Richmond's industrial property sales and leasing activity is on the rise.
According to a new Avison Young report, industrial real estate sales and lease deals in Metro Vancouver's largest submarket have rise dramatically from about this time last year. (Disclosure note: your agent was involved in preparing the report.)
In the first quarter of 2010, Richmond industrial investment dollar volume surpassed $60 million compared to only $3 million a year earlier, when global markets were still caught in the recession.
IKEA's acquisition of Key West Business Centre for $35 million spiked the dollar volume in the first quarter of this year, but the market still displayed underlying strength as deals tripled to nine from three in the first quarter of 2009.
Meanwhile, vacancy is hovering around 6%, but supply remains relatively tight due to limited available new and existing industrial inventory. Tenants should be able to capitalize on large inducements to renew existing lease agreements or sign new ones.
In some cases, landlords are offering several months of free rent in exchange for long-term lease agreements.
The report also details recent sales and leasing transactions and updates readers on phase II of Farrell Estates Ltd.'s Shelter Island project.
To access the report, click on the this link:
http://ow.ly/1xrEr
Monday, April 12, 2010
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