Even at the fringes of Metro Vancouver, demand for industrial space is hot and averages prices have hit a record high
“I think it is pretty much universally a bad thing, unless you are a real estate developer or owner of real estate,” said Michael Farrell, a principal at Avison Young who specializes in industrial property.
Companies are eager to lock-in a rental rate before prices rise more. Meanwhile, developers or investors, seeing the potential to get higher rents, are paying more to buy and develop industrial properties into strata units they can sell or lease, especially in a lower interest rate environment. For one building that Morrison was leasing in Surrey, the asking rental rate per square foot increased by over seven per cent from six weeks ago to today.
In February, developer Beedie beat 14 other bidders to buy a 22-acre vacant industrial site in Delta for $117 million, according to Brooke, who was involved with the deal. “We actually went out with an unpriced listing and had over 80 inquiries over a two-week whirlwind, from major developers, owner users and other car dealership owners.”
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