| Point Grey Village Commercial Area Profile
The area is ideally suited for personal service and retail businesses. This report provides an overview of the Point Grey Village commercial market, focusing primarily on zoning and development potential as well as business and employee mix. The Point Grey Village Neighbourhood Market Profile focuses on key market information including population, household and spending statistics. Fast Facts
Physical ProfilePoint Grey Village is at the western edge of the City of Vancouver, approximately 6.5 kilometres from City Hall and 6 kilometres from downtown. On a major transportation corridor to the University of British Columbia, and in the heart of a wealthy residential area of Vancouver, the BIA enjoys a broad mix of clientele. The 3-block BIA is home to 64 commercial properties and 184 businesses. Key elements of the BIA’s physical profile are discussed below. 4. Source: City of Vancouver VanMap. Zoning MixPoint Grey Village comprises approximately 13 acres of land, 282,000 square feet of commercial area and 225,000 square feet of residential area. All commercial properties in the BIA are C-2 commercial zoning (64 parcels) as illustrated in Figure 2. This zoning provides a strong commercial base for a variety of goods and services to be marketed in the surrounding neighbourhood.
Assessed ValueIn terms of assessed value, Point Grey Village ranks second smallest among Vancouver BIAs. The total 2005 assessed value of all Point Grey Village BIA commercial properties was $82,154,312. This represents 3% of the value of all Vancouver BIA properties outside of Downtown and contributes over $1.35 million in property taxes. Age and Quality of BuildingsThe majority of commercial buildings in Point Grey Village (36%) were constructed pre-1946. Many others (26%) were constructed between 1946 and 1970 as well as (27%) between 1971 and 1990, as illustrated in Figure 3a. However, many of these older buildings have been renovated such that only 2% reflect pre-1946 standards. 50% have an ”effective” build year of 1946 to 1970 and 48% have an “effective” build year of 1971 or newer, as illustrated in Figure 3b.
Lease and Vacancy RatesA low commercial vacancy rate was identified for Point Grey Village.4 There were no commercial properties for lease during a January 2006 survey of the area. As such, current lease rates for the area are not available. 4. BIA physical survey, January 2006 by National Land Consultants, Lucent Strategies and Girard Land Services. Development Potential
Approximately half of the commercial properties in the BIA have been redeveloped. The remaining half is comprised of older one- and two-storey commercial buildings, which still garner significant rental revenue and are likely to be redeveloped in the future as the commercial market continues to grow. One example of this opportunity is the highly successful commercial/residential development Point Grey Place at 4597 West 10th Avenue, built in 1995, which includes 7 stories of residential and ground floor commercial. More recent examples are the former Varsity Theatre site at 10th and Sasamat that is being redeveloped as a stylish 3-storey commercial/residential building as well as Sasamat Gardens at 4400 West 9th, where former single-family zoning has been rezoned to a 42-unit high-end strata residential development. Another example is the former Van City Building at 4545 West 10th, which will see similar development. The BIA is also close to the growing University of British Columbia residential area, and is the closest commercial area serving this expanding market segment. Business MixThe zoning mix and commercial building structure of the Point Grey Village BIA primarily support small personal service commercial and retail.
The majority of businesses (54%) in the BIA are ‘micro’ sized – less than five employees, although there are a significant number (43%) of businesses with 5-20 employees in the area. Major business types include health services, personal services, eating and drinking establishments, miscellaneous retail, food stores and apparel and accessory retailers, as described in more detail below. Business TypesSimilar to the averages for Vancouver and the GVRD, Point Grey Village is primarily comprised of retail and service businesses. However, the BIA has a significantly greater percentage of retail businesses than average, as Figure 4 illustrates. The BIA has some finance, insurance and real estate businesses, but negligible proportions of other major sectors such as manufacturing, construction, wholesale and public administration. Table 1 provides a detailed breakdown of business types for Point Grey Village as compared with the rest of Vancouver and the GVRD.
Of the 45% retail businesses, the most common are eating and drinking places (30%), miscellaneous retail (23%), food stores (20%) and apparel and accessory stores (16%), as outlined in Table 2 above Of the 40% service businesses, most are health services (45%) and personal services (21%). As for individual business types, there are a significant number of restaurants (20) as well as dentists (10), physicians and surgeons (10), banks (9) women’s retail apparel stores (7) and beauty salons (7). Business SizePoint Grey Village is primarily comprised of ‘micro’ sized businesses with less than 5 employees (53%), followed by small-sized businesses with 5-20 employees (44%), as Figure 5 illustrates. A few small to medium businesses exist, including: Businesses with 20-49 employees:
Age of BusinessMany of Point Grey Village’s businesses (37%) have been operating for over 10 years. However, one quarter are only 1-2 years of age. Figure 6 provides more detail on the distribution of business ages. Long-time businesses provide a stable market base, while fresh new businesses are increasing the area’s appeal for local residents and destination shoppers, as well as the commuters and students passing through each day.
