Industrial Report
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Fraser Valley, BC<br />
<strong>Industrial</strong> <strong>Report</strong><br />
Spring 2016<br />
Campbell Heights Business Park, Surrey, BC<br />
Fraser Valley now Metro Vancouver’s dominant industrial region<br />
The ongoing eastward migration of industrial<br />
activity to the Fraser Valley resulted in the area<br />
becoming Metro Vancouver’s dominant industrial<br />
region (in terms of both deal and dollar volume) in<br />
2015. With a record level of industrial sales (by dollar<br />
volume) in both Surrey and Langley in 2015, deal and<br />
dollar volume in the Fraser Valley, which also includes<br />
Abbotsford, Chilliwack and Ridge Meadows, recorded<br />
214 transactions valued at $391M. The previous record<br />
in terms of dollar volume in the Fraser Valley was<br />
$297M in 2012. The record number of transactions<br />
completed in the Fraser Valley, which was set in 2011<br />
and still stands, remains at 226. As a comparison,<br />
sales activity in Metro Vancouver’s more traditional<br />
industrial submarkets, Richmond and Delta, finished<br />
2015 at 105 deals/$268M and 39 transactions/$133M,<br />
respectively. Burnaby, historically known for its active<br />
industrial submarket, recorded just 38 transactions<br />
valued at $81M.<br />
<strong>Industrial</strong> owner-occupiers have been migrating eastwards<br />
for a number of years as industrial land became<br />
more scarce and expensive in other Metro Vancouver<br />
submarkets. The Fraser Valley has long served as the region’s<br />
primary supply of industrial-zoned land (and most<br />
cost-effective option). However, the rapid ascension in<br />
the value of commercial real estate throughout Metro<br />
Fraser Valley <strong>Industrial</strong> Real Estate Sales and Dollar Volume<br />
2010 - 2015<br />
Ridge Meadows<br />
Chilliwack<br />
Abbotsford<br />
Langley<br />
Surrey<br />
x<br />
x<br />
x<br />
x<br />
Number of<br />
Transactions<br />
x<br />
$ Million<br />
$180<br />
$160<br />
$140<br />
$120<br />
$100<br />
$80<br />
$60<br />
$40<br />
$20<br />
$0<br />
9 10<br />
24<br />
19<br />
102<br />
15 12<br />
22<br />
27<br />
140<br />
Vancouver during the past 18 months accelerated that<br />
migration and boosted industrial sales activity, particularly<br />
in Surrey and Langley. An increase in demand and<br />
limited supply also resulted in higher prices. Fraser Valley<br />
market activity in 2015 was largely the result of existing<br />
Fraser Valley businesses expanding and new market<br />
entrants from outside the valley seeking to relocate<br />
there. In Surrey and Langley, pricing is still, on average,<br />
more affordable than other industrial submarkets and<br />
there remains greater availability and the opportunity to<br />
build. That availability of land has led some to strongly<br />
speculate that the new Molson Coors brewery will end<br />
up relocating in the Fraser Valley.<br />
Leasing activity in 2015 remained strong with limited<br />
supply generating upward pressure on lease rates. This<br />
has encouraged developers and/or owner-occupiers to<br />
build new industrial projects on a build-to-suit basis and<br />
as a speculative development (see development map on<br />
pg. 3), which has resulted in a robust development pipeline<br />
for at least the next 12 months.<br />
<strong>Industrial</strong> vacancy in Surrey rose to 3.9% at year-end<br />
2015 from 3.3% six months earlier, primarily on the basis<br />
