Investors sought for Vancouver’s new Airport Commerce Centre
Vancouver International Airport (YVR) has selected Cushman & Wakefield as its exclusive advisor to secure a partner to invest, complete construction and lease-up of a 300,000-square-foot facility near the airport’s main terminal.
The facility was initially designed to create additional capacity in utilities when the airport was experiencing double-digit growth.
However, with a view to optimise the land on Sea Island, YVR is now seeking to drive value from its infrastructure and land assets to diversify revenues and grow its core airport business while supporting regional economic development.
“We’re exploring new and innovative ways to strengthen our role as a diverse global hub while aligning YVR to the future growth and needs of British Columbia,” reveals Vancouver Airport Authority’s vice president for business development, Bill Bakk.
“This includes unlocking economic development and logistics opportunities on Sea Island that will benefit our community and the economy that supports it.
“Under our current land-use plan and through our work with Cushman & Wakefield, we look forward to welcoming new businesses to the airport and adding more points of connection for our passengers, workers and community.”
The existing facility boasts 300,000 square feet of total potential floor area upon completion, contiguous floor plates of over 60,000 square feet, generous ceiling heights and floor-load potential. Once complete, the re-designed Airport Commerce Centre will serve as the business gateway to YVR’s terminal and offer tenants unmatched exposure to millions of passengers passing through the airport annually.
The location, adjacent to YVR’s Cargo Village, has multi-modal potential and can facilitate air cargo connections with major future developments on Sea Island and proximity to the US border.
Its proximity to YVR’s main terminal places the facility along the Canada Line, a rapid transit line that connects riders to downtown Vancouver in under 30 minutes.
“With substantial construction in-place, the Airport Commerce Centre presents a unique opportunity for investors and developers to complete construction and respond to tenants’ future business needs in a significant and exclusive location within Metro Vancouver,” said Cushman & Wakefield’s Edgar Buksevics.
“At 0.6% vacant, the Vancouver industrial market continues to see steadily declining vacancy rates coupled with continued positive absorption, rising rental rates and robust tenant demand. The Airport Commerce Centre provides a strategic offering to align with YVR and potentially participate in +C$2 billion of future construction activity. Given the historical strength of Vancouver’s logistics market and Airport Commerce Centre’s location, it’s an extraordinary opportunity.”
Strategically located in the Pacific Northwest, YVR is a global hub and leading gateway between the Americas and Asia Pacific, offering significant competitive advantages for international goods movement and travel.