Speculators go all in on industrial Multiple bids, soaring prices characterize tight Metro Vancouver marketJuly 26, 2016 9:00 pm
Speculators are going all-in on Metro Vancouver industrial real estate, gambling to sell space into a market that is starting to rival the residential sector with multiple bids and soaring prices.
In East Vancouver, industrial strata space is selling for up to $550 per square feet, up at least 10 per cent from a year ago. An aging industrial site on Clarke Drive and East 7th Avenue was recently snapped up for the equivalent of $18 million an acre, noted Boe Iravani, vice-president of Cushman & Wakefield.
“The industrial market [in East Vancouver] has changed,” Iravani said, explaining that demand has shifted from renovating and leasing older buildings to demolition and redevelopment into strata space.
Categorized in: Western Investor