Chilliwack Industrial Market Activity 2022
Below is our 2022 report on the Chilliwack industrial real estate market which explores the anomalies of the local industrial strata market, 2 new strata projects that will end the “strata drought” in Chilliwack, and 2022 industrial real estate transactions and sale prices (so far).
CHILLIWACK HAS THE LOWEST STRATA PER CAPITA IN THE FRASER VALLEY
There have been zero new industrial strata projects in Chilliwack since 2018. Property information collected by Frontline Real Estate Services, cross-referenced with the 2021 census data, points to a strata anomaly in Chilliwack, relative to surrounding municipalities. While the number of industrial properties relative to population is balanced across the Fraser Valley, Chilliwack has a significantly lower ratio of industrial strata units. With only 1.6 units per 1,000 residents, it’s no wonder only three strata units have traded in Chilliwack in the last two years. Here are a few numbers to show you just how tight the Chilliwack industrial strata market is.
Industrial Properties are Consistent with Population Numbers
Chilliwack is The Only Municipality With More Industrial Freestanding Buildings Than Strata Units
Not Only Does Chilliwack Have The Fewest Strata Units, It Also Has The Fewest Per Capita
INDUSTRIAL STRATA DEVELOPMENTS COMING SOON TO THE REGION
Historically, Chilliwack has served as a peripheral industrial market to the region. Due to past low land costs, owners were inclined to only build as needed, resulting in most developments being low-density, freestanding, owner-occupied buildings (as seen in the above graphs). Coupled with the lack of appetite from developers to see Chilliwack as a viable option, new strata projects were rarely pioneered. Due to the recent heat of the market across the Fraser Valley, economic growth in Chilliwack, and the notable lack of available strata, we are starting to see new strata developments being planned. See below for more information:
Skyline Business Centre
- Address: 46250 Airport Road, Chilliwack
- Built by Beedie
- 181,310 sf development
- Unit sizes: 2,854 – 120,000 sf
- Completion expected: Q1 2024
- Marketed by CBRE
- Address: 7985 Lickman Road, Chilliwack
- Built by Denciti Development Corp.
- Unit size: 3,360 – 16,843 sf
- Completion expected: 2024
- Marketed by CBRE
New industrial developments are the only predictable relief to supply. In tight industrial markets like Chilliwack, whether you are an owner-user outgrowing your current space or an investor looking to take advantage of long-term market strength (low vacancy, rising lease rates, etc.), you aren’t the only one eagerly awaiting new industrial strata units. In order to secure a strata unit in one of these exciting new projects, you must be proactive, diligent, and ready to move when presales are publicly marketed. With strata warehouses in such high demand in the Lower Mainland, we are seeing new projects consistently sell out at increasingly aggressive prices.
Ready to take advantage of first mover pricing? Lowest prices are typically found at the beginning of a project sales launch. Contact us for more information regarding timing and availability.
Chilliwack INDUSTRIAL MARKET ACTIVITY
Below is a summary of Chilliwack’s industrial real estate transactions so far in 2022 (Jan – Sept), the lack of transactions shows just how tight the market is.
CURRENT Chilliwack Industrial PRICING
- Due to dynamic market conditions and economic factors, prices for industrial real estate across the region are constantly changing.
- The influx of new industrial strata coming to Chilliwack will establish new pricing trends for strata units, while impacting all industrial pricing in the medium to long-term.
- Contact us today at the coordinates below if you would like up-to-date intel on pricing.
- For a free, no commitment valuation of your property, please fill out the below form.
Interested in Learning More About Chilliwack’s Industrial Market or Future Developments?
Contact us for more information regarding availability and current activity.
Click here to download a PDF of this report on Chilliwack’s industrial market
Sources: City of Chilliwack, Beedie Industrial, Denciti Development, Frontline Real Estate Services Ltd.