Industrial investment during the first half of 2018 has increased 253 per cent over the same period last year, according to a new report.
Industrial transactions hit $991 million during the first six months of the year, compared to just $392 million in 2017, Colliers International reports. Sales volume also increased, from 135 the previous year to 246 this year to date.
Industrial strata properties in Burnaby have seen price increases of 88 per cent in the last decade. Industrial vacancy in this area was scant-to-none in June of this year, while multi-family developments continue to be prioritized over industrial projects. Strata prices in Burnaby have broke $400 per square foot.
A shortage of Vancouver and Burnaby industrial product has forced buyers to look beyond the Lower Mainland to the Fraser Valley. However, a large portion of available land is tied up within the Agricultural Land Reserve and is not currently viable for industrial development.