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2021 prices are gone and sellers are finally coming to terms with reality. But what's next? Cory Wright, owner and managing broker at William Wright Commercial, sits down with Adam & Matt for an unvarnished health check across every asset class in the world of commercial real estate. They dig into why office is drawing serious buyers, how some industrial now sells for less than it costs to build, and the case for the buildings nobody wants. He also unpacks the development logjam choking new supply and the overlooked secondary regions where savvy money is heading. Have we hit the floor? What is everyone sleeping on? And is the worst over?
Why Class B Industrial in BC’s Secondary Markets Is 2026’s Smartest Commercial Buy
Here’s a take you won’t hear from most brokers chasing shiny new listings: the best commercial real estate opportunity in British Columbia right now isn’t a gleaming new industrial development with soaring ceilings and a price tag to match. It’s the older, unglamorous Class B unit sitting next door to it.
Cory Wright, owner and managing broker at William Wright Commercial — the largest dedicated commercial brokerage in BC by office count — made this case plainly in a recent episode of the Vancouver Real Estate Podcast. And frankly, the logic is hard to argue with.
What You’ll Learn
The New Construction Trap Nobody’s Talking About
New industrial product in BC got very expensive, very fast. Projects that once carried price tags in the high $700s per square foot are now moving — slowly — at $525 to $550 a foot, with some developers even floating lease-to-own arrangements just to reduce carrying costs on unsold inventory.
That’s not a sign of a healthy market for new product. That’s a signal that buyers are absorbing the correction.
And here’s the thing: if you bought at $775 a foot and the market is now transacting at $525, you’re sitting on a significant paper loss. Worse, that’s a tier-one asset in a market where buyers are scarce and expectations have reset hard.
“If you look at the tier one stuff, tier one being new construction, there are some phenomenal projects… and now the developers are sitting on tons of unsold inventory and are pretty much looking to… you might be doing a deal at $550 or $525 a foot.”
— Cory Wright, Owner & Managing Broker, William Wright Commercial
Class B doesn’t have that problem. Why? Because it never got bid up to irrational levels to begin with. And when the correction came, it had far less distance to fall.
The “Tide Raises All Boats” Principle
Wright’s argument for Class B industrial in secondary markets comes down to one elegant idea: proximity to Class A creates rental upside without Class A’s price risk.
If a Class B unit is getting $10 a foot in rent and the Class A next door is getting $20, the next lease renewal on that Class B isn’t going to come in at $10. The market won’t allow it. Tenants weighing options will push the Class B rate up — maybe to $15 — simply because the Class A sets the comparison point.
You capture the upside. Without paying for it upfront.
“If I have a class B asset within a stone’s throw of a class A asset, and I’m getting $10 a foot and the class A is getting $20, there’s a high probability my renewals are $15. Because that class A just brought my value up, purely based on market demand.”
— Cory Wright, Owner & Managing Broker, William Wright Commercial
And in Kelowna, for example, Wright notes you can buy Class B industrial for $200 to $250 a foot — below what it would cost to reproduce. That’s the replacement cost floor at work. Nobody’s going to build a competing product at a loss, which means your asset faces minimal new supply pressure.
Four Secondary Markets Worth Watching
Wright is direct about which BC markets he finds compelling right now: Kelowna, Vernon, Kamloops, and Nanaimo. Victoria gets an asterisk — downtown vacancy has crept up, and the absence of international students has been a drag on that specific market.
What ties the other four together? Constrained land supply.
Kelowna sits on a lake. Geographic limits box in future development. Nanaimo is seeing ongoing population growth up-island, driven partly by affordability. Kamloops and Vernon benefit from the broader Okanagan momentum.
But Wright is emphatic on one point. A Kamloops address alone doesn’t make a property a good investment. Location within these markets matters as much — maybe more — than the market itself.
“Buying something in Kamloops because it has a Kamloops address, and you think it’s in the downtown core, doesn’t mean success. Location, location, location.”
— Cory Wright, Owner & Managing Broker, William Wright Commercial
In Nanaimo specifically, Wright frames the replacement cost argument clearly: if you buy an asset at a five-cap rate that would cost $5 million to reproduce but you’re paying $3 million, nobody is going to buy land and build a competing property at a $5 million cost to then sit at a two-and-a-half cap. The math doesn’t work. Which means your asset isn’t going to face new competition anytime soon.
Why Small-Bay Industrial Is Quietly Shifting Back to Owners
For years, investors flooded into small-bay industrial — units under 2,500 to 3,000 square feet — because prices kept rising and vacancy kept tightening. The owner-occupier share, once dominant, shrank as investor demand piled in.
That’s reversing now.
With prices correcting and investor returns compressed, the business owners who always preferred owning their own space are coming back into the market. Wright estimates the ratio may be approaching 50-50 between owner-occupiers and investors, down from the investor-heavy peak years.
For buyers with a long horizon, that’s a meaningful signal. This asset class is slowly returning to fundamentals.
What is Class B industrial real estate?
Class B industrial refers to older or more basic warehouse and light industrial properties that lack the premium features — ceiling heights, modern loading bays, second-floor offices — of newly constructed Class A buildings. They typically command lower rents but also carry lower purchase prices.
Why are BC secondary markets attractive for commercial real estate in 2026?