of new supply being delivered to the market and some<br />
existing properties being vacated. This vacant space is<br />
expected to be quickly absorbed by the market and the<br />
vacancy rate tighten again. <strong>Industrial</strong> vacancy in Langley<br />
continued on page 2<br />
34<br />
115<br />
24<br />
11 21<br />
12<br />
13 14 24<br />
2010 2011 2012 2013 2014 2015<br />
Source: RealNet Canada<br />
109<br />
8 9 19<br />
21<br />
96<br />
14<br />
18<br />
14<br />
22<br />
140<br />
Inside<br />
Land Sales Summary p. 2<br />
Project Construction p. 3<br />
Deal Tracker p. 4<br />
Market Outlook<br />
Cap Rates<br />
<strong>Industrial</strong><br />
Vacancy<br />
Sales<br />
Volume<br />
Absorption<br />
Lease Rates<br />
Partnership.Performance. I 1
Michael Farrell, Principal<br />
604.646.8388<br />
michael.farrell@avisonyoung.com<br />
continued from page 1<br />
dipped to 3.3% at year-end 2015 from 4.1% at mid-year<br />
2015. Leasing activity was strong in the back half of<br />
2015 and even with the addition of new supply, vacancy<br />
remained tight. Vacancy in Abbotsford tightened to<br />
a miniscule 1% at year-end 2015 from an already very<br />
tight 1.5% at mid-year 2015. Ridge Meadows’ vacancy<br />
increased slightly to 2.4% at year-end 2015 from 1.7%<br />
and, again, was primarily the result of the delivery of<br />
new supply and is expected to be absorbed in short<br />
order. Overall, Metro Vancouver’s industrial vacancy<br />
was 2.6% at year-end 2015, down significantly from<br />
3.8% just six months previous.<br />
Average asking net rental rates in Surrey and Langley<br />
were $8.44 psf and $8.34 psf, respectively, at year-end<br />
2015. Rental rates in Ridge Meadows were lower at<br />
$7.66 psf. The lowest rents in the Eastern Fraser Valley<br />
were still found in Chilliwack, but remained comparable<br />
to Abbotsford.<br />
Limited options for tenants and tight vacancy have<br />
made it more important for business owners, who are<br />
considering expanding in the Fraser Valley or relocating<br />
to the region, to be active in the market and review options<br />
at least 12 to 24 months in advance depending on<br />
continued on page 4<br />
Garth White, Principal<br />
604.757.4960<br />
garth.white@avisonyoung.com<br />
John Eakin, Vice-President<br />
604.646.8399<br />
john.eakin@avisonyoung.com<br />
Mathew Sunderland, Vice-President<br />
604.647.1346<br />
mathew.sunderland@avisonyoung.com<br />
Joe Lehman, Senior Associate<br />
604.757.4958<br />
joe.lehman@avisonyoung.com<br />
Gord Robson, Senior Associate<br />
604.647.1331<br />
gord.robson@avisonyoung.com<br />
Select Fraser Valley <strong>Industrial</strong> Land Transactions By User Types<br />
User, Developer, Government & Investor (JUne 1, 2015 to January 31, 2016)<br />
ADDRESS MUNICIPALITY BUYER BUYER TYPE PRICE<br />
SIZE<br />
(ACRES)<br />
PRICE/ACRE TRANSACTION DATE<br />
44128 Progress Way Chilliwack Kennor Holdings Ltd. User $2,094,000 3.49 $600,000 December 2015<br />
Lot 1 D Street Abbotsford First Truck Centre Vancouver Inc. User $4,255,000 3.91 $1,089,071 November 2015<br />
20289 & 20345 102nd Avenue Langley Chohan Carries Ltd.<br />
User $12,430,000 9.41 $1,321,356 November 2015<br />
(Eternity Properties Inc.)<br />
5340 192nd Street Surrey 1049777 BC Ltd. User $6,600,000 7.71 $856,587 October 2015<br />
30650 South Fraser Way Abbotsford 1051524 BC Ltd. User $1,070,000 1.07 $1,000,000 October 2015<br />
18727 & 18747 25th Avenue Surrey Ross Power Properties Inc. User $1,840,363 2.08 $885,641 October 2015<br />
34449 4th Avenue & 244<br />
