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Significant speculative construction in multiple Metro Vancouver industrial markets has served notice to tenants,
owners and investors that leasing activity, demand for industrial product and regional economic conditions have produced expansion and acquisition opportunities after years of indecision and measured growth expectations. This shift in outlook has come as the result of rising absorption rates triggered by the activation of oft-delayed expansion plans and an increase in Metro Vancouver’s typically limited supply of sale and lease options for industrial users seeking to expand or enter the market.
Overall Metro Vancouver industrial vacancy tightened to 3.6% at fall 2014, down slightly from 3.9% 12 months earlier. This decline in vacancy occurred even as the total industrial inventory rose more than 3 million square feet (msf ) to 189.4 msf from 186.3 msf in fall 2013 – one of many recent examples of the strong demand for industrial space in the region. In the five largest industrial submarkets, vacancy tightened or remained unchanged compared with a year ago.
Vacancy in Richmond, which declined to 2.5% from 4.4% a year earlier, recorded the largest drop in Metro Vancouver, which was primarily due to an active leasing market and a lack of substantial new product. Vacancy in Surrey rose slightly to 2.6% from 2.3% year-over-year as market activity included the delivery of more than 240,000 sf of new inventory and significant positive absorption. Burnaby, which recorded a slight decline in vacancy to 4% from 4.3%, remained very active with the addition of several new projects that did little to alleviate tightening vacancy. Vancouver proper, which recorded an increase in vacancy to 3.2% from 2.5%, remained constrained due to a lack
continued on page 2
INSIDE: Q&A with Paul Tilbury, Greg Wilks, Jeff Miller, Michael Beattie and Murray DeGirolamo on the return of speculative industrial construction projects to the Metro Vancouver market.
Strengthening demand driving speculative construction to new highs
Market Industrial Inventory
Vacancy
(square feet) Fall 2014
Spring 2014
Fall 2013
Richmond 37,090,055 2.5% 3.6% 4.4%
Surrey 28,261,390 2.6% 2.9% 2.3%
Burnaby 27,637,584 4.0% 3.4% 4.3%
Vancouver 23,432,440 3.2% 2.5% 2.5%
Delta 21,822,754 7.0% 8.0% 7.1%
Langley 16,195,691 2.2% 2.8% 3.1%
Coquitlam 8,003,369 3.6% 2.8% 4.4%
Port Coquitlam 7,255,930 4.1% 5.1% 4.2%
Abbotsford 7,111,363 2.8% 4.6% 3.6%
North Vancouver 5,452,983 2.1% 2.3% 2.3%
New Westminster 3,776,194 6.5% 1.6% 3.1%
Maple Ridge/ Pitt Meadows
3,388,653 5.0% 3.0% 3.3%
TOTAL 189,428,406 3.6% 3.7% 3.9%
> MarkET INDIcaTorS (ChANge FRoM Six MoNthS Ago)
> METro VaNcouVEr INDuSTrIal MarkET SNaPShoT
vacancy ratecap rates construction container shipping volumeretail salesabsorption rental rates
Metro VancouverIndustrial OverviewFall 2014
Partnership.Performance. 2 I
continued from page 1
of new product and continued demand for the existing, inefficient industrial properties that make up a significant proportion of the submarket’s supply. And despite the addition of more than 1 msf of new inventory, vacancy in Delta remained virtually unchanged at 7% compared with 7.1% a year ago.
With the exception of New Westminster and Maple Ridge/Pitt Meadows, which both recorded spikes in vacancy due to a combination of the delivery of new product, lower absorption levels and vacancy in existing buildings, vacancy in the rest of Metro Vancouver’s industrial submarkets declined or remained stable compared with a year ago.
This wave of absorption of leased industrial space in the past 12 to 18 months has in large part been driven by the difficulty many owner/users have had acquiring suitable industrial premises to purchase. While developing strata projects continues to be a winning formula for many of the region’s industrial developers, low interest rates, constrained land supply and a lack of alternative ownership options continues to fuel strata sales. Owner/users also choose to lease in order to meet immediate expansion needs and to await an opportunity to acquire larger, more efficient premises or to remain flexible for
high-growth needs.
The drive to acquire stand-alone assets has led many owner/users to meet increasing vendor expectations. Despite a willingness to meet these expectations (thanks in good part to low interest rates), the first half of 2014 recorded just $162.9 million in transactions (for trades greater than $5 million) – the lowest level of industrial investment since the first half of 2010 – due in large part to the lack of available quality industrial product in the market. Infrastructure investment and the projected growth in port traffic have instead produced one of the largest phases of speculative industrial construction that Metro Vancouver has
experienced in decades (see page 3).
Industrial leasing activity in Metro Vancouver has gone through three distinct phases since mid-2013, which has led to the conditions currently defining the market. First, large-bay transactions (20,000 sf to 50,000 sf+) that closed 12 to 18 months ago absorbed some of the vacancy on the market, particularly in recently constructed or renovated next-generation facilities. While large pockets of older, less-efficient space remained available, much of the new construction was leased, which laid the groundwork (and provided the confidence) for subsequent phases of development to proceed. Many of those
continued on page 8
New industrial space – much of it built on a speculative basis – remains a hot commodity in Metro Vancouver, with onni Group’s Golden Ears Business Park attracting tenants from throughout the region.
MuNIcIPalITY aDDrESS SQuarE FEET TENaNTDelta 1020 Derwent Way 251,222 Dominion Warehousing & Distribution
Richmond 16068 Portside Road 212,761 (renewal) Western Canada Express Inc.
Delta 450 Derwent Place 193,494 (renewal) Amazon Canada Fulfillment Services Inc.
Surrey 18900 34A Avenue 114,000 (build-to-suit) Weir Canada
Delta 8151 Churchill Street 109,768 Russell A. Farrow (Farrow Logistics)
Surrey 10449 Scott Road 105,100 (build-to-suit) TEXCAN (Div. of Sonepar Canada Inc.)
Vancouver 1125 Vernon Drive 85,104 Corporate Express Canada
Surrey 5355 152nd Street 81,810 (renewal) Coastal Pacific Xpress Inc.
Richmond 12291 Riverside Way 74,042 SCI Logistics
Burnaby 2275 Douglas Road 69,404 Vancouver Shipyards Co. Ltd.
Richmond 13248 Worster Court 63,968 Newegg Canada Inc.
Burnaby 8997-8999 Fraserton Court 62,589 Creation Technologies Inc
> rEcENT NoTaBlE lEaSE DEalS
*Build-to-suit development; completion 2015
Partnership.Performance. I 3
Brae Island
Derby ReachRegional Park
Glen ValleyRegional Park
Aldergrove LakeRegional Park
Campbell ValleyRegional Park
Peace Arch State Park
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South SurreyAthletic Park
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PRIOR STREET VENABLES STREET
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T W
AY
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DYKE RD.
