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.