Port Kells Industrial Market Update
Port Kells remains one of the most sought-after industrial submarkets in suburban Metro Vancouver. Below, we consider what makes Port Kells so desirable, the impact of this popularity, and how Port Kells compares to other industrial submarkets in the Fraser Valley.
PORT KELLS: THE PLACE TO BE
Port Kells has some of the highest lease and sale prices in the Fraser Valley, this trend is justified due to Port Kells superior characteristics, including:
LOCATION, LOCATION, LOCATION
- Adjacent to 4 major highways: Trans-Canada Highway (Highway 1), Lougheed Highway (Highway 7), South Fraser Perimeter Road (Highway 17), Pacific Highway – 176 Street (Highway 15)
- Quick commutes to residential neighbourhoods across the Lower Mainland increases employee retention and hiring pool
- The only submarket connecting the Tri-Cities to the Fraser Valley
ACCESS
- Waterfront (Fraser River) access
- Railway access
- Central location for distribution across the Lower Mainland and all of B.C.
VARIETY
- Zoning for light and heavy industrial uses
- Old and new construction available
- Zoning allows for truck parking, outside storage
The desirability of Port Kells is reflected in the value of properties in the area. Below is a snapshot of current pricing in Port Kells, with examples of early 2017 market activity:
PORT KELLS: HOW IT COMPARES
Below we have outlined how Port Kells compares to other submarkets, based on location characteristics:
The charts below compare Port Kells to neighbouring industrial submarkets in regards to historic average sale prices and asking lease rates. It’s important to understand that Port Kells has limited activity due to very little new supply and turnover, this can impact the average historic values.