DYKE RD.
FRASERWOOD WAY
NO
. 8 R
D. NO
. 9 R
D.
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ILLA
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AY
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YBAR
RD
.
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SON
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. FRAS
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ND
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RD.
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CLIVEDEN AVE.
HOPCOTT RD.
MacDONALD RD.
TRIA
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.EN
TERT
AINM
ENT B
LVD.
SPARWOOD PL.
COM
MER
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. 5 R
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HT
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PL.
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E PL
.
RIVER
ROAD W
EST
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76TH
ST.
80TH
ST.
WILSON AVE.
PROGRESS WAY
SALTER ST.
EWEN AVE.
RIVER RD
DOCK RD.
GIFFORD ST.
KNOX WAYVALM
ON
T W
AY
SAVA
GE
RD.
PATR
ICK
ST.
BURD
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ST.
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CHES
TER
ST.
KENT AVE. S.
ARG
YLE
STRE
ET D
R.
CRO
MPT
ON
ST.
MIDLOTHIAN
13TH STREET W.
PANDORA ST.
PENDER ST.
RUSS BAKER
WAY
GRAUER
GEORGIA STREET
WEST HASTINGS STREET
TERMINAL AVE
MALKIN AVE
NATIONAL AVE.
CHES
S ST
.
THO
RTO
N S
T.
NORTHERN ST.CENTRAL ST.SOUTHERN ST.
WES
TERN
ST.
STAT
ION
ST.
RAYM
UR
AVE.
GLE
N D
R.
INDUSTRIAL AVE.EARL FINNING WAY
CARO
LIN
A
ST. G
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E
GREAT NORTHERN WAY
VERN
ON
DR.
McL
EAN
DR.
WO
OD
LAN
D D
R.
COM
MER
CIAL
DR.
VICT
ORI
A D
R.
SALS
BURY
DR.
GEORGIA ST.
PARKER
NAPIER
OD
LUM
DR.
COM
MER
CIAL
DRI
VE
VICT
ORI
A D
RIVE
NAN
AIM
O S
TREE
T
REFR
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TREE
T
RUPE
RT S
TREE
T
1ST AVENUE 1ST AVENUE
COM
MISS
IONER
ST.
WAL
L ST
STEWART ST.
EAST HASTINGS STREETCORDOVA
DIV.
SEYMOUR STREET
HOWE STREET
CLA
RK D
RIVE
KINGSWAY
KINGSWAY
18TH AVE.
20TH AVE.
22ND AVE.
WEL
WYN
ST
COM
MER
CIAL
ST.
SLOCA
N ST.
BEN
TALL
ST.
11TH AVE.
22ND AVE.
29TH AVENUE
NO
OTK
A ST
.
JOYC
E ST.
MOSCROP ST.
10TH
12TH
KASL
O S
T.
NO
OTK
A
LILL
OO
ET
VIRTUAL WAY
EAST BROADWAY
GRANDVIEW HIGHWAY
KOO
TEN
AY S
T.
PARKER STREET GIL
MO
RE A
VEN
UE
BOU
ND
ARY
ROAD
1ST AVE.
2ND AVE.
WILLIAM ST.
GRAVELEY ST.
CHARLES ST.
KITCHNER ST.
DOUGLAS RD.
ETON STREET
WIL
LIN
GD
ON
AVE
NU
E
PARKER STREET
SPER
LIN
G A
VEN
UE
HO
LDO
M A
VEN
UE
SARDIS ST.
WIL
LIN
GD
ON
AVE
NU
E
IMPERIAL STREET
GRANGE ST.
PATT
ERSO
N A
VE.
RUMBLE STREET
S.E. MARINE DRIVE
PALM
AVE
.
OAKLAND ST.DOVER ST.
BOU
ND
ARY
ROAD
DEER LAKE PKWY.
ELLI
OT
STRE
ETCL
AREN
DO
N S
TREE
T
RUPE
RT S
TREE
T
KERR
ST.
IMPERIAL STREET
BURRIS ST.
EDMONDS STREET
8TH AVE.
6TH AVE.
8TH ST.
6TH ST.
2ND ST.
12TH ST.
20TH ST.
15TH ST.
21ST AVE.
GRIFFITHS DR.
SOUTH RIDGE DR.
GIL
LEY
AVEN
UE
ROYA
L O
AK A
VE. IRMIN ST.
RAN
DO
LPHSHORT ST.
MAVISDORSET
BERESFORD ST.
CON
WAY
AVE
.
PRENTER ST. GRE
ENFO
RD A
VE.
RUSS
ELL
MER
RITT
SHIR
LEY
SELL
ERS
CURA
GH
KEN
NET
H
SIDLEY ST.
MARINE WAY
GLENLYON PKWY.
KEITH ST.
FRAS
ERTO
N C
T.
FRAS
ERW
OO
D C
T.
NORTHBROOK CT.
ROSE
BERR
Y AV
E.
IVY
AVE.
GRE
ENAL
L AV
E.
JOFF
RE A
VE.
RIVER WAY PL.
BYRNE ROAD
MARKETW
IGGINS ST.
ABBOTSFORD ST.
CROSSING
FRASER PARK DR.
WIGGINS ST.
RIVERBEND DR.
LOWLAND DR.
TILICUM ST. RIVERFRONT GT
FRASER PARK DR.
NORTH FRASER WAY
MARINE WAY
SPUR RD.
MEADOW
AVE.
MARSHLAND AVE.
GLENWOOD DR.
THORNE AVE.
TRAPP AVE.
RIVERBEND CT.
DERWENT W
AY
WOOD ST.
BOYNE ST.
ANNACIS PKWY.
GROSVENOR SQ.
BELGRAVE WAY
CALDEW ST.
CARLISLE PL.
CLIVEDEN AVE.
AUDLEY BLVD. E.
CUND
Y AV
E.
EATON WAY
RIDLEY PL.
DERWENT WAYEBURY PL.
EATON PL.
HAMPSTEAD
CL.
LINDSEY PL.
FRASER VIEW PL.
DERWENT PL.
HUMBER PL.
CLIVEDEN
PL.
CARLETON CT.
HAMILTON RD.QUEENS RD.
RIVER WAYNORDEL CT.ALEXAN
DER RD
.
HO
SKINS
HUSTON RD. RIVER WAY
WEBSTER RD
.
82ND
ST.
TILBURY RD.
ROSS RD.
BERG RD. VANTAGE WAY
DYKE RD.
HORS
ESHO
E PL
.
HORSESHOE WAY
COPP
ERSM
ITH
PL.
COPPERSMITH WAY
SILVERSMITH PL.
HAMMERSMITH GT.
