Commercial real estate: Richmond and Delta become prized industrial areasMay 5, 2016 7:25 pm
The industrial property markets in Richmond and Delta are experiencing near-record levels of deals and dollar volumes sparked by low vacancies and surging rents, experts say.
Industrial vacancy in Richmond dropped to 2 per cent by the end of 2015, due to strong leasing activity and a lack of new inventory delivered to the market, according to Avison Young’s Spring 2016 Richmond/Delta Industrial Report. Meanwhile, Delta’s industrial vacancy rate dipped to 4 per cent — the first time since 2009 that it has dropped below 5 per cent.
The tight leasing market has sparked action from investors and owners. Industrial sales in Delta last year totalled $133 million over 39 deals — the second strongest year during the past decade, trailing only 2013 ($236 million and 46 deals).
Categorized in: The Vancouver Sun