Commercial Real Estate - Industrial Report Canada / Vancouver/ Tricities
October 18, 2012 @ 12:32 PM by:
Commercial Real Estate – Industrial Report Canada / Vancouver / Tri-cities
The following summarizes research published by our friends at Colliers International:
Canadian Industrial Real Estate Market:
- Canada’s economy continues to grow, with moderate growth in the East and stronger growth in the West
- The western economy is being driven by strong commodity prices
- The auto sector is returning to near pre-recession levels which is helping the East.
- The Outlook for Commercial real estate is stable
- The office and retail markets will be sustained by employment growth.
Greater Vancouver Industrial Real Estate Market:
- Some large spaces have been absorbed resulting in 407,030 square feet of positive net absorpotion
- The Vacancy Rate for Metro Vancouver declined slightly to 3.8%
- Prices remain stable as demand for quality buildings exceeds supply.
- Industrial cap rates averaged 5.7% this quarter.
Tri-cities including Burnaby Industrial Real Estate Market:
- Burnaby experienced 107,743 square feet of positive net absorption.
- Significant lease commitments include Aritizia’s 37,700 square foot lease at 109 Braid Street, New Westminster and Beedie Development Group’s 101,000 square foot development for Loblaws in South Burnaby at 8138 North Fraser Way.
- Vacancy rates are expected to remain flat with little in the way of new supply being built. South Burnaby’s new supply will include 69 acres at Glenlyon Business Park and 64 acres at Norampac to be developed over the next 3-5 years for a total of two million square feet.
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