HAM
MER
SMIT
H W
AY
RIVERSIDE WAY
MACHRINA WAY
BLACKSMITH PL.
FORGE PL.
RICE MILL RD.
HARTNEL RD.
JACOBSON
SKEE
NA
ST.
VICTORIA ST.
OTTAWA ST.
MONTREAL ST.
ST. J
OH
N S
T.
Mac
KEN
ZIE
ATH
ABAS
KA S
T. CHURCHILL ST.
Causeway
72ND AVENUE
68TH AVENUE
64TH AVENUE
128T
H S
TREE
T
120T
H S
TREE
T
112T
H S
TREE
T
134T
H S
T. 138T
H S
T.
140T
H S
T.14
0TH
ST.
144T
H S
T.
152N
D S
T.15
2ND
ST.
152N
D S
T.
84TH AVE.84TH AVE.
72ND AVE.
92ND AVE.
84TH AVE.
66TH AVE.
68TH AVE.
148T
H S
T.
144T
H S
T.
54TH A AVE.
PAN
ORA
MA
DR.
80TH AVE.
66TH AVE.
UPLAND RD.
145T
H
88TH AVENUE
HARVIE ROAD
184T
H S
TREE
T
80TH AVENUE
192N
D S
TREE
T
72ND AVENUE
208T
H S
TREE
T
216T
H S
TREE
T
CRUSH CRESCENT
WILL
OWBROOK CONNEC
TOR
64TH AVE.
65 AVE.
66TH AVE.
62ND AVE.
202
ST.
205
ST.
203R
D S
T.
MUFFORD CR.
LOGAN AVENUE
LAN
GLE
Y BY
PASS
53RD AVE.
DOUGLAS CR. 208T
H S
T.
204T
H S
T.
48TH AVENUE
203R
D S
T.
PRODUCTION WAY
196
ST.
56TH AVE. 56TH AVENUE
40TH AVENUE
32ND AVENUE
16TH AVENUE
8TH AVENUE
16TH AVENUE
198
ST.
199T
H S
T.
57 A AVE.
52ND AVE.
55B AVE.
172N
D S
T.
180T
H S
T.
177T
H B
ST.
64TH AVENUE
60TH AVENUE
ROAN PL.
55TH AVE.
176
ST.
179T
H S
T.
179T
H A
ST.
176A
ST. 66 AVE.
65A AVE.65A AVE.
66 A AVE.
188T
H S
T.
52ND AVE.
53TH A AVE.
55TH AVE.
54TH AVE.
PRO
DU
CTIO
N B
LVD
.
LANDMARK WAY
INDUSTRIAL AVE.
GRADE CRESCENT
36TH AVENUE
COLEBROOK RD.
206 S
T.
205A
ST.
206A
ST.
DUNCAN WAY
208T
H S
TREE
T
216T
H S
TREE
T
240T
H S
TREE
T24
0TH
STR
EET
224T
H S
TREE
T
207T
H S
TREE
T
232N
D S
TREE
T
248T
H S
TREE
T
232N
D S
TREE
T
194T
H S
T.
192N
D S
T.19
2ND
ST.
190T
H S
T.19
0TH
ST.
188T
H S
T.
194T
H S
T.
25TH AVE.
26TH AVE.
27TH AVE.
184T
H S
TREE
T
24TH AVENUE
32ND AVENUE
40TH AVENUE
16TH AVENUE
8TH AVENUE
21ST AVE.
22ND AVE.
191S
T ST
.
196T
H S
T.
CRESCENT ROAD
144T
H S
TREE
T
140T
H S
TREE
T
20TH AVENUE
NORTH BLUFF ROAD
OXF
ORD
STR
EET
148T
H S
TREE
T
24TH AVENUE
16TH AVENUE
FIN
LAY
STRE
ET
JOH
NST
ON
RO
AD
BUENA VISTA AVE.
STAY
TE R
OAD
128T
H S
TREE
T
CRESCENT
BEECHER ST.
40TH AVENUE
32ND AVE. DIV.
CROYDON DR.
160T
H S
TREE
T
168T
H S
TREE
T
262N
D S
T.
260T
H S
T.
28TH AVE.
29TH AVE.
31ST B AVE.
GLOUCESTER WAY 271S
T
267T
H
268T
H S
T.
60TH AVE.
50TH
55TH
275T
H S
T.
51A52ND
58TH CR.
56TH AVE.
128TH AVE.
DEWDNEY TRUNK ROAD
DEWDNEY TRUNK ROAD
DEWDNEY TRUNK ROAD
LOUGHEED HIGHWAY
DEWDNEY TRUNK ROAD
256T
H S
T.
142ND AVE.
FERN CR.
FERN
CRE
SCEN
T
132ND AVENUE
128TH AVENUE
216T
H S
TREE
T
GO
LDEN
EAR
S W
AY
HAR
RIS
ROAD
203R
D S
TREE
T20
3RD
STR
EET
HAMMOND RD.
HAR
RIS
RD.
102ND B AVE.
102 AVE.
STAT
ION
RD
.
HANEY BYPASS
96TH AVENUE
88TH AVENUE
McKAY AVE.
FISHERMANS RD.
RIVER RD.
236TH ST
199T
H A
ST.
98TH A
97TH
92ND AVE.
91ST A AVE.
200A
198T
H S
T.
196T
H A
ST.
196T
H A
ST.
92ND AVE.
194T
H S
T.
193R
D S
T.
195T
H S
T.
94TH A AVE.193R
D A
ST.
189T
H S
T.
95TH A AVE.
94TH AVE.
194T
H A
ST.
196T
H B
ST.
190T
H S
T.
98TH AVE.
188T
H S
T.
187T
H S
T.
97TH AVE.18
6TH
ST.
192N
D S
T.
96TH AVENUE
BARNSTONE DR. E
TRIGGS RD.
DALY RD.
176T
H S
T.
104TH AVENUE
96TH AVENUE
160T
H S
TREE
T
156T
H S
TREE
T
148T
H S
TREE
T
152N
D S
TREE
T
100TH AVENUE
104TH AVENUE
108TH AVENUE
144T
H S
TREE
T
112TH AVENUE
FERGUSON DIV.
GUILDFORD DR.
OLD YALE ROAD
HANSEN ROAD
112TH AVE.
McBRID
E DR.
GROSVENOR RD.
E. W
HAL
LEY
RIN
G R
D.
W. W
HAL
LEY
RIN
G R
D.
114TH AVE.
117TH AVE.
138T
H
BRIDGEVIEW
DRI
VE13
0TH
ST.
131S
T ST
.
134T
H S
T.
132N
D A
ST.
132N
D S
T.
125T
H A
ST.
124T
H S
T.
110TH AVE.
BRID
GE RD.
104TH AVE.
SCOTT
ROAD
GRACE R
OAD
OLD YALE RD.
