Industrial Sales Tumbling
Quick, everyone think back to 2011--what were you wearing, singing, saying--since that was a better year in some ways. "It's unlikely the number of industrial sales will exceed the level of transactional volume recorded in 2012 or 2011," AY senior associate Kyle Blyth says.Avison Young's Fall 2013 Burnaby/Coquitlam Industrial Report does offer some sunshine: while the numbers showed a drop in transaction activity in Burnaby for the first three quarters compared with previous years, the lease market in Coquitlam improved.
In Burnaby, there were just 24 transactions through September. There were 64 in Burnaby in 2012, 56 in 2011. The improving lease market in Coquitlam has driven vacancy down significantly during the past year, with strata sales dominating industrial sales activity. Coquitlam's industrial market is dominated by owners/users and developers/landlords who are reluctant to sell. On the leasing front in Coquitlam, vacancy plunged to 4.4% from 7.8% in just a year. "Leasing will continue to drive the Coquitlam market in 2014, AY associate Ben Lutes adds. (In the image is one of the Burnaby properties that sold--8508 Glenlyon Parkway.)
