The redevelopment of 2055 Boundary Road in Burnaby, Vancouver is a prime example of success in the self-storage industry. This I-2, light industrial zoned property is situated near the corner of Lougheed Highway and Boundary Road; the cross arteries between Vancouver and Burnaby, with quick access to Trans-Canada, Lougheed and Grandview Highways. Being conveniently located to major transportation arteries is a key aspect of the value of the property. The proposed facility features 1,250 lockers over 86,700 SF in a four-to-six storey building, including amenities like an internal car wash. Phil Gibbons, Associate Vice President and a leading self-storage broker in Western Canada, played a crucial role in finalizing the transaction.
Phil's expertise in the self-storage industry has helped shape the landscape of the industry in the region. He has been actively involved in the development of over 1750,000 square feet of commercial property, including the 110,000 square foot tilt-up concrete facility thaft he helped develop in Nanaimo. He has also been involved in the operations side of the business, having been hired by StorageMart to manage and lease-up their brand new 90,000 square foot facility in Vancouver. Phil's experience as an owner of self-storage properties adds additional credibility and valuable insights to help his clients achieve their real estate goals.
The Benefits of Self-Storage as an InvestmentSelf-storage has become a popular investment to diversify a portfolio of real estate holdings. With available, convenient space in limited supply, whether it be low vacancy industrial rates or smaller residential footprints, self-storage remains a critical need regardless of the economic climate, making this investment recession resistant. Additionally, self-storage facilities typically have high occupancy rates, with demand often outstripping supply. Strategically, they require low overhead costs and maintenance compared to other real estate assets classes.
Self-storage has emerged as a lucrative alternative asset class for real estate investors and developers. The resilience of the self-storage industry, high occupancy rates, and low overhead costs all make it a stable, attractive, long-term investment. The success story of the redevelopment of 2055 Boundary Road in Vancouver is a testament to the potential of this asset class, and the expertise of industry leaders like Phil Gibbons.