DYKE R
D.
FRONT ST.
OLSEN
RD.
SPRU
CE RD.
TIMBE
RLAND RD
.
PINE RD.
FAULK
NER RD
.
TANNERY RD.
SPAN RD
.
SPEE
N RD.
FIR RD
.
RIVER RD.
PLYWOOD RD.
122N
D S
T.
121S
T ST
.
INDU
STRI
AL R
D.
MUS
QUE
AM D
R.
123R
D
112TH A
WINRAM RD.
106TH A AVE.
124T
H S
T.
LIEN RD.
125
ST.
108 AVE.
109 AVE.
ALAS
KA W
AY
ROBS
ON RD
GUNDERSO
N RD.
128T
H S
TREE
T
124T
H S
TREE
T
80TH AVE.
76TH AVE.
88TH AVENUE
HO
LT RD.
85TH AVE.
86TH AVE.
129T
H S
T.
130T
H S
T.13
0TH
ST.
82A AVE.
132N
D S
T.
78TH AVE.
78A AVE.
134T
H S
T. 77TH AVE.
COMBER W
AY
130T
H S
T.
74TH AVE.
ANVIL WAY
82ND AVE.
123R
D S
T.
85TH AVE.
TRANS CANADA HIGHWAYUNITED BOULEVARD
SCH
OO
LHO
USE
ST.
KIN
G E
DW
ARD
ST.
WO
OLR
IDG
E
TUPPER
WOOLRIDGE ST.
MAR
MO
NT
STRE
ET
GAT
ENSB
URY
ST.
AUSTIN AVENUE
COMO LAKE AVENUECOMO LAKE AVENUE
BLU
E M
OU
NTA
IN S
TREE
T
FOSTER AVENUE
AILSA AVE.
GLE
NAY
RE D
R.
GAT
ENSB
URY
RD
.
MO
RAY
ST.
PRIN
CETO
N
GLENNCOE
WASHINGTON
COLLEGE PARK WAY
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ELEC
TRO
NIC
A AV
E. GOLDEN SPIKE
SHORT ST.
CLARKE ST.
MURRAYNOOTKA WAY
DEWDNEY TRUNK RD.
ABERDEEN AVE.
KLAHANIE DR.
LANDSDOWNIE DR.
GLEN DRIVE
PIN
ETRE
E W
AY
PIPE
LIN
E RO
AD
OZADA
DAVID AVE.
JOH
NSO
N S
T.
EAST ROAD
SUNNYS
IDE R
OAD
1ST
AVEN
UE
RAVINE DR.
PANORAMA DR.
NOONS CRE
EK D
R.
FALCON
GUILDFORD WAY
HO
NEY
SUCL
E LN
.
APRIL ROAD
PARK SIDE RD.
3RD ST.
4TH
AVE
.
BEDWELL BAY RD.
BIDWELL BAY ROAD
MOUNT SEYMOUR PARKWAY
BERK
LEY
RD.
MT.
SEY
MO
UR
RD.
IND
IAN
RIV
ER D
R.
HYANNIS DR.
McNEIL ROAD
BURN
S R
OAD
DOMINION AVENUE
CEAD
AR D
R.
VICTORIA DR.
APEL D
R.
LINCOLN AVE.
PRAIRIE AVE.
SHAU
GH
NES
SY
SHAU
GH
NES
SYPITT
RIVER ROAD
BRO
ADW
AY S
TREE
T
McLEAN AVE.
TYN
ER S
T.
KINGSWAY AVENUE
MAR
INER
WAY
RIVER VIEW
CRES
CENT
COMO LAKE AVE.
WES
TWO
OD
CHIL
CO D
R.
BROADWAY ST.
INDUSTRIAL AVE.
PITT
RIVE
R RD
.
COAS
T M
ERID
IAN
RD
.
MUSTANG PL.
FRASER DYKE RD.
PARK
WAY
BLV
D.
PLATEAU BLVD.
SHAU
GH
NES
SY S
TREE
T
OXF
ORD
STR
EET
COAS
T M
ERID
IAN
RO
AD
OXF
ORD
ST.
TRANS CANADA HIGHWAY
216T
H S
TREE
T
196T
H S
T.
192N
D S
TREE
T
24TH AVENUE
200T
H S
TREE
T
98TH AVE.
101 ST AVE.
TELEGRAPH TR.
KIN
GST
ON
ST.
113B AVE.
STEWART CR.
ROYAL AVE.
MEAD ST.
6TH AVE. E.
BRAID STREET
VULA
N ST
.CA
NFOR
AVE.
SPRUCE ST.
CLIP
PER
ST.
ROCKET WAY
CAPE HORN AVE.
NO
RTH
BEN
D S
T.
CAYE
R ST
.
BOOTH ST.
MYR
NAM
ST.
GOLDEN DR.
ROGERS AVE.
LEED
ER A
VE.
BURB
IDG
E ST
.
BRIG
ANTI
N D
R.
HARTLEY AVE.
SCH
OO
NER
ST.
BRIGANTINE DR. FAW
CETT
RD
.
EDWORTHY WAY
MEL
BOU
RNE
TYN
E ST
REET
CHAMPAIN CR.
MAR
INE
DRI
VE
C.N. RAIL (Tunnel)
MARINE DR.
CYPRESS BOWL ROAD
CYPRESS BOWL ROAD
MARINE DRIVE
25TH
ST. MATHERS AVENUE
21ST
ST.
15TH
ST.
11TH
ST.
FULTON AVENUE
QUEENS AVE.
INGLEWOOD AVENUE
MONTROYAL BLVD.
HIGH
LAND
BLV
D.
EDGEMONT BLVD.
23RD ST. W.
DELB
ROO
K AV
E.
QUEENS RD. W.
OSBORNE ROAD E.
29TH ST E.
LYNN VALLEY ROAD
BRAEMAR ROAD E.
DEMPSEY ROAD
PRIN
CESS
AVE
.
MO
UN
TAIN
HIG
HW
Y
HO
SKIN
S RD
.
CAPI
LAN
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OAD
CRESTWELL RD.
MARINE DRIVE
15TH ST.
SOU
THBO
ROU
GH D
RIVE
STEV
ENS
DRI
VE
EYREMOUNT DR.
CHARTWELL DR.
NAN
CY G
REEN
EWAY
WELCH ST.
AUTOMALL DR.
HARBOURSIDE DR.
COPPING ST.1ST ST.
GO
STIC
K AV
E.
CHES
TER
FIELD
AVE
. ST. G
EORG
ES A
VE.
FELL
AVE
.
LONSD
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VEST
. GEO
RGES
AVE
.
ESPLANADE E.
3RD E.
3RD W.McKEEN AVE.
PHIL
IP A
VE.
GAR
DEN
AVE
.
