PC Urban Properties and Nicola Real Estate are celebrating the completion of their much anticipated Coquitlam industrial strata development, IntraUrban Eagle Ridge, a 101,000 square foot strata industrial project at 2660 Barnet Highway.
The 3.5 acre site, located just west of the rapidly expanding Coquitlam Town Centre and in the heart of the growing Tri-Cities business hub, will offer small-bay industrial strata space for local small to medium-sized business owners. With no new industrial strata built in the Coquitlam City Centre area in over a decade, and sustained demand from local owner-occupiers, the project stands out in a market where other sub-markets have been oversupplied in the past few years.
Despite current market conditions, with many real estate projects stalled, this development is “a bright spot in the market,” says Garth White, principal at Avison Young. “We’ve seen a surge of activity in recent weeks, with multiple deals firmed up and more offers anticipated. This is our busiest project.”
“We are at a turning point in the industrial strata market,” he continues. “Vacancy has started to turn the corner with positive absorption and a significantly depleted pipeline of new projects being built. We feel this is a rare moment for businesses to secure premium small-bay industrial space at below peak prices.”
“This is an industrial site with standout architecture and high-quality design – it’s almost too good to be industrial,” says PC Urban CEO, Brent Sawchyn. “We’ve been surprised by the success of this project, given current economic conditions. But the underlying fundamental fact remains: many businesses still want to own their own space. And for those on the lookout for top-tier industrial property that is thoughtfully designed and close to everything, this will serve that demand.”
“This site is uniquely positioned between two SkyTrain stations in a rapidly intensifying area,” says Mark Hannah, executive managing director, Nicola Real Estate. “To own industrial space at the centre of so much future residential and commercial growth is a rare opportunity. We believe IntraUrban Eagle Ridge will prove to be a strong long-term investment for businesses that value both location and ownership.”
Perfectly situated along the Barnet Highway, with 28,000 vehicles passing by every day, the development is close to three SkyTrain stations and an anticipated 8,000 new homes, currently in the process of development nearby.
With highly flexible floorplans starting from 2,350 square feet, IntraUrban Eagle Ridge features both front or rear grade loading spaces that are perfect for industrial businesses that require high-exposure showroom space or larger floorplates for manufacturing, warehouse or distribution. Some of the interested businesses include: bakeries, microbrewers, food preparation, light manufacturing, post-production and design studios, wholesale showrooms, last-mile delivery, automotive and warehousing and distribution businesses.
Sign up for a tour of the property at www.intraurban.ca/locations/eagle-ridge.
