Industrial Report

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Michael Farrell, Principal 604.646.8388 michael.farrell@avisonyoung.com continued from page 1 dipped to 3.3% at year-end 2015 from 4.1% at mid-year 2015. Leasing activity was strong in the back half of 2015 and even with the addition of new supply, vacancy remained tight. Vacancy in Abbotsford tightened to a miniscule 1% at year-end 2015 from an already very tight 1.5% at mid-year 2015. Ridge Meadows’ vacancy increased slightly to 2.4% at year-end 2015 from 1.7% and, again, was primarily the result of the delivery of new supply and is expected to be absorbed in short order. Overall, Metro Vancouver’s industrial vacancy was 2.6% at year-end 2015, down significantly from 3.8% just six months previous. Average asking net rental rates in Surrey and Langley were $8.44 psf and $8.34 psf, respectively, at year-end 2015. Rental rates in Ridge Meadows were lower at $7.66 psf. The lowest rents in the Eastern Fraser Valley were still found in Chilliwack, but remained comparable to Abbotsford. Limited options for tenants and tight vacancy have made it more important for business owners, who are considering expanding in the Fraser Valley or relocating to the region, to be active in the market and review options at least 12 to 24 months in advance depending on continued on page 4 Garth White, Principal 604.757.4960 garth.white@avisonyoung.com John Eakin, Vice-President 604.646.8399 john.eakin@avisonyoung.com Mathew Sunderland, Vice-President 604.647.1346 mathew.sunderland@avisonyoung.com Joe Lehman, Senior Associate 604.757.4958 joe.lehman@avisonyoung.com Gord Robson, Senior Associate 604.647.1331 gord.robson@avisonyoung.com Select Fraser Valley <strong>Industrial</strong> Land Transactions By User Types User, Developer, Government & Investor (JUne 1, 2015 to January 31, 2016) ADDRESS MUNICIPALITY BUYER BUYER TYPE PRICE SIZE (ACRES) PRICE/ACRE TRANSACTION DATE 44128 Progress Way Chilliwack Kennor Holdings Ltd. User $2,094,000 3.49 $600,000 December 2015 Lot 1 D Street Abbotsford First Truck Centre Vancouver Inc. User $4,255,000 3.91 $1,089,071 November 2015 20289 & 20345 102nd Avenue Langley Chohan Carries Ltd. User $12,430,000 9.41 $1,321,356 November 2015 (Eternity Properties Inc.) 5340 192nd Street Surrey 1049777 BC Ltd. User $6,600,000 7.71 $856,587 October 2015 30650 South Fraser Way Abbotsford 1051524 BC Ltd. User $1,070,000 1.07 $1,000,000 October 2015 18727 & 18747 25th Avenue Surrey Ross Power Properties Inc. User $1,840,363 2.08 $885,641 October 2015 34449 4th Avenue & 244 Riverside Road Abbotsford Powell Industries Ltd., Rolamar Enterprises Ltd., Panorama Industries Ltd. User $1,184,650 1.10 $1,075,000 October 2015 11078 Bridge Road Surrey 1030647 BC Ltd. User $7,700,000 7.13 $1,079,338 October 2015 5419 192nd Street Surrey 1049606 BC Ltd. User $1,400,000 1.50 $936,455 October 2015 7531 Cannor Road Chilliwack 0884954 BC Ltd. User $1,050,000 2.00 $524,476 September 2015 19061 54th Avenue Surrey Georgian Properties Ltd. User $3,100,000 2.53 $1,227,723 August 2015 18767 & 18787 25th Avenue Surrey Radius Transport Ltd. User $1,535,000 2.07 $740,116 August 2015 12543 Old Yale Road Surrey Skytrain Truck Park Ltd. User $2,100,000 3.38 $622,222 August 2015 19091 36th Avenue & 3733 Surrey Starline Architectural Windows User $24,758,185 34.15 $724,983 August 2015 192nd Street Ltd. 44316 Progress Way Chilliwack 0940447 BC Ltd. (Pacific Coast User $2,360,750 4.97 $475,287 August 2015 Heavy Truck Group) 12120 103A Avenue & 12111 Surrey 1042773 BC Ltd. User $4,347,000 4.14 $1,052,033 July 2015 102nd Avenue 44250 Progress Way Chilliwack 0940447 BC Ltd. (Pacific Coast User $3,942,400 6.06 $650,668 July 2015 Heavy Truck Group) 6655 154th Street Surrey Al-Kawthar Foundation User $1,410,000 1.01 $1,391,905 July 2015 13025 115th Avenue Surrey 1038125 BC Ltd. User $2,400,000 1.36 $1,767,305 July 2015 3557 190th Street Surrey Aura Investments User $1,423,296 1.78 $800,054 June 2015 26010 30A Avenue Langley 1034508 BC Ltd. User $3,900,000 4.97 $785,498 June 2015 10582 120th Street Surrey 0822340 BC Ltd. User $6,450,000 6.29 $1,025,274 June 2015 5390 192nd Street Surrey Private investor Developer $10,000,000 9.40 $1,063,830 November 2015 3607 Mount Lehman Road Abbotsford Luc Gosselin Developer $1,400,000 2.00 $700,000 September 2015 3548 191st Street; 19145 & Surrey Lark Group Developer $5,120,676 5.47 $936,481 August 2015 19181 34A Avenue 12941 115th Avenue Surrey 1041367 BC Ltd. Developer $3,450,000 2.68 $1,287,794 July 2015 1938 Foy Street Abbotsford Mid-Valley Investments Ltd. Developer $3,100,000 9.33 $332,333 July 2015 11426 124th Street Surrey 1031698 BC Ltd. Investor $1,120,000 2.00 560,000 August 2015 Source: RealNet Canada & Avison Young Partnership.Performance. I 2
