An upcoming industrial space development in Surrey will help provide some relief to Metro Vancouver’s ongoing industrial space shortage.
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PC Urban Properties announced today it is launching its IntraUrban Crossroads industrial complex, which will occupy 10.45 acres at 17277 Highway 10. It is being billed as the largest industrial development yet in the Cloverdale area.
There will be three strata industrial buildings, with zoning that permits retail and office use as well. Altogether, it calls for 185,000 sq. ft. of flexible, industrial space, with units as large as 76,000 sq. ft.
“With a severe shortage of industrial product across Metro Vancouver, extremely tight vacancy and rising lease rates, this development will offer a rare opportunity for local businesses who want to own their own warehouse, retail and office space in a market where prices for industrial strata are rising fast,” said Brent Sawchyn, CEO of PC Urban Properties, in a statement.
In the second quarter of the year, Surrey’s industrial space vacancy was hovering at a low rate of 1.3%, pushing lease rates up by 13.5% over the same period last year. Moreover, over the past four years, industrial strata prices have seen a surge of 15% on average over the past four years.
“The majority of this demand is coming from user groups that historically would have purchased a smaller, freestanding building. But with limited options, businesses are now looking to strata to provide ownership opportunities,” said Garth White with Avision Young.
This is PC Urban’s seventh industrial strata project.