LOW
ER C
APIL
ANO
RD
.
BOW
SER
AVE.
CHIEF
CHARL
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S RD.
STEWART ST.
PEM
BERT
ON
CHURCHILL
ROOSEVELT14TH ST. W.3RD ST. W.
LLO
YD
MAC
KAY
RD.
EAST
GRA
ND
BLV
D.
KEITH ROAD EAST
QU
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RY A
VE.
3RD ST. E. BRO
OKS
BAN
K
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TVIE
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R.
2ND ST. W.
McNAIR D
R.
LILL
OO
ET R
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HO
SKINS RD
.
LOW LEVEL ROAD
4TH ST. E.
HUNTER ST.
LYN
NM
OU
TH
WINDRIDGE DR.
OLD DOLLARTON HWY.
FRONT ST.
MAIN STREETOXFORD ST.
FORE
STER
ST.
CHARLOTTE
CROWN ST.
DOMINION ST.
HAR
OU
R AV
E.
LYN
N A
VE.
BOND ST.
RUPERT ST.
HARBOUR RD.
CHAR
LES
ST.
SPICER RD.
MO
UN
TAIN
HW
Y.
BAY ST.COLUMBIA ST.
LOUGHEED HIGHWAY
DO
UG
LAS RD.
SPROTT ST.
KEN
SIN
GTO
N A
VE.
TRANS CANADA HIGHWAY
NORLAND AVE.REGENT ST.
KINGSLAND CT.GORING ST.
ROY ST.
STILL CREEK AVE.STILL CREEK AVE.
HAlFAX ST.
HENNING DR.
CARIBOO ROAD
GAGLARDI WAY
ENTERPRISE ST.
BURNABY MTN.
GREYSTONE DR.
WINSTON STREET
WINSTON STREET
BAIN
BRID
GE
GREENWOOD ST.
DARNLEY ST.
LAUREL ST. JOE SAKIC WAY
SUMAS ST.
DAWSON ST.
JUNEAU ST.
ALASKA ST.
BETA
AVE
.
ALPH
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C H I L L I W A C K
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B E L C A R R A
A G A S S I Z
M I S S I O N
L A N G L E Y
W H I T E R O C K
N E WW E S T M I N S T E R
CITY OFNORTH VANCOUVER
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Address Project name Size Developer Estimated Completion
1 8181 Churchill Street, Delta Boundary Bay Business Park (Building 2) 420,000 Dayhu Group Q4 2015
2 6951 72nd Street, Delta Tilbury West Corporate Centre (Phase II) 110,000 Beedie Development Group Q1 2015
3 1005 Derwent Way, Delta Millennium VI 162,715 Grosvenor Q4 2014
4 501 Boyd Street, New Westminster Queensborough Logistics Centre 245,000 Oxford Properties Q4 2014
5 572 Nicola Place, Port Coquitlam River's Edge Buisness Park (Building 2) 49,000 Conwest Q1 2015
6 192nd Street & 22nd Avenue, Surrey Twin Creeks Business Centre (Phase I) 85,610 Beedie Development Group Q2 2015
7 2052 192 Street, Surrey Bridon Heights 120,000 Bridon Developments Q1 2015
8 26988 56th Avenue, Langley Horizon Pacific Corporate Centre II 86,340 Horizon Pacific Q1 2015
9 5525 272nd Street , Langley Parkland Business Centre 86,510 Beedie Development Group Q2 2015
10 27515 56th Avenue, Langley 27515 56th Avenue, Langley 83,730 Kenbri Development Corporation Q1 2015
11 5350 275th Street, Langley North View Business Centre 124,000 Beedie Development Group Q2 2015
‘Spec’ construction tops 1.5 million square feet as developers bank on continued demandSpeculative industrial development throughout Metro Vancouver has been fuelled by rising levels of leasing activity as users reposition themselves for growth and seek efficiencies that come from occupying new-build space.
Lease product as well as strata remain popular with numerous projects throughout the region catering to a wide range of demand profiles. Such projects in well-known industrial nodes such as Gloucester Industrial Estates as well as Tilbury and Annacis Island offer opportunities to locate in
areas that typically have very low availability due to their proximity to the core.
Additional speculative projects in northeastern Metro Vancouver and the Fraser Valley offer competitive pricing as well as tier-one space in areas that have been made more accessible due to infrastructure improvements, rising population and economic clout south of the Fraser River, and a willingness by users to consider locations outside the region’s traditional industrial hubs.
New transportation infrastructure,
particularly the South Fraser Perimeter Road, has prompted developers to break ground on speculative projects in the Delta industrial market. Further buoyed by rising container activity and the expansion of marine terminal operations, Delta’s industrial market remains focused on logistics and distribution users. Large vacant blocks of space have long contributed to Delta’s elevated vacancy rate (compared with the rest of Metro Vancouver), but the ongoing absorption of that space has provided confidence to other developers to offer large-block space (50,000 sf+) on a scale unfamiliar to this market.
Partnership.Performance. 4 I
Paul Tilbury1. Our decision to build the first of two 440,000-sf speculative buildings at Boundary Bay Industrial Park was triggered around acknowledgement of several challenges and opportunities in the Metro Vancouver market. First, the anticipated completion of the South Fraser Perimeter Road (SFPR) in Decem-ber 2013 meant that there would be a tremendous focus on activity south of the Fraser River, with a defining shift in the east/west movement of goods and an anticipated spike in demand for dis-tribution centres along the roadway. The opportunity to be one of the first offer-ings along this corridor combined with being the closest location to Deltaport could not be discounted. Secondly, there was a timing gap when no other major warehouse developments were com-ing to market. With limited contiguous industrial acreage available that would permit competitive scale, a unique marketing opportunity for our first phase arose. Finally, a desire to complete the first phase before changes in code added a potential 10% premium to construction costs all helped determine our decision to build on “spec”.
2. While success is never guaranteed, our confidence in this project was driven by our plan to deliver a building that offered flexibility to tenants in a well-situated location. We had seen, es-pecially in Metro Vancouver, a demand for seasonal storage as a result of this market being so weighted towards con-sumer goods. This has caused several tenants to take secondary warehousing on a short-term basis, which can be challenging in a market with a sub-5% vacancy. Therefore, with this project’s 36’
clear ceiling height, we offer an advan-tage through cubic capacity for tenants to be able to ride the varying demand cycles. As referenced, the proximity to the SFPR we felt was a compelling posi-tioning statement for this development, coupled with newly installed direct access to Highway 99 and upgraded interchanges. Lastly, the development of a combined 900,000 sf offers poten-tial tenants real expansion space over the span of leases and allows for growth without relocation costs.
