Frank O’Brien
Oct 19, 2021
PC Urban of Vancouver stakes seven-acre Langford site as regional vacancy rates plunges to near zero
Vancouver developer PC Urban Properties Corp. is pre-selling the second – and largest – of its new strata industrial projects in Greater Victoria as B.C.’s Capital Region faces the tightest industrial market in the country.
Greater Victoria’s industrial vacancy rate is 0.2 per cent, according to a Colliers Canada national survey, the lowest among all Canadian cities, while its average industrial lease rate, at $16.02 per square foot, is the highest.
Second-place Metro Vancouver, in comparison, had a 0.5 per cent industrial vacancy rate in the third quarter and an average per-square-foot leases at $15.50, according to Colliers.
Across Canada, 1.5 per cent of industrial space is vacant and the average lease rate is $9.70 per square foot.
PC Urban Properties announced October 19 that it will build the largest industrial development ever undertaken in the West Shore community of Langford. The project, IntrarUrban Cornerstone, will cover seven acres at 830 McCallum Road.
PC Urban also has a 135,000-square-foot strata industrial project underway in the Greater Victoria community of Colwood.
Intrarban Cornerstone will include 160,000 square feet of light industrial strata in three buildings and local agents say the space is needed.
New strata space for Langford is targeted at “light industrial” owners and can include office space. | Rendering from PC Urban Properties Corp.
