North Shore: Well-heeled suburb continues to shed its industrial skin

Demand in North Vancouver has caused industrial spaces to fetch higher lease rates than the Metro Vancouver average

By
Western Investor
May 2, 2017





Lower Lonsdale North Vancouver North Shore

 

With a combined population 182,640 in the cities of West Vancouver and North Vancouver and the District of North Vancouver, the North Shore is among the most residential suburbs of Metro Vancouver. North Shore’s residential markets face sustained pressure in 2016, as prices spiraled upward and as new inventory dropped. West Vancouver boasts among the highest home prices in Canada. In North Vancouver, detached sales prices increased 10.7 per cent while apartment sales prices increased 17.3 per cent. Home to the Insurance Corporation of British Columbia’ s corporate offices and Lions Gate Entertainment’s B.C. production studios, as well as a dozen port facilities, North Vancouver has a significant commercial base. But the pressure on industrial lands is increasing, and with an average net asking rent of $14.50 – even more expensive than Vancouver – in addition to an uptick in congestion, the North Shore has lost some of its muscle to Vancouver’s southern suburbs.

 

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