Affordable Industrial Land Becomes Scarce in Vancouver

As told to the Vancouver Sun,

Credit Union Central of B.C. economist Helmut Pastrick said the long-term economic health of Greater Vancouver depends partly on its ability to attract, accommodate and retain industry.

So, while the condos look prettier, Vancouver still needs to attract business, industrial and commercial to ensure that there are people with jobs to afford to BUY these pretty condos.

More and more water front industrial land is being developed into residential neighbourhoods, eating away at the available and affordable land for industries to develop. Instead, Colliers International vice-president Randy Heed told attendees at a Greater Vancouver Regional District-sponsored meeting, industry is looking to places like Chilliwack and then sadly, out of the province and to places like Alberta for affordable property.

Pastrick added, "Without an adequate supply of readily serviceable industrial sites, job growth will be slower, existing firms will have trouble expanding and new firms may well go elsewhere where land is less expensive."

Source: The Vancouver Sun

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