Advanced Self Storage New West, located between the Fraser River and Annacis Channel is less than 30km away from the heart of downtown Vancouver. In the heart of the Queensborough neighbourhood of New Westminster, B.C., this self-storage facility offers convenient highway exposure and easy access to multiple amenities in the area.
The 89,156 square foot facility has 844 storage lockers and 122 rentable parking stalls, with the capacity to expand by an additional 47,000 square feet resulting in an additional 398. That ability to grow allows for Advance Self Storage New West to meet demand for self-storage in the area for both residential and commercial customers.
Unrivaled security measures and environmental responsibility
At Advanced, the safety and security of stored belongings is a top priority. The facility uses 52 security cameras to monitor activity 24/7, complemented by a thorough sprinkler system in case of fire. Additionally, caretaker suites in Building A further enhance security measures.
Advanced is not only committed to providing top-notch security, but also to environmental protection. The Hi-Arch Gambrel™ building design prevents salt runoff from outdoor stockpiles, making it an environmentally responsible choice for salt storage.
The data dictates the demand for self-storage
Alternative assets such as self-storage are seeing an increase in popularity due to market demand. According to Colliers Q1 2023 Industrial Report, the vacancy rate in the Greater Vancouver Area industrial market saw an increase for the first time since Q1 2022, climbing 40 basis points quarter over-quarter to 0.6%, while availability grew by 50 basis points to 1.5%. A positive net absorption of 36,116 square feet was recorded this quarter, as the mostly pre-leased 710,560 square feet new space cancelled out the additional vacant space brought onto the market. With the vacancy rate still sitting at sub 1% for the tenth consecutive quarter, demand for space continues to outweigh supply, pushing average asking net rates to a new record high at $22.09 per square foot, amounting to a 20.4% increase year-over-year.
Backed by Colliers self-storage experts
Phil Gibbons, Associate Vice President and a Colliers self-storage expert led the successful completion of this transaction in 2022. Phil boasts extensive knowledge and experience in dealing with storage facilities and has been involved in transactions ranging from $1,500,000 to $30,000,000+ in value. Phil’s unique approach to marketing complemented by his vast, niche network in this asset class has made him a highly sought-after broker for self-storage. His market insight and analysis has been a key attribute to helping his clients maximize the value of their investments and ensuring that they make informed decisions for the growth of their business.