Is cold storage the key to a high-paying tenant?

The best way to a tenant’s heart is through their stomach. Or so believes many condo investors.

As more consumers embrace online grocery shopping, condo buyers are hoping to cash in on this trend.  An increasing number of developers are adding cold storage rooms to facilitate delivery and storage of groceries during the day.

“I believe that in two to three years, it will become the norm for groceries to be delivered at two or three in the morning. And we recognised the need to have facilities in place to accommodate that,” says Daryl Simpson, senior vice-president with Bosa Properties in B.C.

Speaking to CREW about the developer’s new cold storage facilities in its new Southeast False Creek complex, Simpson says such an offering appeals to time-starved and busy tenants.

And with more supply on the condo market, Simpson says investors need to offer more with their unit to differentiate from the competition and demand higher rates.

Bosa Properties has signed an exclusive agreement with Sustainable Produce Urban Delivery (SPUD.com) to roll out this project (BosaFresh), offering tenants next-day delivery of fresh and organic items.

Sales of online food are expected to grow an estimated 13 per cent annually across North America, with Simpson saying the car-free condo generation are demanding this service.

“Many condo tenants order their groceries online, but they have to rush home to get the delivery,” adds Simpson. “This takes away that inconvenience. And that is what tenants are looking for today… easy and convenient living spaces.”

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