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.
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