LANGFORD, B.C. — Plans are underway to build a large industrial development in Langford, B.C.
Vancouver-based real estate developer PC Urban Properties Corp. announced the launch of its industrial strata development, IntraUrban Cornerstone, at 830 McCallum Rd. and the future City Gate Boulevard.
The site rests in Victoria’s highest growth municipality. It is PC Urban’s second industrial strata development in the area in the last year.
PC Urban stated it aims to transform the seven-acre site from a vacant lot into a three-building light industrial hub for local small and medium-sized businesses.
The developer noted with industrial vacancy in Greater Victoria at record lows, rising lease rates and continued low interest rates, many local businesses and investors are looking to purchase their own office and warehouse space in a market where opportunities are rare. According to Cushman & Wakefield, there are no other industrial strata opportunities of this size in Langford. At over 160,000 square feet, IntraUrban Cornerstone will be the largest industrial strata in the municipality.
“There are a growing number of small businesses in the area struggling to find space,” says Elizabeth Mears, an associate with Cushman & Wakefield, in a statement. “With industrial vacancy at 0.4 per cent in Victoria and 0.1 per cent in the West Shore, and average lease rates climbing three to five per cent per year, industrial strata units are in high demand because there is simply currently nothing available. Some companies here are operating out of garages, and we see many businesses are moving up from Victoria. IntraUrban Cornerstone is an opportunity for local small business owners to future proof and invest in their business, which will provide stability for long-term growth in our region.”
The three buildings will target space for businesses in e-commerce, industrial service, high performance fitness, marine service as well as for private investors. Units will range in size from 2,500 square feet to 5,900 square feet.