A five-acre parcel located at 590 Dominion Avenue in Port Coquitlam will be developed into a small-bay industrial strata project. Sold by Sebastian Espinosa and Chris McIntyre in February for over $2 million per acre, this property was one of the last big empty sites available for development in the growing Dominion Triangle area.
In an article for the Tri-City News, Sebastian explained that “land suitable for industrial development is in high demand and scarce, due to land availability zoning, agricultural land regulation, and other constraints”.
We have a major shortage of industrial space in the Metro-Vancouver market with vacancy rates at all-time lows, sitting at 0.80%. In the Tri-Cities it gets even tighter with vacancy rates at approximately 0.5%.
It makes it difficult to get supply brought to the market, therefore increasing costs to tenants/users alike, reflected in rising industrial rents, which ultimately gets passed down to the consumer as increased prices or inflation.