Riverside Road<br />
Abbotsford<br />
Powell Industries Ltd., Rolamar<br />
Enterprises Ltd., Panorama<br />
Industries Ltd.<br />
User $1,184,650 1.10 $1,075,000 October 2015<br />
11078 Bridge Road Surrey 1030647 BC Ltd. User $7,700,000 7.13 $1,079,338 October 2015<br />
5419 192nd Street Surrey 1049606 BC Ltd. User $1,400,000 1.50 $936,455 October 2015<br />
7531 Cannor Road Chilliwack 0884954 BC Ltd. User $1,050,000 2.00 $524,476 September 2015<br />
19061 54th Avenue Surrey Georgian Properties Ltd. User $3,100,000 2.53 $1,227,723 August 2015<br />
18767 & 18787 25th Avenue Surrey Radius Transport Ltd. User $1,535,000 2.07 $740,116 August 2015<br />
12543 Old Yale Road Surrey Skytrain Truck Park Ltd. User $2,100,000 3.38 $622,222 August 2015<br />
19091 36th Avenue & 3733 Surrey Starline Architectural Windows User $24,758,185 34.15 $724,983 August 2015<br />
192nd Street<br />
Ltd.<br />
44316 Progress Way Chilliwack 0940447 BC Ltd. (Pacific Coast User $2,360,750 4.97 $475,287 August 2015<br />
Heavy Truck Group)<br />
12120 103A Avenue & 12111 Surrey 1042773 BC Ltd. User $4,347,000 4.14 $1,052,033 July 2015<br />
102nd Avenue<br />
44250 Progress Way Chilliwack 0940447 BC Ltd. (Pacific Coast User $3,942,400 6.06 $650,668 July 2015<br />
Heavy Truck Group)<br />
6655 154th Street Surrey Al-Kawthar Foundation User $1,410,000 1.01 $1,391,905 July 2015<br />
13025 115th Avenue Surrey 1038125 BC Ltd. User $2,400,000 1.36 $1,767,305 July 2015<br />
3557 190th Street Surrey Aura Investments User $1,423,296 1.78 $800,054 June 2015<br />
26010 30A Avenue Langley 1034508 BC Ltd. User $3,900,000 4.97 $785,498 June 2015<br />
10582 120th Street Surrey 0822340 BC Ltd. User $6,450,000 6.29 $1,025,274 June 2015<br />
5390 192nd Street Surrey Private investor Developer $10,000,000 9.40 $1,063,830 November 2015<br />
3607 Mount Lehman Road Abbotsford Luc Gosselin Developer $1,400,000 2.00 $700,000 September 2015<br />
3548 191st Street; 19145 & Surrey Lark Group Developer $5,120,676 5.47 $936,481 August 2015<br />
19181 34A Avenue<br />
12941 115th Avenue Surrey 1041367 BC Ltd. Developer $3,450,000 2.68 $1,287,794 July 2015<br />
1938 Foy Street Abbotsford Mid-Valley Investments Ltd. Developer $3,100,000 9.33 $332,333 July 2015<br />
11426 124th Street Surrey 1031698 BC Ltd. Investor $1,120,000 2.00 560,000 August 2015<br />
Source: RealNet Canada & Avison Young<br />
Partnership.Performance. I 2
ARTON HWY<br />
COAST MERIDIAN RD<br />
NEAVES RD<br />
ASTINGS ST<br />
BARNET HWY<br />
GAGLARDI WAY<br />
CLARKE RD<br />
ST JOHNS ST<br />
COMO LAKE AVE<br />
PINETREE WY<br />
LOUGHEED HWY<br />
104 ST<br />
E COLUMBIA ST<br />
120 ST<br />
SCOTT ROAD<br />
128 ST<br />
64 AVE<br />
AUSTIN AVE<br />
128 ST<br />
132 ST<br />
KING GEORGE BLVD<br />
KING GEORGE BLVD<br />
24 AVE<br />
GROSVENOR RD<br />
140 ST<br />
140 ST<br />
144 ST<br />
144 ST<br />
104 AVE<br />
88 AVE<br />
152 ST 152 ST<br />
152 ST<br />
156 ST<br />
FRASER HIGHWAY<br />
64 AVE<br />
KINGSWAY AVE<br />
MCNEIL RD<br />
RD<br />
CANADA WAY<br />
LOUGHEED HWY<br />
ABERNETHY WAY<br />
New Fraser Valley industrial projects completing within the next 12 months<br />
TENTH AVE<br />
EIGHTH AVE<br />
NORDEL WAY<br />
MCBRIDE BLVD<br />
SOUTH FRASER PERIMETER ROAD<br />
14<br />
104 AVE<br />
96 AVE<br />
88 AVE<br />
72 AVE<br />
Surrey<br />
96 AVE<br />
MARY H<br />
ILL BYPASS<br />
88 AVE<br />
168 ST<br />
168 ST 168 ST<br />
32 AVE<br />
Pitt meadows<br />
24 AVE<br />
7<br />
96 AVE<br />
88 AVE<br />
72 AVE<br />
langley<br />
64 AVE<br />
58 AVE<br />
56 AVE 56 AVE 56 AVE<br />
