4 Industrial Projects to Watch This Year
Industrial deals in the large-bay format (100k SF-plus) dominated 2014, with 13 total, the most recorded in Metro Vancouver in the past five years, according to CBRE. We asked VP Chris MacCauley which industrial developments he has on his radar for 2015.
1. Boundary Bay Industrial Park
Delta accounted for roughly 95% of total industrial absorption in 2014, Chris tells us. And things don’t look to be slowing down. Dahyu Investments’ Boundary Bay Industrial Park was a “big success” last year, he notes. At 440k SF — Metro Vancouver's largest spec development — the project was 100% leased five months after completion. Dayhu is now under construction on the second phase: a 430k SF space, to be completed later this summer, “well ahead of other competing projects in Delta,” Chris points out.
2. Queensborough Logistics Centre
Over in New Westminster, Oxford Properties acquired the Queensborough Logistics Centre at 501 Boyd St last August. The first light-industrial warehouse facility on the 36.4-acre site is complete, a 244k SF building. And Chris tells us construction is under way on the next building, which will be 300k SF. Ultimately the property — which Oxford bought from Beedie Development Group — will be home to three buildings, with 32-foot clear ceiling heights. It also enjoys access to Highway 91A and the Queesborough and Alex Fraser bridges.
3. Tsawwassen Gateway Logistics Park
Back in Delta, GWL Realty Advisors is developing a 1.2M SF warehouse facility at Tsawwassen Gateway Logistics Park near Deltaport. The project, in partnership with Healthcare of Ontario Pension Plan Realty, will be the largest in the entire park (occupying 57 acres). It’s slated to be completed by mid-2016. The warehouse is the first of three projects at the Tsawwassen First Nation's 330-acre site. GWL is also planning a 289k SF project on River Road in Delta. "They're making substantial bets in the area," Chris says.
4. Chatterton Lands
Chris says he'll also be keeping a close eye on the Chatterton Lands that Beedie Development just purchased from Lantic Real Property. The 110-acre site is just north of the South Fraser Perimeter Road and also has access to the river and CN/BSF rail service, making it one of the more strategically located transportation and distribution hubs in Metro Vancouver. Says Chris: “(Beedie has) had significant owner-user demand already and just closed on the property in January."