which opened in 1986, helped to revive the area into a thriving multicultural community with a small town feeling in the midst of the big city. Recent residential densification along the SkyTrain line is significantly growing the residential market that the Collingwood BIA serves.

Because the Collingwood BIA is a narrow strip along both sides of Kingsway, development potential is more conducive to smaller scale developments and less so for lot consolidation to support large retail development. Parking is limited on parts of Kingsway during peak periods (7-9 a.m. and 3-6 p.m.), which can be a barrier for development. However, as a major transportation corridor, Kingsway also provides business exposure to tens of thousands of daily commuters.

Some commercial properties in the BIA have been redeveloped into newer commercial developments and/or three-storey mixed-use buildings, with ground floor commercial with two storey residential units above. However, much of the BIA remains older single and two-storey retail units, which likely will be redeveloped as market forces dictate. With the booming residential market, some existing commercial space along Kingsway is being contemplated for residential use. For example, there is a current development permit application at 3378 Kingsway.