Greg Wilks1. Pitt Meadows was not known for its industrial market when we started Golden Ears Business Park (GEBP). We believed in the property and its location and took on a “build it and they will come” mentality. One of the successes of GEBP has been our ability to take advantage of short requirement times for certain tenants. If we had not started to construct the (now occupied) buildings on a spec basis, there is a high likelihood we would not have been able to accommodate their occupancy time lines. Due to Metro Vancouver being a smaller industrial market, many out-of-market tenants looking to enter the market are surprised to find the lack of good, efficient, well-priced warehous-ing options. Being able to deliver this option to the market, we proceeded to continue to build on ‘spec’ and success-fully lease thereafter.
2. GEBP has the unique opportunity of having lower land and municipal costs, which gives us an advantage against other markets in Metro Vancouver. Being located minutes from the CP intermodal yard, Port Kells, Highway 1 and the SFPR allow us to compete with
Paul TilburyChief Operating OfficerDayhu Group of CompaniesJoining Dayhu in 2007, Tilbury is responsible for the day-to-day management of 3.8 msf of industrial and commercial properties as well as targetting growth opportunities for the group.
Greg WilksVP, Commercial Property & Leasing, Onni Group Wilks joined Onni in 2004 and directly manages an industrial portfolio of 2.2 million square feet (msf), while also managing Onni’s office portfolio in Edmonton, L.A. and Chicago.
Jeff MillerVice-President, IndustrialOxford Properties GroupMiller joined Oxford Properties in 2013 and is responsible for Oxford’s industrial business, including acquisitions, asset management, financing, leasing and operations.
Michael BeattieChief Investment OfficerGrosvenor AmericasResponsible for leading the investment and portfolio management teams in Grosvenor Americas’ four North American offices, Beattie has been with Grosvenor since 2000. He oversees the acquisition and disposition of assets as well as their management.
Murray DeGirolamoExecutive Vice-PresidentHopewell DevelopmentAppointed as Executive Vice-President in 2012, DeGirolamo’s current role is overseeing all of Hopewell’s acquisitions and dispositions across Canada. Before joining Hopewell in 2005, DeGirolamo spent 14 years as a broker in Vancouver.
Speculative industrial development has returned to the Metro Vancouver market as demand for space continues to outpace supply. avison Young spoke with a number of top industrial developers in the region to learn why they proceeded now and how they plan to succeed.Q&A1. identify the challenges and opportunities you recognized in
the market that triggered the decision to break ground.
2. What factors led you to believe that your project will be successful in its respective market?
Partnership.Performance. I 5
the bigger submarkets in Metro Vancouver. Employee retention is an important factor for all businesses, especially in the warehousing business. With an affordable cost of living available in Pitt Meadows, we find a lot of our tenants are thrilled to have the opportunity to live where they work rather than commute. Construction on phase one of GEBP is now complete and we are anticipating building another 350,000 sf of ‘spec’ product to kick off phase two in 2015. In our development of GEBP to date, we have found we can offer a source of new product to satiate demand from local tenants, who otherwise would have to look further east or south.
Jeff Miller1. Needless to say Metro Vancouver is a tightly held and expensive land market, particularly when securing well-located in-fill sites of scale that can accommodate a typical Oxford industrial park. Our recent commitment to acquire Queensborough logistics Park (QlP) on Boyd Street in New Westminster provided us with an immediate opportunity to supply class A warehouse and logistics space to the Metro Vancouver industrial market. We currently have 243,000 sf under construction with the next phase of 300,000 sf planned for delivery in 2016. Metro Vancouver is no different from other major markets where speculative development provides the necessary inventory for tenants who often have limited time frames in which to secure a new location. With a limited supply of existing buildings to purchase, which are also expensive and often compromised in design, we feel comfortable providing new ‘spec’ product to the market.
2. A major focus for our industrial platform in all markets is developing business parks of scale in core locations that are close to key transportation infrastructure and population centres. QLP has central proximity to Canada’s main ports of entry in Metro Vancouver and great access to the local highway network for companies to reach their customers. In-fill locations like QLP and Oxford’s other site, riverbend Business Park in Burnaby, are important for users to attract and retain employees and offer nearby amenities. Often new
industrial developments in major cities are forced to secondary locations where little public transit and few amenities exist. The building we currently have under construction incorporates efficient specifications with 32’ clear ceiling heights, 55’ column spacing, T5HO lighting, a high ratio of shipping doors, and trailer parking. We are confident that companies looking to grow will seek modern distribution centres with flexible designs.
Michael Beattie1. Grosvenor Americas, owner of 20% of the property in annacis Business Park, reviewed the market in early 2012 and iden-tified a shortage of supply in tier-one indus-trial buildings for users in excess of 100,000 sf. At the time we were analysing the merits of our Millennium 6 development, only five such buildings were available. In addition, the SFPR was expected to be completed in 2013, which would provide access to all five major crossings of the Fraser River, dramati-cally improving drive times through Delta and Surrey. The SFPR would also provide ef-ficient connections to Richmond, New West-minster and Burnaby, and toll-free access to Highway 1. In our experience, it has become increasingly difficult for tenants to forward-lease industrial buildings given extended development time lines. We feel, and felt at the time, that the proposed infrastructure improvements in the area (SFPR and Delta-port) mitigate the speculative development risk and that owners of high quality, tier-one buildings will be rewarded.
2. For more than six decades, Grosvenor Americas has been the largest single land owner within Annacis Business Park and to-day controls 1.1 msf of bulk warehouse and production facilities across 10 buildings on 250 acres. Our latest building, Millennium 6, was completed in October 2014. The development comprises 165,000 sf and offers distribution and storage efficiencies
with 26 dock doors, 32’ clear ceiling heights and a 57’-by-40’ grid system. As the original developer of the park in 1957, Grosvenor has a solid understanding of its evolving nature and the changing needs of the tenants attracted there. Our portfolio and additional land have proved advantageous in enabling us to provide expansion opportunities within the park and to satisfy the growth needs of our tenants.
Murray DeGirolamo1. The challenges to Metro Vancouver’s land market are limited supply and cost. It’s not only the underlying values, but the cost to bringing land online. It is very challenging to find a site that can provide the scale that we and our institutional partners are looking for. When looking at the opportunities and the decision to proceed on any development, whether in Vancouver or any other Canadian market, one has to look at the underlying metrics of the market itself, including vacancy rates, absorption, rental growth, liquidity/cap rates. As a traditional merchant developer, we speculate on all our projects so timing and un-derstanding of the market is critical. We don’t traditionally land bank so our timing has to be accurately calculated. The trigger for Campbell Heights was overcoming those challenges and constraints associated with the Vancouver land market. The 38 acres provides scale with the potential to develop more than 750,000 sf.
