'Everybody Wants To Buy Industrial'
Metro Vancouver’s industrial market is faring better than most in the country (save for Montreal), with 1M SF of space absorbed in Q3, according to CBRE. Research director Ross Moore says what’s most interesting to him is the bulk of the new space being taken up has been bought, not leased, spurred by record-low interest rates. (The Bisnow rescue team is working around-the-clock to get Ross out of the well where this photo was taken.)
Metro Vancouver is seeing an all-time high of industrial real estate development, too, with 2M SF under construction, including Golden Ears Business Park in Pitt Meadows (pictured), where Building 300 will inject 220k SF of new space into the market. A number of developers have been able to free up land, Ross says, “so I think you’ll start to see more developing coming on.”