3 4<br />
HARVIE RD<br />
184 ST 184 ST<br />
184 ST<br />
GOLDEN EARS WAY<br />
8<br />
192 ST<br />
9 19<br />
1<br />
12 2<br />
21<br />
19 22<br />
17<br />
6 15<br />
200 ST<br />
TRANS-CANADA HIGHWAY<br />
LANGLEY BYPASS<br />
200 ST<br />
200 ST<br />
36 AVE<br />
LOUGHEED HWY<br />
208 ST 208 ST 208 ST<br />
FRASER HIGHWAY<br />
24 AVE 24 AVE<br />
TRANS-CANADA HIGHWAY<br />
FRASER HIGHWAY<br />
16 AVE<br />
16 AVE<br />
16 AVE<br />
16 AVE<br />
Mixture of build-to-suit and 8 AVE speculative 8 AVE projects highlights robust development HUNTINGDON pipeline<br />
RD<br />
4 AVE<br />
216 ST 216 ST<br />
224 ST 224 ST<br />
232 ST<br />
232 ST<br />
240 ST<br />
240 ST 240 ST<br />
DEWDNEY TRUNK RD<br />
Address Occupier/Developer Size Construction type Estimated Completion Percentage Preleased<br />
248 ST<br />
248 ST<br />
248 ST<br />
264 ST<br />
272 ST<br />
BRADNER RD<br />
LOUGHEED HWY<br />
1 19055 34A Avenue, Surrey Campbell Heights North Business Centre 60,000 SPEC Q2 2016 50%<br />
2 192nd Street and 33rd Avenue, Surrey Penguin Meat Supply 33,961 BTS Q2 2016 N/A<br />
3 18635 52nd Avenue, Surrey Rymar Business Centre 26,131 SPEC* Q2 2016 N/A<br />
4 19033 54th Avenue, Surrey I-XL Masonry 30,000 SPEC Q2 2016 33%<br />
5 2195 & 2199 Queen Street, Abbotsford Horizon Pacific/Valleyview 132,965 SPEC Q2 2016 32%<br />
6 19055 Airport Way, Pitt Meadows Golden Ears Business Park Phase 2 (Building 200) 203,000 SPEC Q2 2016 67%<br />
7 20339 96th Avenue, Langley Silverwynde Properties 30,000 SPEC Q2 2016 100%<br />
8 18877 96th Avenue, Surrey Wilson Properties 23,846 SPEC Q3 2016 0%<br />
9 18998 36th Avenue, Surrey Samson Metals 24,500 BTS Q3 2016 N/A<br />
10 1 19068 36th Avenue, Surrey Star Produce 64,672 BTS Q3 2016 N/A<br />
11 1 19091 36th Avenue, Surrey Starline Windows 466,071 BTS Q3 2016 N/A<br />
12 3535 190th Street, Surrey Stevested Machinery & Engineering 26,803 BTS Q3 2016 N/A<br />
13 1775-1789 Foy Street, Abbotsford J&R Hall Transport Inc. 18,000 BTS Q3 2016 N/A<br />
14 12941 115th Avenue, Surrey Bridgeview Drive Business Park 39,900 SPEC Q4 2016 0%<br />
15 19055 Airport Way, Pitt Meadows Golden Ears Business Park Phase 2 (Building 500) 75,000 SPEC Q4 2016 0%<br />
16 2 19055 Airport Way, Pitt Meadows Golden Ears Business Park Phase 2 (Building 600) 175,000 SPEC Q4 2016 0%<br />
17 18840 24 Avenue, Surrey Campbell Heights West (Building 100) 144,828 SPEC Q1 2017 0%<br />
18 3 18840 24 Avenue, Surrey Campbell Heights West (Building 200) 202,105 SPEC Q1 2017 0%<br />
19 2579 188th Street, Surrey Nova Pole International 87,000 BTS Q1 2017 N/A<br />
20 1 19180 36th Avenue, Surrey Hayer Corporate Centre 30,000 SPEC Q1 2017 13%<br />
21 2830 188th Street, Surrey South Surrey Business Park 214,155 SPEC Q1 2017 0%<br />
MT LEHMAN RD<br />
DOWNES RD<br />
CEDAR ST<br />
GLADWIN RD<br />
MACLURE RD<br />
SOUTH FRASER WAY<br />
5 abbotsford<br />
13<br />
22 2546 192nd Street, Surrey Ashley's Furniture 50,000 BTS TBD N/A<br />
* Proposed strata development<br />
Source: Avison Young<br />
1 see number 9 on map for location 2 see number 15 on map for location 3 see number 17 on map for location<br />
STAVE LAKE ST<br />
BELL RD<br />
TRANS-CANADA HIGHWAY<br />
OLD CLAYBURN RD<br />
H<br />
Partnership.Performance. I 3
ADDRESS<br />
5850 272nd Street, Langley<br />
19950 88th Avenue,<br />
Langley<br />
12091 88th Avenue, Surrey<br />
13430-13498 73rd Avenue,<br />
Surrey<br />
19470 96th Avenue, Surrey<br />
11520 Kingston Street,<br />
Maple Ridge<br />
23394 Fisherman Road,<br />
Maple Ridge<br />
Maple Meadows Corporate<br />