2. We feel Campbell Heights will be successful as the area is an emerging alternative to tenants looking to locate in the Fraser Valley. Tenants have long migrated east along the TransCanada Highway to areas like Port Kells and Gloucester. These markets are nearing capacity and tenants are being forced to ‘outlying’ alternatives such as Campbell Heights. Tenants of 50,000 sf to 100,000 sf are limited in growth options. We typically try to identify a product that is in demand and is not being met or provided for. We will be able to provide space to a tenant of 25,000 sf to 150,000 sf. The buildings will feature all the latest in building technology and efficiency found in best-in-class distribution space. Because we don’t have to preload our site in Campbell Heights, we do not have to predetermine our exact building envelopes and building configurations. This will help provide us more flexibility in accommodating tenant requirements.
“The anticipated completion of the South Fraser Perimeter Road in 2013 meant that there would be a tremendous focus on activity south of the Fraser River.”
- Paul Tilbury
Partnership.Performance. 6 I
Avison Young industrial Lease Listings
PHASE 4 - 50 ACRES
PHASE 3 - 50 ACRES
PHASE 1 -35 ACRESCOMPLETE WITH 650,000 SFIN 5 BUILDINGS
PHASE 2 -58 ACRES
5495 REGENT STREET, BURNABY
• 56,100 sf on 4.04 acres• Rare freestanding cross-dock and
office facility
John lecky / ryan kerr / kevin kassautzki
SURREY SoUThpoiNTE BUSiNESS pARk, SURREY
• Multi-tenant warehouse from 20,000 sf - 200,000 sf• Single tenant from 450,000 sf - 625,000 sf• First building available mid-2016
Michael Farrell / robert Gritten
hoRiZoN pACiFiC CoRpoRATE CENTRE ii, LANGLEY
• Prelease warehouse and office space• Leasing opportunities ranging from 9,000 sf - 86,000 sf• Available March 2015
Michael Farrell
18964 96Th AVENUE, SURREY
• Large service facility with drive-in bays and yard area
• 18,000-sf building on 2 acres
Michael Farrell / Gord robson
8130 WiNSToN STREET, BURNABY
• Up to 41,385 sf available • Dock and grade loading• Office configured to suit
kyle Blyth / Matt Thomas / Ben lutes
340-344 LYNN AVENUE, NoRTh VANCoUVER
• Light industrial units from 4,344 sf - 10,549 sf
• Grade-level loading
Terry Thies / Ian Whitchelo
7836 VENTURE STREET, BURNABY
• 6,975 sf of high quality showroom/warehouse space for sublease
• Dock and grade level loading
Ben lutes / kyle Blyth
CYpRESS BUSiNESS CENTRE, NoRTh VANCoUVER
• Units from 480 sf to 5,910 sf• Centrally located business complex
Terry Thies / Ian Whitchelo / Dan Smith
285 EAST 1ST AVENUE, VANCoUVER
• 5,500 sf• Opportunity to lease premium flex
industrial/office/showroom space
Struan Saddler
27515 56Th AVENUE, LANGLEY
• Prelease up to 29,934 sf of warehouse space with offices build-to-suit
• Ready for occupancy in January 2015
Michael Farrell / Mathew Sunderland
1615 MACDoNALD AVENUE, BURNABY
• 13,630-sf freestanding facility• Currently used as a commercial
bakery• Dock loading
kevin kassautzki
9425 190Th STREET, SURREY
• Industrial built-to-suit for lease• 2.89 acres• Multi-tenant configuration (30,000 sf +)
John lecky / Michael Farrell / Gord robson
#120-11820 hoRSEShoE WAY, RiChMoND
• Approx. 13,500 sf of office/warehouse space
• Racking available if needed
Jeron Dillon / ryan kerr
#1, 2 & 3-19272 96Th AVENUE, SURREY
• Opportunity to sublease 18,426 sf• Excellent access/exposure to 96th
Avenue
Jeron Dillon / Doug McMurray
CApiLANo BUSiNESS pARk, NoRTh VANCoUVER
• Leasing opportunities in the North Shore’s premier business park
• Flexible unit sizes from 680 sf -10,485 sf
Terry Thies / Ian Whitchelo
GoLDEN EARS BUSiNESS pARk, piTT MEADoWS
• Phase I: 17,910 sf - 120,000 sf of space available• Phase II: Build-to-suit options up to 1.1 msf to
accommodate various sizes
John lecky / ryan kerr / Ben lutes
CAMpBELL hEiGhTS WEST BUSiNESS pARk, SURREY
• Up to 400,000 sf available • Pre-leasing opportunity in prime
Campbell Heights location
Mathew Sunderland / robert Gritten
#130-2155 DoLLARToN hiGhWAY, NoRTh VANCoUVER
• 13,283 sf available• High quality office/showroom &
high-ceiling warehouse space for sublease
Terry Thies / Ian Whitchelo
2480 ShELL RoAD, RiChMoND
• 17,000 sf of warehouse space with small yard
• Demisable into two portions of 7,000 sf and 10,000 sf
Jeron Dillon / ryan kerr
66% lEaSED
50% lEaSED
Recent Metro Vancouver Industrial Investment Sales
Partnership.Performance. I 7
> rEcENT NoTaBlE INDuSTrIal laND SalES
Avison Young industrial Sale Listings
aDDrESS VENDor PurchaSEr SalE PrIcE SITE arEa (acrES) PrIcE/acrE
8398 North Fraser Way, Burnaby transLink Bosa Properties $14,200,000 13.04 $1,088,957
9702 glenlyon Parkway, Burnaby Canada Lands Company Beedie group $11,960,000 14.09 $849,130
13056 114th Avenue, Surrey Bridgeview Developments Ltd. 1002029 B.C. Ltd. (Wesgroup) $7,800,000 9.54 $817,524
860 Dominion Avenue, Port Coquitlam individual(s) teralink investment group inc. $6,100,000 7.13 $855,300
3211-3277 189th Street, Surrey City of Surrey 1001599 B.C. Ltd. $4,380,000 5.85 $749,230
26074 30 A Avenue, Langley individual(s) AP tire Services Ltd. $2,275,000 4.96 $458,669
12935 & 12955 261A Street, Maple Ridge Kanaka Business Park Development Ltd. Ardex Canada inc $2,458,000 7.92 $310,197
12111 BRiDGEpoRT RoAD, RiChMoND
• Vendor: Griffin Holding Corp.• Purchaser: Kingvision Enterprises Ltd.• Purchase Price: $8,900,000• Price Per Square Foot: $219• Building Size/Site Area: 40,700 sf/1.5 acres
4460 jACoMBS RoAD, RiChMoND
• Vendor: Viksun Enterprise Ltd.• Purchaser: Chung Laam Holding Ltd. • Purchase Price: $8,100,000• Price Per Square Foot: $202• Building Size/Site Area: 40,084 sf/2.1 acres
80 & 84 GoLDEN DRiVE, CoQUiTLAM
• Vendor: 70 Golden Drive Ltd. • Purchaser: Rockstad Power Corp.• Purchase Price: $11,300,000• Price Per Square Foot: $299• Building Size/Site Area: 37,384 sf/7.05 acres
12111 RiVERSiDE WAY, RiChMoND
• Vendor: Panasonic Canada Inc. • Purchaser: Canasia Toys & Gifts Inc. • Purchase Price: $16,600,000• Price Per Square Foot: $124• Building Size/Site Area: 133,513 sf/1.49 acres
BRiDGEViEW DRiVE BUSiNESS CENTRE, SURREY
• Light industrial strata warehouse units ranging in size from 2,625 sf - 40,000 sf
• Grade-level loading• Easy access to the South Fraser Perimeter RoadJohn Eakin / Michael Farrell / Gord robson
580 DoMiNioN AVENUE, poRT CoQUiTLAM
• Boutique industrial strata development • Varying unit sizes available • Completion Q1 2016
