The Rise to Popularity Among Commercial Real Estate Buyers in Kelowna
In 2018, 61 industrial strata units sold totaling $23.0 million, representing an estimated increase of 56% in volume and 30% in value over 2017. Many units sold off-market while others were on the market for less than a week before selling, illustrating the high desirability of this asset class in Kelowna.
- Factors such as low vacancy, constrained supply, increasing lease rates and strong demand across the industrial market has resulted in property investors channeling more funds into this asset class.
- The availability of smaller strata-titled industrial units has appealed to a wider range of investors as they are much more affordable compared to other commercial properties. Similarly, the combination of the Okanagan's growing economy and relative affordability has attracted investors looking for opportunities outside the relatively more expensive Lower Mainland.