Centre, Maple Ridge<br />
11720 Stewart Crescent,<br />
Maple Ridge<br />
Maple Meadows Corporate<br />
Centre, Maple Ridge<br />
45778 Gaetz Street,<br />
Chilliwack<br />
44444 Progress Way,<br />
Chilliwack<br />
33433 Railway Avenue,<br />
Mission<br />
7968 Venture Place,<br />
Chilliwack<br />
2730 Progressive Way,<br />
Abbotsford<br />
Top 5 Fraser Valley <strong>Industrial</strong> building Sale Transactions By region<br />
June 1, 2015 to january 31, 2016<br />
REGION<br />
Surrey/<br />
Langley<br />
Surrey/<br />
Langley<br />
Surrey/<br />
Langley<br />
Surrey/<br />
Langley<br />
Surrey/<br />
Langley<br />
Ridge<br />
Meadows<br />
Ridge<br />
Meadows<br />
Ridge<br />
Meadows<br />
Ridge<br />
Meadows<br />
Ridge<br />
Meadows<br />
Eastern<br />
Fraser Valley<br />
Eastern<br />
Fraser Valley<br />
Eastern<br />
Fraser Valley<br />
Eastern<br />
Fraser Valley<br />
Eastern<br />
Fraser Valley<br />
TRANSACTION<br />
VALUE<br />
continued from page 2<br />
their requirements. Due to the very limited<br />
supply and high cost of existing industrial<br />
buildings, preleasing at projects such as<br />
South Surrey Business Park, Golden<br />
Ears Business Park and Campbell<br />
Heights West has become an option for<br />
those tenants seeking to secure industrial<br />
space in the Fraser Valley. The success<br />
of recent industrial developments in the<br />
Fraser Valley has triggered additional phases<br />
of a development or led to developers<br />
seeking to acquire additional sites in order<br />
to construct new projects.<br />
Despite capitalization rates remaining at<br />
all-time lows in the Fraser Valley in 2015,<br />
there were a limited number of investment<br />
transactions, which makes it difficult to offer<br />
comparables. Many property owners tend<br />
to be owner-occupiers who are generally<br />
disinclined to sell. This said, more owneroccupiers<br />
are expected to look to reap the<br />
benefits from strong pricing by performing<br />
vendor lease-back sales on attractive lease<br />
terms to their operating businesses.<br />
Land prices continued to rise in 2015 as<br />
primarily owner-occupiers, as well as select<br />
developers, secured sites for their respective<br />
projects. With the supply of serviced,<br />
development-ready industrial land in Metro<br />
SQUARE<br />
FEET (SF)<br />
PER SQUARE<br />
FOOT (PSF)<br />
DATE<br />
BUYER TYPE<br />
$28,000,000 206,953 $135 July 2015 Investor<br />
$26,579,976 118,601 $224 September 2015 Investor<br />
$17,600,000 195,960 $90 July 2015 Investor<br />
$12,664,315 80,000 $158 September 2015 Investor<br />
$7,000,000 22,000 $318 December 2015 User<br />
$2,025,000 13,000 $156 December 2015 User<br />
$1,450,000 13,350 $109 August 2015 User<br />
$415,000 1,843 $225 July 2015 Investor<br />
$400,000 2,767 $145 September 2015 Investor<br />
$385,000 2,720 $142 August 2015 Investor<br />
$3,700,000 25,939 $143 October 2015 Investor<br />
$3,500,000 37,000 $77 December 2015 User<br />
$3,389,130 103,500 $33 September 2015 User<br />
$1,960,000 14,000 $140 December 2015 Investor<br />
$1,900,000 14,875 $128 October 2015 User<br />
Source: RealNet Canada & Avison Young<br />
Vancouver in decline, pricing has continued<br />
to strengthen and, as a result, has pushed<br />
up the per-square-foot-pricing for strata<br />
developments as developers pass on rising<br />
land costs to the end purchaser. Rising<br />
construction costs, due partially to a lower<br />
Canadian dollar, are also pushing strata and<br />
build-to-suit pricing higher. Both of these<br />
