Investors clamour for Vancouver industrial space, but rising costs pressure businesses
Brad Miller has been buying and renting industrial space in Metro Vancouver for 30 years. But lately, properties are much harder to find and they are getting more expensive.
His companies manufacture products such as marine closures and support structures for bridges. He also invests in alternative energy companies that work in hydrogen and bio-gas, “a lot of the things that B.C. aspires to be a leader in.”
“If we can’t provide room for these startup companies to remain and thrive, typically, they’ll just leave,” said Miller, who is president and owner of Chilliwack-based AdvanTec Global Innovations.
Industrial space has been tight in Metro Vancouver for years, but one new factor is that real estate investors are seeing a sharp, pandemic-related shift in the way people shop — they are buying more online — and this has them clamouring more than before to put their money into warehouse, logistics and distribution spaces.