We need a new focus on our industrial land needs in the region
Astronomical costs of land, rock bottom vacancy rates and a meagre supply which are driving prices skyward making it difficult to make ends meet or even choose Vancouver to being with.
Well, just like the housing crisis is pricing out many Vancouverites and leaving them with no choice but pack up and move east, our latest economic impact study reveals that as the industrial land shortage inches closer to a crisis point, Greater Vancouver teeters on the brink of losing its appeal a prime investment destination.
And as our economy evolves more and more new businesses are looking for industrial space, but with vacancy rates hovering below one per cent they are not finding it. From breweries and chocolatiers to film studios and biotech labs as well as many critical to the running of a city like recycling depots.
We are seeing governments announce bigger and bigger deficits while families, individuals and businesses continue struggling to make ends meet, with economic indicators threatening a recession as early as the beginning of 2024. In an intensely competitive global arena, British Columbia and the Metro Vancouver area must proactively seek out investments and create an environment conducive to the growth and prosperity of our local economy.
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