The report, which looked at Abbotsford, Surrey, Langley, and Chilliwack, concluded that while rent levels throughout the Fraser Valley industrial zones are starting to rise, overall vacancy levels continue to decline.
Indicative of the activity is a major new industrial park in Pitt Meadows — which recently opened its first building — that its developers say will eventually be the second-largest industrial park in the province, after Richmond’s Kingswood Industrial Park.
“We’re seeing a big change from ’09 and ’10 when things were fairly muted,” Avison Young broker Michael Farrell, who specializes in Fraser Valley industrial property sales and leasing, said in an interview of their report, its first “sub-market” report on Metro Vancouver industrial real estate released in 2011.
This totally makes sense. As Vancouver west side, and now the east side, have become more expensive, the buyers are looking east.