Commercial and industrial Real Estate is Booming
Commercial real estate sales in Kelowna are brisk and have been for several years. With the growth in the city and surrounding areas, the demand for commercial and industrial real estate is high.
Over the past few years, the supply of commercial space for sale has not kept up with demand. There is limited land available for sale that is zoned for commercial or industrial use. With lower levels of commercial and industrial real estate inventory, this has placed upward pressure on values. Commercial real estate is a solid investment if you can find it!
The Vrecko Real Estate Group team member, Steve Hyndman, specializes in commercial real estate in the Okanagan. His connections in the commercial community have been invaluable in helping clients secure prime commercial real estate and industrial land in Kelowna and surrounding areas.
If you are interested in learning more about current Kelowna commercial real estate, call Steve Hyndman for a one on one consultation.
Commercial Real estate specialist
Steve Hyndman has been selling commercial real estate for over 20 years. He was instrumental in several large scale developments in and around Kelowna. Steve has extensive experience with commercial and residential real estate sales and understands the intricacies of this complex transaction. He is familiar with a vast range of zoning by-laws and has a close relationship with the city and municipal offices.
Commercial for sale
Commonly used for retail and office space, commercial real estate for sale is currently at a premium. Average sale prices for commercial real estate varies more than residential. Prices are dependent on the area, size, location, use, and age of the building. All of these factors will determine a fair market dollar per square foot for the commercial real estate space.
commercial for Lease
While commercial real estate for sale is tight, there are more options for commercial leased space. Average lease space goes for anywhere from $18 a square foot to $20 a square foot depending on location, size, and age of the building. Newer construction and premium lease space can run as high as $35 a square foot. These prices would be plus triple net, which consists of property taxes, utilities, insurance, and maintenance.
Industrial land sells on average $1.1 an acre to $1.3 an acre. Unlike traditional real estate sales, the larger the parcel, typically, the lower the price as demand for large parcels are lower. While the industrial land base supply remains low making it difficult for new future commercial construction.