October 09, 2014 - 2:46 PM
KAMLOOPS - With 45,000 square feet of industrial space and 28,000 sq. ft. of retail space under construction in the city of Kamloops, the third quarter of 2014 was well ahead of 2013.
On the outskirts of Kamloops Moly-Cop is currently building a 45,000 sq. ft. expansion and around town several companies have either snapped up leases or purchased space as soon as they come available. In Valleyview one of the dealerships is also expanding, with about 8,000 sq. ft complete and another 8,000 sq. ft. under construction.
According to Colliers Canada the retail sector has also seen growth, with several new tenants coming to Kamloops in the third quarter as well as construction of mixed retail and residential space at the corner of McGill Road and Summit Drive.
Several other sites, including Orchards Walk Plaza, are in the planning stages and Gateway Casinos will be taking over the former Rona building on Versatile Drive. Canadian Tire is also adding 10,000 sq. ft to its Aberdeen location.
Scotiabank and Menchies recently took over vacated movie store locations in Sahali and Petcetera recently closed in Aberdeen. XS Cargo is also expected to close in the near future and it is unknown which tenants will step up to fill either of those locations, though a pop-up Halloween store is currently at the former Petcetera storefront.
While several leases have been filled in shopping centres recently the most notable sale is the that of the Old Tandoori Grill on Versatile Drive, which has sat empty for a number of years.
The office market looks a little different though. It has been experiencing a slight increase in vacancy rates, especially outside of downtown, mostly due to an increase in new construction. Colliers notes some companies have moved out of the downtown core, or downsized and it is expected the vacancy number may lower again as new physicians move in to the city.
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News from © InfoTel News Ltd, 2014