Burnaby industrial real estate sales highest in four years

The total dollar value of sales in 2010 came in at $100.6 million compared with $83.7 million in 2009, a year which was racked with global economic uncertainty and a shaky North American recovery.

“An improved debt market and increased investor demand contributed to a positive environment where affordable inventory and strategic development opportunities in proximity to port operations and major transportation arteries bolstered market activity in 2010,” Avison Young Broker Kyle Blyth, said in a statement Feb. 1.

“Smaller industrial owner-users re-entered the market first. Larger players – including owner-users and investors – followed suit,” he added.

The average price per square foot during 2010 peaked at $183, just $3 above the average in 2009, but remained below the five-year high of $194 recorded in 2008, according to Avison Young’s Winter/Spring 2011 Burnaby, B.C. Industrial Report, released Feb. 1.

Burnaby’s vacancy rate of 2.8% ranks as the lowest among municipalities with more than 10 million square feet of industrial space in the Metro Vancouver area.

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