Optimizing parking rates could open industrial development space
By Adam FreillConstruction Industrial
Report examining more than 60 sites across Metro Vancouver and the Fraser Valley reveals an oversupply of parking at industrial sites in the region.
Facing a critical shortage of industrial land in Metro Vancouver, the Vancouver Chapter of National Association for Industrial and Office Parks (NAIOP) and Bunt & Associates Engineering unveiled a first-of-its-kind report examining the impact of parking supply rates on industrial sites across Metro Vancouver and the Fraser Valley.
Across the more than 60 sites surveyed, most in the region had twice the parking needed for the facilities, suggesting that most industrial sites across Metro Vancouver and Fraser Valley regions have valuable industrial land left unused.
“Following The Vancouver Chapter of NAIOP and the Vancouver Board of Trade’s report on the scarcity of industrial land in Metro Vancouver, our report further serves as a reminder that industrial land is a valuable commodity,” stated Carl Funk, director of industrial planning and development at real estate development firm Beedie. “By working with municipalities to reduce excessive parking requirements on industrial sites, we can prevent pushing businesses out of the area.”
The Metro Vancouver/Fraser Valley Industrial Parking Study examined more than 60 sites across Metro Vancouver and the Fraser Valley to highlight inefficiencies in existing systems and recommend optimal parking supply rates.
Data was collected for observed parking supply rates, observed peak parking demand rates, and observed peak utilization. The average peak parking utilization was highest (53 per cent) for small-unit multi-user sites and lowest (41 per cent) for small-unit multi-tenant sites. Single-user lease sites comprised the most sites (29 per cent) and had the lowest average peak parking demand rate and the lowest average observed parking supply rate.
Based on the findings gathered from the study, Bunt recommends municipalities consider new parking supply rates for small, medium and large industrial sites based on building size and proximity to transit. This thoughtful approach, says the company, will help mitigate limitations and foster economic growth in these regions.
“Bunt understands the value of industrial land in Metro Vancouver and the need to strategically utilize it to support the growth of our local businesses,” said Christephen Cheng, principal and senior transportation engineer at Bunt. “It is important to provide available locations for businesses to expand and meet their current needs to avoid seeing them consider alternative cities or even countries.”
Metro Vancouver and the Fraser Valley have only four per cent of their land base dedicated to industrial land, which supports 27 per cent of the region’s employment opportunities.
The Vancouver Chapter of NAIOP is one of more than 50 chapters within an extensive network throughout North America. Representing commercial real estate developers, owners and investors of office, industrial, retail and mixed-use properties, NAIOP provides advocacy, education, communication, networking and business opportunities for real estate and related professionals within the local commercial market.