Vancouver's warehouse lease rates are up 29 per cent in the first quarter year-on-year versus a global average of 3 per cent
Forget that multi-million-dollar condo on Vancouver’s waterfront. Invest in a warehouse instead.
The Canadian city is the world’s hottest industrial real estate market with lease rates up 29 per cent in the first quarter year-on-year versus a global average of 3 per cent. IKEA and BMW AG are among companies that have snapped up the biggest industrial and logistics spaces, according to data provided by CBRE Group Inc.
“Industrial previously was almost like a forgotten asset class,” Jason Kiselbach, vice president and sales manager at CBRE Vancouver, said by phone. “But we haven’t even scratched the surface of the…