Abbotsford is the biggest metropolis in British Columbia by space, so it is smart that it’s set to be the house of an enormous new industrial improvement: the Xchange Enterprise Park.
Developed by QuadReal Property Group and Hungerford Properties — each primarily based in Vancouver — the colossal new construct will probably be situated on 3707 Mount Lehman Street, simply north of the Trans-Canada Freeway, six minutes from Abbotsford Worldwide Airport, and with entry to the US border through Sumas Crossing, Aldergrove Crossing, and Peach Arch Crossing.
Roadwork and ground-clearing of the former-greenfield web site started in September 2021, two representatives concerned within the venture inform STOREYS, however the builders acquired approval simply final week to start building on the primary two buildings.
The Xchange Enterprise Park is about to be 140 acres throughout 11 buildings, with 1.3M sq. ft of purpose-built Class-A light-weight industrial house. As well as, the venture can even protect 40 acres of inexperienced house close by, as a manner of honouring the native Matsqui First Nation.
Buildings will vary from smaller 44,000 sq. ft areas to ones as massive as an almost 200,000 sq. ft, most of which have 32-ft-high ceilings.
“The services are designed to alleviate strains to the availability chain by such options as dock loading, excessive ceilings and instant entry to the Trans-Canada Freeway,” the builders mentioned in a venture replace final week. “Xchange Enterprise Park has the power to spice up BC exports and solidify Abbotsford’s position as a logistics and warehousing hub for the province.”
Moreover, the Xchange Enterprise Park is anticipated to generate as much as $23.6M in provincial tax income and create an estimated 1,000 new jobs in Abbotsford, a metropolis that has already seen employment improve by 10% between 2015 and 2019, the builders say.
“The brand new Xchange Enterprise Park not solely considerably will increase premium industrial house in Abbotsford, it can additionally add a lot wanted jobs in our rising group,” mentioned Abbotsford Mayor, Ross Siemens. “Key financial initiatives like this assist additional cement Abbotsford because the regional financial and cultural hub of the Fraser Valley.”
Zooming out, Metro Vancouver has the tightest industrial actual property markets in Canada. For individuals who wish to keep new metropolis cores, resembling Vancouver, they’ve been pressured to look in direction of “stacked” — multi-floor — industrial areas. For others, land shortages and excessive costs have pressured them to look outdoors British Columbia fully, in direction of Alberta.
Associated Industrial Actual Property Information:
“We’ve all heard of the challenges posed by a scarcity of commercial house near metropolitan centres,” mentioned Jeff Rank, Senior VP of Leasing for QuadReal Property Group. “The demand in Metro Vancouver is essentially pushed by e-commerce and logistics necessities. And for nearly a decade, demand has outstripped provide, so Xchange is filling a really particular want within the native provide chain.”
The Xchange Enterprise Park is about to be accomplished in phases. Section One and Section Two will deliver six buildings, whereas future phases will add the remaining 5. The primary and second constructing of Section One are anticipated to be tenant-ready by early-2024.
Howard is a Employees Author at STOREYS. He’s primarily based in Vancouver, British Columbia, and has additionally written about media for One Zero and worldwide politics for WhoWhatWhy. Earlier than STOREYS, he was additionally the Deputy Editor of 604 Now.
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