A recent report by Colliers International and reported by the Vancouver Sun showed that industrial land prices in the Vancouver area and parts of the Lower Mainland have become unsustainable for many.
According to the report, a benchmark building built in Vancouver would cost $7,642,026 up over 20% from just 2012. The exact same building would cost only $5,178,723 in Chilliwack. The report cites a mixture of a higher supply of raw land and lower tax rates for industrial buildings.
That, however, doesn’t mean Chilliwack will be overrun with factories and production plants.
New environmental standards like LEED and ASHRAE standards force industrial buildings across BC to be more energy efficient and less damaging to the environment.
Chris MacCauley, vice president of industrial properties for CBRE Canada adds, “were not saying we should pave over great farmland, but what we need to do is look at expansion of existing industrial parks, and not just creating new ones in the middle of nowhere.
Why should this affect Englewood homeowners? Industrial development brings business and boosts the economy of the local community. With the new changes coming to the Chilliwack downtown core, residents of Chilliwack will soon find themselves in the middle of a stronger economy. This means more jobs, more stores, and a higher quality of life for all Chilliwack residents without compromising its natural beauty.
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