Canada’s largest stacked mixed-use industrial project hits South Vancouver
By Adam FreillCommercial Construction Industrial
Suitable for a variety of business types, including everything from food users to film production houses, and design studios, construction of Marine Landing is currently underway.
Wesbild, a Canadian developer known for creating different styles of communities, has partnered with three industry-leading organizations in the real estate space to build Marine Landing, a stacked, mixed-used industrial and office site in South Vancouver. Working in partnership with KingSett Capital, Colliers and Rennie & Associates Realty, the project is currently the largest of its kind in Canada. Offering units that range from 616 to 34,000 sq. ft., construction is currently underway, with an expectation of completion to happen in 2024.
Strategically located with access to corridors for connectivity and distribution, the architects at MGBA made flexible workspaces a focus of this project. To take Marine Landing amenities from blueprints to fruition, the MGBA team worked with Wesbild and Ventana to give rise to a rooftop patio, a social lounge, a state-of-the-art fitness centre, and an end-of-trip bicycle facility with a washdown station, among other shared spaces for the exclusive use of owners within the complex.
“Our vision for this project kept in alignment with the idea of reimagining what a workplace can be and what that could look like for local business owners,” said Brennan Finley, development manager at Wesbild.
Recent data from Colliers indicates that a limited supply and strong demand are driving the industrial market in the Greater Vancouver Area (GVA), where the vacancy rate remained at an all-time low of 0.4 per cent in the first quarter of 2022. Strata projects, it revealed, are more often releasing limited phases with the anticipation of price increases for future phases; the average price per sq. ft. for strata in the GVA emerged as $546 per sq. ft.
In Metro Vancouver specifically, the region has a fixed land supply, which makes forecasting industrial land availability a challenging task. Scenario-dependent, the region is anticipated to absorb its remaining industrial land inventory between 2035 and 2047, according to the Regional Industrial Lands Strategy Report.
“With projects like Marine Landing, we are working to address the shortage of industrial space at a time when it is in critical demand,” added Finley.