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The team behind a large industrial development in West Kelowna is reporting the project has already sold out its first phase.
Located at 2648 Kyle Road, the multiphase project is expected to bring up to 500 new jobs to the area upon being fully built out.
Construction on the project began last month and local realtors believe the Okanagan’s critically low vacancy rate will continue to drive demand for industrial space.
“Continuing a three year trend, vacancy rates are declining sitting at sub 1% currently and lease rates are rising, having increased 8.6% over the past year,” said Steve Laursen, Commercial Real Estate Broker, Royal LePage Kelowna.
“Occupants are looking for longer term solutions for their business but are having trouble finding quality available space.”
According to Denciti Development Corp., the first building was purchased by a Vancouver-based investor who plans to rent it out.
“Kelowna population is projected to grow by more than 2,400 people per year over the next 20 years,” said Denciti Principal Garry Fawley.
“ Land prices in Kelowna are an average of a third of the cost in Metro Vancouver and small businesses are looking to expand or locate here.”
Future phases of the development will be able to accommodate medium to large uses of up to 200,000 square feet.