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Pacific Canada  + Canada + Cross Border News  + Industrial  | 
Metro Vancouver's industrial land shortage has "passed the tipping point," says a new report commissioned by the Greater Vancouver Board of Trade and NAIOP Vancouver.

Vancouver Industrial Land Shortage Beyond ‘Tipping Point’

Metro Vancouver’s industrial land shortage has “passed the tipping point” as companies invest in other markets, says a new report.

In the past four and a half years, firms that preferred to invest in Metro Vancouver have taken up an estimated 5.1 million square feet of space in Calgary instead, says the report commissioned by the Greater Vancouver Board of Trade and NAIOP Vancouver. As a result, an estimated 6,300 jobs, $477 million in wages and nearly $500 million in GDP have been lost in Metro Vancouver.

The region’s industrial real estate market has grappled with rising demand, tight supply and high development and lease costs.

The report is based on an economic impact assessment conducted by InterVistas Consulting and Urban Systems. For every 1% increase in land available for jobs and production, 126,100 more jobs are created and $12.2 billion in GDP is generated in B.C., according to the report.

The GVBOT and NAIOP are calling on Metro Vancouver’s municipal governments to address such factors as mismatched land use, regulatory red tape and long-term protection of industrial land.


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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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