Castanet – More than a way point, Kelowna is a key destination supporting more and more local and global businesses in the commercial and industrial sector, making the area one to watch for buyers and investors. As the anchor of the Central Okanagan, Kelowna is one of British Columbia’s fastest growing regions, with a rapidly growing economy serving as the commercial hub of the Interior.

“The Kelowna area continues to expand, both in population and in business ventures,” says Jeff Hancock, a commercial broker with William Wright Commercial. “With diversified industries including construction, advanced manufacturing, agriculture, tourism and professional services, Kelowna offers a dynamic environment for many small to medium businesses looking to expand. It’s a growing opportunity with long term upside.”

While there has been an uptick in industrial property vacancy over the past 18 to 24 months, these economic conditions had been forecasted and are primarily due to uncertainty south of the border, such as evolving and socio-economic polices and tariffs, as well as weakening economic conditions throughout Canada and B.C. Experts in the region expect to see revitalized interest in industrial development in the Central Okanagan as a strategic location poised for ongoing expansion.

“Right now, business owners are reassessing their business needs for short- and long-term success, and there is certainly still a demand for high-quality spaces to achieve these goals,” Hancock says. “Throughout the past 24 months there has been a number of industrial developments that have been built throughout the Central Okanagan, which has not been seen in this region in its history. This increase in supply has created a fantastic window of opportunity for small and medium size business owners in the region to capitalize on some of the best pricing and incentives for purchasing new industrial strata properties that we’ve seen in a long time.”

With over 600,000 square feet of new industrial strata that has been built throughout the Central Okanagan in the past 24 months, buyers have an array of options to choose from, which is making this one of the best buyers markets the Central Okanagan has seen in decades.

With this increase in supply, developers are getting creative in their approach as to how to attract the next wave of demand. The newest project in the Central Okanagan is Kyle Road Business Park, sitting at the forefront of creating unique opportunities for buyers by making ownership more achievable than ever before.

Kyle Road Business Park, located at 2644 Kyle Rd. in West Kelowna, is a standout option for investors and owner-operators looking to own the highest quality facility for their operations. This development consists of five buildings with a range of unit sizes starting at 1,873 square feet and a unique, standalone 45,005 square-foot, build-to-suit opportunity.

The units are designed with top-of-the-line specifications for efficiency, setting a new benchmark for industrial development standards in the Okanagan region. With 28- to 32-foot clear ceiling heights, attractive glazing, insulated concrete wall panels, finished washrooms and spacious loading areas, the property can accommodate a wide range of business uses and needs.

“The quality of the construction is always a high priority for businesses looking at industrial property yet the most common feedback we hear from our clients when deciding to purchase a commercial or industrial property is they are worried about the capital required for down payments in today’s lending environments,” William Wright Commercial’s Shelby Kostyshen says.

One way Kyle Road Business Park is bridging the gap to commercial property ownership is by providing short-term vendor financing options to help get growing small and medium businesses the opportunity to purchase at their development.

“The developer, Lorval Developments, is the first of its kind in the region to publicly be offering these unique financing options and lower deposit structures which will significantly help business owners purchase that first space for their business or help them with their expansion plans which would have not been economically feasible without these creative financial solutions,” Kostyshen says.

For more information about Kyle Road Business Park, reach out to William Wright Commercial or Cushman & Wakefield, or check the development’s website for updates.

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Read the full article published by Castanet.