Secondary markets like Kelowna, Nanaimo, Kamloops, and Vernon have constrained land supply, ongoing population growth, and commercial assets trading well below replacement cost. New competing supply is unlikely because the economics of building don’t work at current prices.
Is new industrial construction a good buy right now in BC?
According to Cory Wright, new construction industrial carries meaningful price risk because projects that were pre-sold at high $700s per square foot are now transacting significantly lower. Buyers of new product are the most exposed to continued price softness.
What does "replacement cost" mean and why does it matter?
Replacement cost is what it would cost to rebuild an asset from scratch today, including land and construction. When you can buy an existing property below that number, new competing supply is unlikely to emerge — because no developer would build at a loss.
How is the investor-to-owner-occupier ratio changing in small-bay industrial?
Wright notes the ratio has shifted significantly toward investors over the past decade, but is now trending back toward owner-occupiers as investor returns have compressed. This rebalancing toward end users tends to stabilize pricing over time.
What's the biggest mistake commercial sellers make in the current market?
Overpricing. Wright is direct: commercial listings don’t carry fine print about acceptable offers — the listed price is the stated price. Buyers see a large gap between asking and fair value and simply move on. Sellers who price at market generate activity; those chasing 2021 values sit.
Guest Information
Cory Wright is the founder and Managing Director of William Wright Commercial. Cory founded the company in 2013 on the premise that having more offices in more markets would create a competitive advantage for clients looking to have portfolios throughout the province. Cory oversees the day-to-day operations of the businesses, the company’s expansion, and growth, while working closely with the company’s Team Leaders, Agents, and Managing Brokers to ensure the clients have the most up to date data and information to evaluate the customer experience when making key decisions.
William Wright Commercial operates offices in 6 of BC’s most desired real estate markets.
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Cory Wright, Founder of William Wright Commercial, avid real estate investor, and—most importantly—one of the best dealfinders we’ve ever met, holds a master class on how to choose residential and commercial real estate markets, find and analyze the best deals, and implement advanced strategies to supercharge your portfolio.
Gordon MacPherson, President of Elevate Development Corp, provides expert insight into the current real estate market and its dynamic nature. We talk about how different asset classes have been affected since the pandemic, and gain valuable knowledge on the evolving trends in walkable village concepts within various areas.
With his finger on the pulse of international markets, Peter Leung, investorpreneur and international correspondent for the show, offers unique insights that can give you a competitive edge. Discover his surprising choices on whether to buy or sell, and prepare to be astounded by his current preferred investment hotspot.
Jon Switzer, Managing Partner and Commercial Mortgage Broker at Impact Commercial, sheds light on the recent interest rate adjustments and their impact on individuals and businesses alike. Gain a deeper understanding of how these changes reverberate throughout the market and explore the potential ramifications for the local economy.
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Marianne DeCotiis, commercial real estate broker at William Wright Commercial Kamloops, digs into the Kamloops market. How has the commercial market changed and developed over the past few years? What is the current state of supply? How have the operations of the commercial market shifted?
Bronwyn Scrivens of Omada Commercial unpacks Alberta market lease rates, the differences between Calgary and Edmonton when it comes to being an industrial landlord, how prices have changed, and where she would invest if she were to walk into the market today.
William Wright Commercial's very own Rod MacKay is here to give us a general update on the market. How have interest rates affected the market? How is the supply? What is the vacancy rate doing? And how is the retail market fairing after the pandemic?
Paul Sullivan, property tax expert from Ryan ULC, unpacks some potentially business saving insight as he guides us through the labyrinth of commercial property tax. What are commercial tax classes? Which areas are taxed the most and how do they work it out?
Retail expert David Ian Gray of DIG360 unwraps everything from how the retail environment has changed, why American big box brands haven't fared as well this side of the border, how technology has impacted the retail world, and his thoughts on why Nordstrom is pulling out.
Ever wonder how companies buy commercial buildings, fix them up, keep them, and then seem to buy more? Cory and Melisa walk through the 5 key indicators and steps on how you can buy value-add properties and get a 100% return on your equity in under 2 years.
For all the curious minds interested in commercial real estate investing, grab a coffee and pull up a chair because we have exclusive stories and tips from commercial real estate brokers, investors, developers, economists, urban planners, and everyone in-between. From the successes and failures to the motivations and lessons learned, the Vancouver Commercial Real Estate Podcast is your insight into commercial real estate in Vancouver, Victoria, Kelowna, and beyond.
What's the best real estate market to invest in? What are the commercial real estate asset classes and property types? Hosted by Cory Wright, founder of William Wright Commercial, and co-hosts Adam and Matt Scalena of the Vancouver Real Estate Podcast, our podcast opens the door to real estate investing for everyone from beginner investors to experienced real estate professionals. New episodes are released every Tuesday. Follow the Vancouver Commercial Real Estate Podcast on Apple Podcasts, Spotify, YouTube Music, or your favourite streaming platforms.
This communication is not intended to cause or induce breach of an existing agency agreement. E&OE: All information contained herein is from sources deemed reliable, and have no reason to doubt its accuracy; however, no guarantee or responsibility is assumed thereof, and it shall not form any part of future contracts. Properties are submitted subject to errors and omissions and all information should be carefully verified. All measurements quoted herein are approximate.
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