High Demand For Industrial Real Estate In Metro Vancouver

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In the real estate industry, there are days when a real estate agent has to show clients new properties, attend morning meeting at the office to follow up on contracts and be present at a luncheon date with a fellow agent. Yes, indeed, even real estate agents need proper time management strategies to ensure that their day is organized and productive.

According to Ryan Beedie, president of Beedie Development Corp the current industrial real estate market is so far the strongest that the veteran company has ever experienced. Only 2% of Metro Vancouver’s approximately 200 million square feet of industrial space is vacant. This is the tightest in Canada’s industrial market which is marked by soaring prices and the fast take-up of industrial developments.

The largest of the sevenindustrial projects in Delta is now underway with the first phase of Delta Link Business Park already 70% leased or sold. Beedie’s Delta Link Business Park has started last week with a 2-phase 533,765 square foot development in the Tilbury area. The development will cover more than 1 million square feet that will be occupied by 7 buildings.

At present, Delta dominates the Metro’s industrial landscape. Fraser Valley has 27.1 million square feet of industrial space with 3.4% vacancy rate. About 1.3 million square feet is now under construction. There is strong demand for industrial space from distribution and logistics space. One example is BC Liquor Distribution Branch that has leased 412,000 square feet at Delta Tilbury’s Industrial Park.

At the Delta Link Business Park, the newest tenants include Leon’s Furniture that leased 434,000 square feet of industrial space, Swiss Water Decaffeinated Coffee Co and North Delta Seafoods. However, when demand is high, prices of industrial space certainly go up. According to results of a study made by Vancouver Real Estate Forum in April price per acre of Metro Vancouver industrial real estate has accelerated to $1.4 million up from $1 million 2 years ago.

For a real estate agent, time is always a priority but it is also important to focus on being productive instead of being busy. There are time management strategies that will help a real estate agent to be organized and more efficient.