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Richmond and Delta’s Industrial Property Markets Are Reaching New Levels
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(Posted on Apr 28, 2016 at 10:09PM by Michelle Bogle)
The industrial property markets in Richmond and Delta are currently experiencing almost unseen levels of commercial real estate deals and dollar volumes thanks to low vacancy rates and rising rents.Â
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In fact, industrial vacancies in Richmond, B.C., fell to 2% at the end of last year, due to strong leasing activity and a lack of inventory. Delta’s vacancy rate dropped to a low 4% – the first time since 2009 that it has dropped well below the 5% mark.
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In terms of sales, the industrial markets in these areas are very healthy. Last year, sales in Delta totalled $133 million with 39 deals, while Richmond brought in $268 million of sales over the course of 105 deals.
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Developers in the area are now springing into action by creating more available industrial space. Currently, there is more than 5,200,000 sq. ft. of industrial space either under construction or proposed to break ground in the near future.Â
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Many of these projects include strata, institutional rental properties and build-to-suits. These types of industrial properties are in high demand for distribution and e-commerce businesses in the area.
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Even with all of the current and proposed developments underway for new industrial space, vacancy rates for Richmond and Delta are expected to remain low. Easy access via the South Fraser Perimeter Road (SFPR) and the tight squeeze on industrial properties in Metro Vancouver are to thank.
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To learn more about the growing demand for industrial properties in Richmond and Delta, please contact our Vancouver office for more information.
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