Canada’s real estate market is witnessing a solid revival of sorts with latest reports and studies confirming how real estate is once again adding to economic growth substantially. Markets like Toronto and Vancouver have bounced back and so have several other regions and territories. Customers have adjusted to several market dynamics including sky-rocketing property prices in many localities while affordable housing initiatives by the new Government should balance out the market in the future as well.
Real estate sales figures and property prices are simultaneously reviving and increasing across the nation in recent times. This has naturally sparked massive construction and development of both residential and commercial real estate. There are several landmark projects in the offing for the city of Vancouver and its surrounding zones. One of these is the country’s very first multi-level industrial building which is coming up at Burnaby courtesy Oxford Properties Group.
Oxford Properties Group embarks on historic real estate project
In a historic realty project that will naturally add heft to the real estate market in and around Vancouver and its surrounding zones, Oxford Properties Group has launched a new Burnaby based project. This will be the first multi-level industrial building in all of Canada and there will be complete access to the upper floor for transportation trucks as per reports. Oxford Properties Group is a globally reputed real estate developer, manager and investor and will be commencing construction on this project from Q2 2020 and it should be completed in the year 2022.
The project is situated at the 65 acre campus of the Group’s Riverbend Business Park which is situated at South Burnaby and will encompass 707,000 sq. ft. across 2 levels. This is coming up at the site where there was a paperboard milling unit in the past. The land was bought by the Group in the year 2011 and the business park is situated in close proximity to the key intersection of Highway 91A and Marine Way at Burnaby adjacent to the Fraser River. The Group has confirmed the removal of 300,000 cubic meters of waste from the plot along with debris for setting up the business park which is already functioning at present.
More details on the project
The ground floor in this new structure will encompass 473,000 sq. ft. and there will be 32-foot heights while the second floor will have access for full-sized trailers for transportation through a heated ramp. This will encompass 270,000 sq. ft. with 28 foot heights and a truck court of 130 foot as per the Group’s reports. There are multiple multi-level industrial structures in this zone but none of them possess office or light industrial space on the upper floors and they do not have full delivery capabilities for trucks on upper floors as well.
Experts have stated that this will be a one-of-a-kind venture in Canada since these types of structures, while being used globally for two decades, have garnered considerable attention over the last couple of years in North America. Two independent buildings will be stacked over each other courtesy the ramp to put it in layman terms. The park already covers 5 industrial structures and the new plan for development will cover an amenity pier stretching into the Fraser River and also walking trails linking to the public trail network. There may be multiple leasing systems for the structure. A single tenant may choose to lease the whole structure or multiple tenants may be housed in units of approximately 70,000 sq. ft. and so on. Passenger vehicles can drive till the second floor and also delivery trucks which can haul trailers up to 53 feet in terms of length.
Experts feel that this structure will be suitable for e-commerce or related companies in logistics, warehousing and other sectors who wish to be situated near the regional core for labor, shipping and other infrastructure. The less than 2% industrial vacancy percentage in Metro Vancouver and also the increasing values of land have led to several aspects worth considering for tenants and developers alike. High-density industrial structures now represent the way forward for this entire region. Vancouver is one of the key regions where land availability is definitely limited and there are economic factors to be considered as well. Lease and vacancy rates in Greater Toronto may lead to similar developmental trends coming to that zone in the future as well.