Metro Vancouver and Fraser Valley industrial sites have too many parking spots, says a new NAIOP report.

NAIOP’s Vancouver chapter and Bunt & Associates Engineering, which collaborated on the report, are calling for new municipal parking policies that optimize industrial land usage. Metro Vancouver and Fraser Valley suffer from a severe industrial land shortage that has prompted investors, developers and tenants to spend their money elsewhere.

“By working with municipalities to reduce excessive parking requirements on industrial sites, we can prevent pushing businesses out of the area,” said Carl Funk, Beedie’s director of industrial planning and development, in a news release.

Researchers determined that Metro Vancouver and the Fraser Valley industrial sites have a 50% oversupply of parking spaces.

According to a Greater Vancouver Board of Trade and NAIOP-commissioned study, firms preferring to invest in Metro Vancouver took up 5.1 million square feet of industrial space in Calgary instead.