April 30, 2024
PC Urban Properties and Nicola Wealth Real Estate have commenced construction on two major industrial strata projects, signalling a return to increased demand for strata industrial after a slowdown of more than a year.Sales at both projects have been strong, with more than 5 deals in less than 2 months.
IntraUrban Eagle Ridge, a 100,000 square foot strata industrial project on Barnet Highway in Coquitlam, will be a rare offering of small-bay industrial strata space in new two buildings in an underserved area. Prior to the start of construction, Phase 1 of the project achieved sales of over 30%. The site is uniquely positioned between two new transit nodes: Inlet Centre Station in Port Moody and Coquitlam Central Station.
Close to the Fraser River in the southwest area of Vancouver, IntraUrban Southlands is a 120,000 square foot project that will provide 32 ground-oriented units across three buildings, a rare ownership opportunity for small to medium sized companies in the area. Before construction began, Phase 1 of the project reached a sales milestone of over 40%. IntraUrban Southlands is two blocks from the intersection of 70th and Granville, and a 10-minute drive to YVR.
“We are seeing a change of pace in the industrial strata market, including a return of owner-occupier buyers and investors. We believe this is being driven by an increasingly stable interest rate environment and the fact that many groups that delayed major decision making around real estate are now in a position to move forward,” said Garth White, Principal , Avison Young. “Industrial strata sales are seeing an uptick in the market with multiple deals completed over the last few months.”
“We started building industrial strata in Metro Vancouver back in 2015 when there were few to no opportunities for small- and medium-sized businesses to own their own space. We are now on our 14th IntraUrban development, and after a brief market slowdown, we are seeing a return of interest,” says PC Urban CEO Brent Sawchyn.
“Businesses still see the long-term value of owning their own real estate, despite the ongoing current market challenges. And the reality is no matter what, the Vancouver area will always have a chronic undersupply of industrial space for businesses and the result will be that values will continue to move up. What an IntraUrban project offers is a sophisticated brand of showroom, warehouse, production, and manufacturing space in a sleek, modern design. It’s almost too good to be industrial. We always choose locations where there are few other strata opportunities, and all the IntraUrban projects we have built in the past have sold out quickly.”