Ben lutes / kyle Blyth
#103, 104 & 105-758 CoppiNG STREET, NoRTh VANCoUVER
• Three contiguous light industrial strata units
• 5,826 sf available
Terry Thies / Ian Whitchelo
#106-19188 94Th AVENUE, SURREY
• Located within the desirable Port Kells Industrial Park
• 3,535 sf• Immediate access to Highway 1
John Eakin / Gord robson
5575 ShoRT STREET, BURNABY
• 9,430-sf freestanding facility • High-exposure corner site• Proximity to SkyTrain
kevin kassautzki / John lecky
758 hARBoURSiDE DRiVE, NoRTh VANCoUVER
• 26,000-sf freestanding office/warehouse facility• 39,825-sf site• Located in Harbourside Business Park
Terry Thies / Ian Whitchelo
7277 FRASERViEW pLACE, MiSSioN
• 0.77 Acres • Industrial zoned, serviced, filled and
ready for development
John Eakin / Gord robson
SolDSolD
lEaSED
SITE SolD
13056 114Th AVENUE, SURREY 9.53 ACRES
john Eakin / Bal Atwal / Michael Farrell
8700 & 8790 BoUNDARY RoAD, BURNABY 4 ACRES
kyle Blyth / Matt Thomas / Ben lutes
1020 DERWENT WAY, DELTA 251,222 SF
Douglas McMurray / Robert Gritten / Ryan kerr
580 DoMiNioN AVENUE, poRT CoQUiTLAM 5 ACRES
Ben lutes / kyle Blyth
Recent Avison Young Transactions
projects are now under construction or proposed to commence in the near term. Second, a subsequent lull in activity by larger users that began in the fall of 2013 was offset by a significant increase in deal velocity among medium and small-bay tenants. While expansion did factor into some of these transactions, repositioning and rightsizing were also significant factors. And third, emerging from the typical summer doldrums, large user groups were once again active this fall with significant lease deals absorbing much of the existing large-block, tier-two industrial space on the market. These transactions paved the way for much of the existing and new demand to be directed towards industrial developments that were recently completed, remain under construction or are set to commence in the near term.
Industrial users active in the market have represented a combination of logistics and distribution companies along with modest demand from manufacturing firms. One example of such demand is the recently announced 114,000-sf build-to-suit development in Campbell Heights for r. Wales canada, a business unit of Weir canada Inc., which provides engineering services and manufactures processing equipment for the resource sector. In terms of leasing activity, Dominion Warehousing has recently leased 251,000 sf on Annacis Island and is a new entrant to the Metro Vancouver market. It is anticipated that industrial users of all types will remain active as the full impact of recent infrastructure investments begins to take root. The ongoing expansion of port facilities combined with rising container volumes and the decision by the Tsawwassen First Nation to proceed with a 1.2-msf warehouse as part of the native-owned Tsawwassen Gateway logistics centre (along with large-bay projects from Dayhu Group, onni Group and hopewell Development) are fuelling the bullish outlook for the continued demand for bulk space.
Construction activity in Campbell Heights in Surrey, an increasingly popular industrial node in Metro Vancouver, serves as a snapshot of the wide range of tenant and user demand currently in the regional market. All the different sectors of demand are represented in Campbell Heights, including small, medium and large-bay lease options, build-to-suit developments and strata units.
Increased leasing activity, delivery of new product and positive absorption of space has not translated into upward pressure on rental rates and is unlikely to do so in the near to mid-term. The average asking rate on a psf basis in Metro Vancouver is $8.59 as of fall 2014, a decline from $8.74 a year earlier. Additional rents average $3.81 psf, which remain virtually unchanged from last year’s $3.86. Competitive pressure for BC to remain a cost-effective jurisdiction vis-à-vis Alberta has played a role in keeping rates stable, which eliminates volatility and provides cost certainty, but curtails rent increases despite expensive land costs. Industrial land prices, while high in comparison with other jurisdictions due to the geographical and political constraints placed on much of the region, have remained stable since approximately 2009. As a result, rents have remained static and have yet to surpass the peak reached in 2007/2008.
While industrial leasing activity in Metro Vancouver is expected to remain active in all segments of the market into 2015 (particularly in the wake of select larger users agreeing to occupy space in the near term), these recent developments should increase product choice to tenants of all sizes who are seeking to expand throughout the market. This activity will direct new demand to those projects currently under construction or consideration. Barring a hike in interest rates, industrial acquisitions by users and institutions is anticipated to remain nominal in the next six to 12 months due largely to supply constraints. Despite a lack of available stand-alone product to purchase, a comparatively significant number of potential relocation options for lease will be available to tenants of all sizes and dispositions with overall market fundamentals remaining healthy.
Vancouver Industrial Team
* Personal Real Estate Corporation
For more information please contact:
Michael keenan, Principal & Managing DirectorDirect Line: [email protected]
andrew Petrozzi, Vice-President, Research (BC)Direct Line: [email protected]
khushboo Wanchoo, industrial Research ManagerDirect Line: [email protected]
© 2014 Avison Young Commercial Real Estate (B.C.) Inc. All rights reserved.
E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young Commercial Real Estate (B.C.) Inc.
Avison Young Commercial Real Estate (B.C.) Inc.#2100-1055 W. Georgia Street Box 11109 Royal CentreVancouver, BC V6E 3P3, Canada
avisonyoung.com
kyle [email protected]
Caitlin [email protected]
jeron [email protected]
john [email protected]
Michael [email protected]
kevin [email protected]
Sean [email protected]
Ryan kerr*[email protected]
Nabila [email protected]
John [email protected]
Bennett [email protected]
Douglas [email protected]
Gord [email protected]
Struan Saddler*[email protected]
Mathew [email protected]
Terry Thies*[email protected]
Matt [email protected]
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