Anchor Tenants and Dominant BusinessesAnchor tenants in the Point Grey Village BIA include Safeway and the major banks. A number of clothing stores such as Enda B are also a draw for loyal clientele. In addition, coffee shops such as Mix the Bakery and Starbucks have helped to increase pedestrian traffic within the BIA. As previously discussed, retail and service are dominant business sectors in the Point Grey area. The BIA also has six major business clusters including:
On a percentage basis, Point Grey Village has significantly more health services and eating & drinking establishments than average for Vancouver and the region, with eating and drinking establishments being the most numerous. The BIA’s strong retail and health service business base would also benefit from additional personal and business services. Change in Business MixBetween 2000 and 2005, the number of businesses in the Point Grey Village BIA grew by 21.9%, higher than the Vancouver average of 20.2% and the GVRD average of 13.5%. Growth was highest among the following sectors:
The wholesale and transportation/communications/utilities sectors declined in this time period, reducing by 67% and 20% respectively. Both of these sectors declined by significantly more than average for the City of Vancouver or the GVRD. In terms of sub-industries, the fastest growing in the BIA were health services (7 businesses), food stores (6) and depository institutions (5). Figure 7 provides a breakdown of the top 10 fastest growing Point Grey Village BIA sub-industries, as defined by Statistics Canada.
Demand PotentialPoint Grey Village BIA demand potential comes from three primary sources – residents in the area, BIA employees, and other employees in the surrounding area. In addition, businesses in the BIA are exposed to thousands of daily commuters and UBC students traveling by bus, bike and car. Each of these potential customer groups is discussed below. Residential Base
The Point Grey Village residential base is a vibrant community of mature, affluent and well-established seniors, working families and professionals. A multicultural centre, the area is comprised of more residents with British, Canadian and eastern European and German heritage than average for Vancouver. Chinese is also a significant culture, although less so than in the rest Vancouver. English is the dominant household language for area residents. Household sizes in this area are larger than the city average and smaller than the GVRD average. With a higher proportion of single-family homes, the area is home to a greater percentage of homeowners than average for Vancouver and the GVRD. Reflecting their older age and significantly higher education levels, Point Grey residetnts exhibits significantly higher household incomes than the Vancouver or GVRD average. The Point Grey Village Neighbourhood Market Profile provides more detail about this important market segment. Employee BaseApproximately 1,200 people are employed within the BIA itself.5 An additional 3,320 work within a one-kilometre radius of the BIA, providing an additional potential market base for businesses. Between 2000 and 2005, the Point Grey Village employee base increased by 14%, whereas employment for the businesses in the surrounding area (1 KM radius) increased by 7%. 5. Source of employee information is InfoCanada courtesy of Small Business BC. Pedestrian and Vehicle TrafficWest 10th Avenue is a major transportation corridor crossing through the Point Grey Village BIA, providing exposure to thousands of daily commuters and UBC students. There are currently no traffic counts available for the BIA. However, with ample street parking and frequent bus service, businesses in the BIA have significant potential to tap into the high traffic volumes on the major routes and capture “through-traffic” commuters to and from the UBC area as customers. The City of Vancouver conducts pedestrian counts for approximately 250 blocks in the city, with the majority being in the downtown area. Unfortunately, pedestrian count information is not currently available for the Point Grey Village BIA. Conclusions
Market forces are slowly helping the BIA shift from primarily one and two storey older retail units to mixed use three storey commercial/residential developments. Approximately half of the BIA has already been redeveloped. Remaining properties still garner significant rental revenue and are likely to be redeveloped in the future as the commercial market continues to grow. |
The Point Grey Village Business Improvement Area (BIA) boundary consists of the three blocks on West 10th near the UBC Gates, from Tolmie to Discovery. It accommodates 184 businesses and approximately 1,200 employees. Its residential catchment area houses approximately 12,000 residents. Comprised of C-2 zoning, Point Grey Village provides a strong commercial base, with a wide range of goods and services marketed in a central location to the surrounding neighbourhood.
The Point Grey Village BIA is located along West 10th Avenue, a busy commercial and commuter street. The C-2 zoning (commercial with appropriate residential) within the BIA provides some potential for increased density as market forces dictate. 
Just over 11,800 residents live within the BIA’s primary catchment area (10th Avenue from Tolmie to Discovery, Blanca, 16th, Alma and the waterline), and provide the primary market base for businesses.
Point Grey Village is a growing business area, with a diversified mix of primarily retail businesses. The BIA provides a strong commercial base for a variety of goods and services to be marketed in the surrounding neighbourhood. The BIA is ideally suited for personal service and retail businesses.