It’s no secret that Vancouver’s limited land availability has caused many businesses to seek commercial real estate in the surrounding suburbs. Due to this low supply and high demand, there are a few emerging hot spots in the Lower Mainland that are garnering serious attention, both from developers and the media.
Recently reported in The Vancouver Sun, UniverCity is expected to double to 10,000 residents over the next five years. With its secluded location, commercial retailers are currently in demand to accommodate the growing needs of this emerging town centre. Comprised of mid-rise and low-rise condos, townhomes, and commercial buildings, Simon Fraser University is looking for more diverse retailers and services to join the neighbourhood and accommodate the future residents.
Source: Beedie Group
Earlier this month, the Beedie Development Group broke ground on the highly anticipated Delta Link Business Park, one of Western Canada’s largest private industrial projects currently under development.
"Without question, the current industrial market is the strongest Beedie has experienced in its 63-year history," said Ryan Beedie, the company's president. "Delta Link Business Park is already 70% sold or preleased, which is an unprecedented level of commitment. We are excited to be creating hundreds of job spaces on a site that has been largely vacant for 20 years."
Jason Kiselbach, an associate vice president with CBRE, shared how Surrey and Delta have attracted 64% of the industrial demand in the region. This is partly due to the location, as Delta is the hub of transportation networks, making it perfectly situated for companies that need to be centrally located in Metro Vancouver.
Source: Tourism New Westminster
With more residents leaving Vancouver for a more affordable yet central option, New Westminster is poised for a real estate investment boom over the next 10 years. Also reported in The Vancouver Sun, its attractiveness lies in its relatively affordable housing costs, SkyTrain connections, and its comparatively low commercial development fees.
Do you agree with this list, or is there another hot spot you want to talk about? Tweet @naiopvancouver and let us know!