ARTON HWY COAST MERIDIAN RD NEAVES RD ASTINGS ST BARNET HWY GAGLARDI WAY CLARKE RD ST JOHNS ST COMO LAKE AVE PINETREE WY LOUGHEED HWY 104 ST E COLUMBIA ST 120 ST SCOTT ROAD 128 ST 64 AVE AUSTIN AVE 128 ST 132 ST KING GEORGE BLVD KING GEORGE BLVD 24 AVE GROSVENOR RD 140 ST 140 ST 144 ST 144 ST 104 AVE 88 AVE 152 ST 152 ST 152 ST 156 ST FRASER HIGHWAY 64 AVE KINGSWAY AVE MCNEIL RD RD CANADA WAY LOUGHEED HWY ABERNETHY WAY New Fraser Valley industrial projects completing within the next 12 months TENTH AVE EIGHTH AVE NORDEL WAY MCBRIDE BLVD SOUTH FRASER PERIMETER ROAD 14 104 AVE 96 AVE 88 AVE 72 AVE Surrey 96 AVE MARY H ILL BYPASS 88 AVE 168 ST 168 ST 168 ST 32 AVE Pitt meadows 24 AVE 7 96 AVE 88 AVE 72 AVE langley 64 AVE 58 AVE 56 AVE 56 AVE 56 AVE 3 4 HARVIE RD 184 ST 184 ST 184 ST GOLDEN EARS WAY 8 192 ST 9 19 1 12 2 21 19 22 17 6 15 200 ST TRANS-CANADA HIGHWAY LANGLEY BYPASS 200 ST 200 ST 36 AVE LOUGHEED HWY 208 ST 208 ST 208 ST FRASER HIGHWAY 24 AVE 24 AVE TRANS-CANADA HIGHWAY FRASER HIGHWAY 16 AVE 16 AVE 16 AVE 16 AVE Mixture of build-to-suit and 8 AVE speculative 8 AVE projects highlights robust development HUNTINGDON pipeline RD 4 AVE 216 ST 216 ST 224 ST 224 ST 232 ST 232 ST 240 ST 240 ST 240 ST DEWDNEY TRUNK RD Address Occupier/Developer Size Construction type Estimated Completion Percentage Preleased 248 ST 248 ST 248 ST 264 ST 272 ST BRADNER RD LOUGHEED HWY 1 19055 34A Avenue, Surrey Campbell Heights North Business Centre 60,000 SPEC Q2 2016 50% 2 192nd Street and 33rd Avenue, Surrey Penguin Meat Supply 33,961 BTS Q2 2016 N/A 3 18635 52nd Avenue, Surrey Rymar Business Centre 26,131 SPEC* Q2 2016 N/A 4 19033 54th Avenue, Surrey I-XL Masonry 30,000 SPEC Q2 2016 33% 5 2195 & 2199 Queen Street, Abbotsford Horizon Pacific/Valleyview 132,965 SPEC Q2 2016 32% 6 19055 Airport Way, Pitt Meadows Golden Ears Business Park Phase 2 (Building 200) 203,000 SPEC Q2 2016 67% 7 20339 96th Avenue, Langley Silverwynde Properties 30,000 SPEC Q2 2016 100% 8 18877 96th Avenue, Surrey Wilson Properties 23,846 SPEC Q3 2016 0% 9 18998 36th Avenue, Surrey Samson Metals 24,500 BTS Q3 2016 N/A 10 1 19068 36th Avenue, Surrey Star Produce 64,672 BTS Q3 2016 N/A 11 1 19091 36th Avenue, Surrey Starline Windows 466,071 BTS Q3 2016 N/A 12 3535 190th Street, Surrey Stevested Machinery & Engineering 26,803 BTS Q3 2016 N/A 13 1775-1789 Foy Street, Abbotsford J&R Hall Transport Inc. 18,000 BTS Q3 2016 N/A 14 12941 115th Avenue, Surrey Bridgeview Drive Business Park 39,900 SPEC Q4 2016 0% 15 19055 Airport Way, Pitt Meadows Golden Ears Business Park Phase 2 (Building 500) 75,000 SPEC Q4 2016 0% 16 2 19055 Airport Way, Pitt Meadows Golden Ears Business Park Phase 2 (Building 600) 175,000 SPEC Q4 2016 0% 17 18840 24 Avenue, Surrey Campbell Heights West (Building 100) 144,828 SPEC Q1 2017 0% 18 3 18840 24 Avenue, Surrey Campbell Heights West (Building 200) 202,105 SPEC Q1 2017 0% 19 2579 188th Street, Surrey Nova Pole International 87,000 BTS Q1 2017 N/A 20 1 19180 36th Avenue, Surrey Hayer Corporate Centre 30,000 SPEC Q1 2017 13% 21 2830 188th Street, Surrey South Surrey Business Park 214,155 SPEC Q1 2017 0% MT LEHMAN RD DOWNES RD CEDAR ST GLADWIN RD MACLURE RD SOUTH FRASER WAY 5 abbotsford 13 22 2546 192nd Street, Surrey Ashley's Furniture 50,000 BTS TBD N/A * Proposed strata development Source: Avison Young 1 see number 9 on map for location 2 see number 15 on map for location 3 see number 17 on map for location STAVE LAKE ST BELL RD TRANS-CANADA HIGHWAY OLD CLAYBURN RD H Partnership.Performance. I 3
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Industrial Report

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