Colliers International says it is now looking for Canadian commercial mortgages to buy up Phase I of its Campbell Heights North development in Surrey, British Columbia, along with the Surrey City Development Corporation.
The new development currently comprises about 250 acres of industrial land, which the firm says includes some of the best soil conditions of any location in the Vancouver and Fraser Valley regions.
The project is expected to capitalize on the popularity of the Campbell Heights South location, which has been very popular. Lots are available in sizes of 1 acre and up.
“The industrial market has turned the corner after almost one and a half years of inactivity, where we saw companies retrench and make do with their existing facilities,” said Randy Heed, vice president at Colliers International. “The activity level has steadily increased, where we see companies back in the market hiring more people and planning for their expansion, with an optimistic view of the future.”
The development should open up additional availability in the market. According to Q1 data from Colliers, the Metro Vancouver Industrial market has just a 6.3 percent availability rate.