Burnaby’s industrial real-estate market recorded one of its strongest years ever in 2011 with total sales from 55 transactions topping $127 million, according to Avison Young.
The only other time since 2001 that industrial real-estate sales in Burnaby have exceeded $100 million was in 2006.
The $40 million acquisition of a property on Express Street was the largest of six sales that were more than $10 million. Much of the sales growth came from the trend of users purchasing strata industrial units.
Despite strong demand, few transactions were for properties larger than 10,000 square feet since mid-2011.
“Burnaby is well sought-after. It’s a fantastic place to own and develop in,” Cushman Wakefield vice-president Lee Hester said April 11 on a Vancouver Real Estate Forum panel.
He estimated that five-acre parcels of industrial land in south Burnaby are $1.3 million to $1.35 million per acre.
“I predict that will go up by year-end,” Hester said.
