The Renaissance of Suburban Industrial Markets? Real Estate Activity in Golden Ears Business Centre Breaking New Records
-- Recent arrival of new tenants including U.S.-based Maurice Sporting Goods has doubled leasing volume in the area; developer planning additional investment of $120 million to accommodate future growth--
Vancouver, November 29, 2012 – Against a backdrop of modest market performance over the past few years, record-breaking lease activity at Golden Ears Business Centre signals the area as Metro Vancouver’s hottest industrial real estate spot. The latest arrival of new tenants to the area, including U.S.-based Maurice Sporting Goods, has doubled the volume of leased space in Pitt Meadows by close to 300,000 square feet in less than a year, a new annual record. This is coupled with the addition of some 200 new jobs to the area.
The business park is located near Pitt Meadows Airport at the northern end of the Golden Ears Bridge, and provides potential for up to 1.5 million square feet of build-to-suit opportunities. Since commencing development, the park has experienced high interest levels from various companies, with an additional 500,000 square feet currently under review to be occupied by new tenants.
“Pitt Meadows is one of the fastest growing industrial markets in Metro Vancouver,” says Chris Morrison, Senior Vice President, Industrial with Colliers International in Vancouver, who co-brokered the deals. “The park provides an excellent opportunity for industrial manufacturing, logistics and distribution companies that require either standard specification or built-to-suit facilities in a strategic location and access to major arterial routes.”
The Onni Group, the developer of the business park, has already invested $40 million in the project, to date. The company is planning to quadruple the total investment in the business park to $160 million to accommodate its future growth.
“The arrival of new tenants to the business park and the growing interest expressed by other companies, including three multi-nationals looking to set base in the area, speak volumes to the great growth potential Pitt Meadows possesses,” adds Sveto Zvijerac, Leasing Manager with Onni. “The future prosperity of the park is a key business objective for our group as it also provides important economic support to the city and local community by creating additional job opportunities, as well as a platform for other supporting businesses to thrive.”
About Colliers International
Colliers International is the third largest commercial real estate services company in the world with more than 12,300 professionals operating out of more than 522 offices in 62 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. In 2011, The Bloomberg International Property Awards recognized Colliers International with three awards: Best Commercial Property Consultancy, Best Commercial Property Marketing and Best Commercial Property Website in Canada. The latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate brand in the world.
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