Solving the Metro Vancouver Industrial Land Shortage?

[madog222]

Beedie just bought the container storage yard in Tilbury just of Hwy 17, 22 acres ready for development.

The site is within the Tilbury industrial hub, at the intersection of 80th Street and Highway 17 (the South Fraser Perimeter Road).

“It is incredibly rare for a site of this scale, especially in close proximity to the urban core, to be brought to market. The scarcity of industrial product, as evidenced by vacancy hovering (just) above zero per cent, has created an insatiable demand for industrial land that has inevitably spurred a competitive environment,” said CBRE senior vice-president Steve Brooke in comments emailed to RENX.

“This deal received 14 offers, with over a billion dollars looking to land in a market that is already constrained.

“We’re also now seeing pension funds and REIT’s actively pursue industrial development sites in an effort to capture the growth we’ve witnessed in lease rates across Metro Vancouver.”

From RENX https://renx.ca/22-acre-delta-b-c-in...d-beedie-cbre/