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commercial real estate advisors vancouver bcAccording to the latest edition of British Columbia’s major projects inventory, the Thompson Okanagan region is home to 110 major projects worth $15 million or more and an aggregate value of $22.8 billion.
 
Of these projects, more than 59 of them represent the lion’s share of the value – $14.7 billion or 65%. Many are long-term projects, but some are residential and resort developments with completion dates running through to 2040.

However, when those two groups are factored out, $3 billion remains – mostly infrastructure and institutional projects, such as the new RCMP detachment in Kelowna, the correctional centre at the Osoyoos Indian Band Development Corp.’s Senkulmen Enterprise Park in Oliver, hospital extensions and expansions at Okanagan College and Thompson Rivers University.
 
As a result, the Okanagan is booming as industrial and institutional projects continue to energize the region. And, along with the large projects, there are also a number of smaller projects underway in the region, like wineries and commercial spaces.
 
An increase in building permits supports this growth as well. In fact, building permit volumes in the Thompson Okanagan region have increased to $1.3 billion in 2015 from $897.6 million in 2011. This year, permit issuances rose 35.8% through August versus the same period a year ago to reach $1.1 billion.
 
If you are in need of industrial or institutional assets in the Okanagan market, our team at Marcus & Millichap Vancouver can help. To speak with one of our commercial real estate advisors, please contact our office by clicking here or visit our Property Search portal to view active listings across British Columbia. 
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