If you thought it was hard to buy a home in Vancouver …
Whether you are an entrepreneur or aspiring to be one, the Financial Post would like to help by answering your questions on small business in this uncertain economy. Today, we answer a question from Kien — Why is it so difficult to find warehouse space in the Greater Vancouver Area?Article contentSign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
As a result, any empty pockets are commanding a premium. Average asking net rents in Vancouver hit $20.67 per square foot at the end of September, nearly $5 more than Canada’s next-priciest market, Toronto. Film and TV producers, for example, started ramping up filming at industrial sites, while up-and-coming life sciences companies and other tech darlings found the buildings to be a perfect place to set up rows and rows of data-storage servers.Article content
In addition, soil conditions in much of the region just aren’t conducive to large-scale industrial construction, Kiselbach adds. What’s more, nearly 80 per cent of that space has already been pre-leased, meaning it’s too late for most prospective tenants to get in on the action.The result is an ongoing headache for space-starved SMEs.
“A lot of times now they’re looking at projects that haven’t even started construction yet, saying, ‘OK, if I can take space in that project in a few years, I’ll commit to it now.’”
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