factors are likely to contribute to heightened<br />
dollar volume in 2016 while deal<br />
velocity is anticipated to remain on par with<br />
2015, if not stronger, as a growing BC economy<br />
and the ongoing U.S. recovery boost<br />
the fortunes of select local manufacturers<br />
and encourage U.S investment in new or<br />
expanded facilities in the region.<br />
Those BC manufacturers utilizing Canadian<br />
labour and materials and who are selling into<br />
the U.S. have seen their fortunes improve,<br />
while others who import materials from the<br />
U.S. and sell to the Canadian market have<br />
faced greater challenges.<br />
Deal and dollar volume in the Fraser Valley<br />
are not anticipated to slow in 2016 and<br />
sales and leasing activity is expected to<br />
remain strong as the eastward migration<br />
accelerates due to rising costs and diminishing<br />
options in other Metro Vancouver<br />
industrial submarkets. •<br />
Vancouver <strong>Industrial</strong> Team<br />
Kyle Blyth<br />
604.647.5088<br />
kyle.blyth@avisonyoung.com<br />
Russ Bougie<br />
604.757.5115<br />
russ.bougie@avisonyoung.com<br />
Jeron Dillon<br />
604.647.1330<br />
jeron.dillon@avisonyoung.com<br />
John Eakin<br />
604.646.8399<br />
john.eakin@avisonyoung.com<br />
Michael Farrell<br />
604.646.8388<br />
michael.farrell@avisonyoung.com<br />
Rob Gritten<br />
604.647.5063<br />
robert.gritten@avisonyoung.com<br />
Kevin Kassautzki<br />
604.646.8393<br />
kevin.kassautzki@avisonyoung.com<br />
Ryan Kerr*<br />
604.647.5094<br />
ryan.kerr@avisonyoung.com<br />
Nabila Lalani<br />
604.647.1342<br />
nabila.lalani@avisonyoung.com<br />
John Lecky<br />
604.647.5061<br />
john.lecky@avisonyoung.com<br />
Joe Lehman<br />
604.757.4958<br />
joe.lehman@avisonyoung.com<br />
Mackenzie Leyland<br />
604.647.1354<br />
mackenzie.leyland@avisonyoung.com<br />
* Personal Real Estate Corporation<br />
For more information please contact:<br />
Avison Young<br />
#2900-1055 W. Georgia Street<br />
Box 11109 Royal Centre<br />
Vancouver, BC V6E 3P3, Canada<br />
avisonyoung.com<br />
Bennett Lutes<br />
604.646.8382<br />
ben.lutes@avisonyoung.com<br />
Chad Margolus<br />
604.647.1357<br />
chad.margolus@avisonyoung.com<br />
Mackenzie Patterson<br />
604.757.4950<br />
mackenzie.patterson@avisonyoung.com<br />
Gord Robson<br />
604.647.1331<br />
gord.robson@avisonyoung.com<br />
Struan Saddler*<br />
604.647.5077<br />
struan.saddler@avisonyoung.com<br />
Mathew Sunderland*<br />
604.647.1346<br />
mathew.sunderland@avisonyoung.com<br />
Angus Thiele<br />
604.646.8386<br />
angus.thiele@avisonyoung.com<br />
Terry Thies<br />
604.646.8398<br />
terry.thies@avisonyoung.com<br />
Matt Thomas<br />
604.646.8383<br />
matt.thomas@avisonyoung.com<br />
Layla Vera<br />
604.647.8384<br />
layla.vera@avisonyoung.com<br />
Ian Whitchelo<br />
604.647.5095<br />
ian.whitchelo@avisonyoung.com<br />
Garth White*<br />
604.757.4960<br />
garth.white@avisonyoung.com<br />
Michael Keenan, Principal & Managing Director<br />
Direct Line: 604.647.5081<br />
michael.keenan@avisonyoung.com<br />
Andrew Petrozzi, Vice-President, Research (BC)<br />
Direct Line: 604.646.8392<br />
andrew.petrozzi@avisonyoung.com<br />
© 2016 Avison Young. All rights reserved.<br />
E. & O.E.: The information contained herein was obtained<br />
from sources which we deem reliable and, while thought<br />
to be correct, is not guaranteed by Avison Young<br />
Commercial Real Estate (B.C.) Inc.; DBA, Avison Young.
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