Kristian Gravenor & Priyanka Mojumder, (COSTAR NEWS) — British Columbia developer Beedie knows that its home region shares a problem that many Canadians can relate to: not enough storage space.

A mountain range, the national border and the ocean inhibit Vancouver’s efforts to expand storage options that remain in high demand because of the over $300 billion in goods traded annually at the Vancouver port. The shortage is so intense that the area’s industrial vacancy rate dropped to a record low of 0.5% in 2022.

Beedie has done its part to ease the storage shortage by building 35 million square feet of industrial structures around Vancouver, Alberta, and Ontario since the company launched in 1954, and that total will soon increase with the completion of a 380,000-square-foot structure at 7233 Progress Way in Delta, British Columbia, about a 45-minute drive from the heart of downtown Vancouver.

Vancouver-based clothing company Aritzia has signed on to lease the full space.

The project has been selected as the winner of the 2024 CoStar Impact Award for lease of the year, as judged by a local team of real estate professionals familiar with the market.

About the Project

The industrial property will be equipped with 40-foot clear ceilings, skylights, and even such added amenities as a gym and outdoor gathering spaces. The project comes with 48 docks, 236 parking spaces and will be completed in 2026.

What the Judges Said

“Getting Aritzia to lease in Metro Vancouver is quite an accomplishment when there is a strong argument to be made for them to be in Calgary. This lease demonstrates that even in the worst of times, hard work, a solid strategy and a well-executed campaign paid off,” said Andy Pham, director of asset management for BentallGreenOak.

They Made It Happen

Casey Bell, Mike Thompson and Baktash Kasraei with JLL brokered the deal, while John Lecky with Avison Young oversaw financing.

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