It’s widely known how expensive it is to buy a home in Metro Vancouver, but a new report says businesses have it even worse.
Colliers International says the cost of developing an industrial property on the Lower Mainland has increased by as much as 26 per cent in the past two years.
The report blames soaring land values and government red tape.
It says setting up a business in Vancouver would cost nearly $2.5 million more than in the Fraser Valley, and property taxes would be 70 per cent higher.
“We’ve seen a number of companies looking to get into our market, and they simply can’t just because the size of land they need for a large distribution centre are not available,” says Malcolm Earle of Colliers International.
“They will come for a year and can’t find anything, and end up leaving, going to Alberta or the U.S.”
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