In Vancouver, where real estate values continue to skyrocket and old is constantly renewed, industrial land is feeling the encroachment of the residential push. Industrial pockets in Vancouver are taking a nod from high density residential developments and are undergoing a revitalization of their own.
Through these revitalization projects one development trend is proving to be a highly successful investment: industrial condos.
Purchasing power for light industry
In one area in particular, Mount Pleasant, developer PC Urban is focused on developing industrial space for light industry businesses that are small to mid-sized. The condos are called IntraUrban and span 167,000 sq. ft. with average units sitting at about 3,300 sq. ft. Businesses have the opportunity to purchase, not lease the units which include multi-use space, office and industrial.
IntraUrban includes three industrial condo buildings and has attracted an array of industries including tech, engineering, wholesale, food and construction.
Ownership opportunity for small businesses
Condo’s present an ownership opportunity for small businesses and a long term investment plan. This is especially attractive in the new industrial condo builds. For a small business owning your industrial property can build equity, eliminate the possibility of rent increases and allows you to customize your space.
Industrial condos in Niagara
New industrial condos have been constructed in Niagara Fall’s Stanley Avenue Business Park. The units which follow the same idea as the IntraUrban build in Vancouver, though smaller in scale, feature two storeys of mixed space; industrial and office. Local businesses including Rev Publishing, Niagara Adventures and Niacon Construction have bought into the building and one unit still remains available.
Unit wise, the lower units offer either 1500 or 3000 sq. ft. of space and upper units are 1500 sq. ft. A smaller 1500 sq. ft. unit is available for $225,000 or is also available for lease.