Industrial Report
Vancouver_FraserValleyIndustrialReport_Spring2016
Vancouver_FraserValleyIndustrialReport_Spring2016
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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
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