{"id":13495,"date":"2019-08-27T15:15:58","date_gmt":"2019-08-27T22:15:58","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13495"},"modified":"2019-08-28T09:38:35","modified_gmt":"2019-08-28T16:38:35","slug":"commercial-construction-permits-in-bc-surge","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/08\/commercial-construction-permits-in-bc-surge\/","title":{"rendered":"Commercial Construction Permits in BC Surge"},"content":{"rendered":"<p style=\"text-align: justify;\">While residential market activity in Vancouver is markedly slower than in years past, the commercial sector is on fire.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s a significant amount of commercial activity going on within Metro Vancouver, with 2.8 million square feet of office product under construction,\u201d said Kirk Kuester, Colliers International\u2019s executive managing director for British Columbia. \u201cThe development business, from a residential perspective, is either grinding to a halt or has ground to a halt. When projects finish, there\u2019s not a lot to be introduced on the residential side that will pick up the slack, other than what\u2019s happening on the commercial side with retail, industrial and office.\u201d<\/p>\n<p style=\"text-align: justify;\">One such project is The Post by QuadReal Property Group, where Amazon has committed to occupy 35% of its 1.13 million square feet. Upon competition in 2023, The Post will host an estimated 7,000 workers.<\/p>\n<p style=\"text-align: justify;\">That isn\u2019t to suggest heightened commercial real estate construction means space is aplenty. Kuester says vacancy continues to be an issue for would-be tenants, especially in the industrial sector.<\/p>\n<p style=\"text-align: justify;\">\u201cThe industrial market is going like gangbusters,\u201d he said. \u201cIt\u2019s a challenge today because of extremely low vacancy and extremely limited land, and lots of ongoing demand as a result of e-commerce and record volumes coming through the port.\u201d<\/p>\n<p style=\"text-align: justify;\">A recent economic outlook report from Central 1 Credit Union noted that building permits for non-residential construction shot up more than 60% through May, and while most of it is for infrastructure development, much is slated for retail projects.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s been a doubling up of government permit volume this year,\u201d said Bryan Yu, Central 1\u2019s deputy chief economist. \u201cJune data has since been released, showing a slight moderation in growth in total non-residential permits to 56%, with commercial up 55%. Government permit volume is still nearly double year-ago levels.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cOn the housing side, we\u2019re looking at a policy-constrained environment, but on the non-residential side we\u2019re seeing quite a bit of growth, even on the Lower Mainland with technology companies like Amazon,\u201d Yu added.<\/p>\n<p style=\"text-align: justify;\">The industrial market is undersupplied, as about 5.5 million square feet were quickly absorbed. Kuester warns that costs are escalating and that could cause headwinds henceforth.<\/p>\n<p style=\"text-align: justify;\">\u201cCosts across the board in BC have become a really big issue because of all the activity, either through infrastructure, residential or commercial real estate development,\u201d he said.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/commercial-construction-permits-in-bc-surge-298738.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Commercial Construction Permits in BC Surge<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While residential market activity in Vancouver is markedly slower than in years past, the commercial sector is on fire. \u201cThere\u2019s a significant amount of commercial activity going on within Metro &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/08\/commercial-construction-permits-in-bc-surge\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-13495","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commercial Construction Permits in BC Surge &#8226; 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