The Globe and Mail: Industrial condo space sprouts in Victoria

Industrial condo space sprouts in Victoria

May 3, 2021

For now, buyer interest in Victoria’s nascent strata industrial scene is mostly from owner-occupiers, says Cory Wright, president of Vancouver-based William Wright Commercial, which recently expanded into Victoria. But some investors are circling in on the action. That early Beedie project, in Metro Vancouver, initially sold for about $175 a square foot. In Victoria, a small, 13-unit strata industrial project, by a local developer, has sold out, Mr. Wright says. “Seven buyers were investors,” he notes, with buyers paying between $325 and $350 per square foot.

“Because the vacancy rates are so low, we’re starting to see investors come into the marketplace,” Mr. Wright says. “The returns make a lot of sense. As the pricing of these assets get higher and higher, we could run into a position where some of the smaller, potential owner-occupier buyers unfortunately get priced out.”

This story was originally published by The Globe and Mail.

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