Construction will soon start on a new industrial strata development in Langford which will provide much-needed space for businesses.
The McCallum Road project is being built on a seven-acre lot by Vancouver-based developers PC Urban Properties and will provide 160,000 square feet of available space when completed.
Vacancy rates for industrial zoned units is at 0.4 per cent for the Greater Victoria area, an all-time low, according to a report from Colliers, a Victoria-based real-estate agency. Additionally, industrial vacancy rates on the West Shore are down to 0.1 per cent, according to a report from Cushman & Wakefield, another Victoria-based real-estate company.
“There are a growing number of small businesses in the area struggling to find space,” Elizabeth J. Mears, an associate at Cushman & Wakefield, said in a statement. “Some companies here are operating out of garages, and we see many businesses are moving up from Victoria.”
PC Urban Properties said in a statement the development would be ideal for businesses in e-commerce, industrial service, high-performance fitness, marine service and private investors.
Demand for space for businesses is seeing the limited supply being snapped up almost as quickly as it’s put onto market.
Nearly half – 43 per cent– of the office space under construction in four western community markets – Langford, Colwood, View Royal and Sooke – has already been pre-leased, according to real estate market analysts CBRE Group’s Victoria office report.
Ground is set to be broken on the project in January 2022, with the tenants scheduled to be able to move into the units in the first three months of 2023.