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July 14, 2016 - 11:26 AM
KAMLOOPS - Industrial companies looking for room in Kamloops might want to move quickly.
The vacancy rate for industrial land is at its lowest point in years, according to a Colliers International report. At 3.78 per cent vacancy, the company’s local researcher Katie Martin says it’s the lowest rate the company has recorded after a slight rise.
“We kind of got a bit higher than normally over the last year and half,” she says. “Now we’re trending back down.”
Currently there is 189,300 square feet of vacant industrial space around the city, according to the report.
The company has only been recording statistics for four years, but Martin is certain it’s one of the lowest rates in a long time.
It’s due to a couple factors. Kamloops is a popular town for transportation companies, because it’s a railway and highway hub. Historically, this has kept the rate low, Martin says. Also, with mining and forestry industry in the region, related trades businesses set up shop in Kamloops.
The rate might not rise over the next six months, either, because no new sites are under construction. Martin says some buildings are planned, but occupants have already been found, so they won’t be vacant.
With industrial addresses a little more scarce, Martin says interest is heading to the east of the city.
“I think it’s somewhat interesting that we're starting to see more interest out in the Dallas area,” she says.
The real estate company also released reports on retail and office space. While both markets have remained stable, the empty Target location at the Sahali Centre Mall has a dramatic effect on the city’s retail vacancy rate.
“In the retail market it is still the Target vacancy looming over us,” she says. “Our retail vacancy rate would be similar to Kelowna or Vernon without it.”
The 128,000 square foot empty store is about a third of the vacant retail space in Kamloops. The city’s retail vacancy rate is 7.8 per cent, while Kelowna’s 5.6 per cent.
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