Anshu Arora LLM, MSc, PMP

Surging prices for Burnaby light industrial strata space reflects plunging suburban office vacancies that have fallen to a 17-year low as lease rates continue to climb.

Much of the action is in Burnaby. Among the top suburban office deals transacted in Q1 2018 were the remaining five of nine office buildings at Willingdon Park, totaling 488,811 square feet on 2.3 acres, as well as the Investors Group Metro Vancouver Portfolio, a collection of nine office buildings combined with industrial, totaling more than one million square feet across 31 acres.

The latest example is the conversion of a 50,000-square-foot industrial/office complex in the Brentwood area, where PC Urban will offer the space as commercial strata, the first in the area in 20 years.

The time is now to Act!! and I can Guide and/or Assist

The report said the average Greater Vancouver home sale price this year will be $1.08 million, which is 4.7 per cent higher than 2017’s average price of $1.03 million. BCREA added that it expected a continued slight rise of 2.3 per cent next year, to just over $1.1 million.

This average encompasses all property types and all areas of the region, and doesn’t take into account larger variables between different property types and neighbourhood sub-markets.

Prices are also on the rise in other North American cities as well, with there being a high demand for residnetial as well as commercial properties, and this push prices higher.

Now is a great time to start investing or to expand your real estate portfolio!