A shrinking industrial land base on the North Shore has helped keep that sector of the commercial real estate market more stable during turbulent times, Avison Young broker Matt Thomas told the Vancouver Sun in an article published Wednesday.
Thomas said the scarcity of industrial property should keep such lots at high prices while values recover in other areas of Metro Vancouver. North Shore industrial properties average $2 million per acre compared to $4 million in Vancouver proper.
But values in other Metro Vancouver industrial submarkets have plummeted. Avison Young reported in November that industrial land values had decreased 20 to 30 per cent in other areas of Metro Vancouver and the Fraser Valley.
Thomas, Avison Young's North Shore specialist, said North Shore industrial land values "have been more stable simply because there's a lack of it and: "People will always pay top dollar for land that's in the right location."
The findings were in an Avison Young report on the North Shore commercial real estate market released Wednesday.
To see the report, click on the link below.
http://www.avisonyoung.com/library/pdf/Media_Releases/AY_North_Shore_BC_Market_Press_Release_Dec_1_09_FINAL_1.pdf
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