Industrial Boom At Port Of Vancouver Could Force Businesses Elsewhere
Vancouver is among the hottest real estate markets in North America, known for its luxury projects, often too pricey for Millennials and even the middle class.
Investors have been focusing on Canada's biggest market, the Port of Vancouver, snatching up housing, offices and movie sets—though the big boom is in industrial. The area is in such high demand for warehouse space that authorities speculate the region will run out of industrial within the next 10 years, pushing the port's $200B in trade to its competitors due to a lack of available building sites, Bloomberg reports.
Worst-case scenario, the port's economy will turn to a lifestyle bubble for the wealthy and retirees. [Bloomberg]