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Industrial Condos: An Alternative for Weary Residential Property Investors
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(Posted on Sep 22, 2016 at 02:18PM by Michelle Bogle)
Real estate investors spinning from the recent dive in Metro Vancouver’s condominium sales may want to consider another asset class: industrial strata.
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It offers weary residential investors a chance to get into the commercial market, where the price per square foot is much healthier, as is the demand for the space. Industrial investors are also exempt from B.C.’s Residential Tenancy Act regulations and the 15% foreign buyer tax on Metro Vancouver residential real estate.Â
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This year, the average price of industrial space in East Vancouver hit $596.50 per square foot, soaring 50% higher than in 2015. This compares with Vancouver condo apartment prices, which have increased about 30% in the last year.
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In terms of vacancy rate, Metro Vancouver’s industrial vacancy is the lowest in Canada at 1.5% with Calgary (6.6%), Edmonton (6.3%) and Toronto (3.3%) following behind.
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Vancouver industrial building per-square-foot prices now range from $189 to $824, with industrial land in the city selling for an average of $386. And, since Metro Vancouver industrial rents are the lowest in Western Canada, they could be set for an increase.
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Having said this, don’t you think it’s time to consider investing in Vancouver’s industrial condo market? At Marcus & Millichap Vancouver, we think it is. To learn more, please contact our office to speak with an associate. Time is of the essence – don’t delay!
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