Silver Lining for Burnaby Industrial Scene
Avison Young's Kyle Blyth says it's a lack of product availability and tight vacancy levels--not the fact that Burnaby isn't a desirable location to invest in industrial real estate--that's the reason behind a downturn in transactions through the first three quarters of '13. (If we had a nickel for every time someone broke up with us using the old, "It's not you, it's just tight vacancy levels," we'd have three nickels.) But he also noted there are some new projects coming to market: the second phase of New Haven Business Park, which is now complete; and Kask Corporate Centre (above) and Spire Corporate Centre 2, to be completed in '14. "Industrial values are still stable," Kevin tells us. Last year, there were 64 deals on the Burnaby scene. This year, to date, there have been 24.
