A real estate development company has purchased the largest undeveloped industrial property in Squamish.
Denciti Development Corp. in partnership with Kadestone Capital Corp, has purchased the 8.5 acre site at 38933 Queens Way.
The company plans to develop the site with local manufacturing, technology, cleantech, greentech, and food processing companies.
“Squamish is an excellent place to start or relocate a business and we look forward to providing high-calibre space where local entrepreneurs can thrive,” says Denciti CEO, Garry Fawley.
“Squamish is attracting business thanks to a high quality of life, its proximity to Vancouver, and its business-friendly environment. We are impressed with the evolution of this community and we want to support local growth opportunities as the economy reopens.”
Demand for industrial space in Squamish has surged over the past five years as the price of land has increased across the Lower Mainland. Demand for industrial space is so great that availability rates either to lease or own space are near zero, and lease rates have been increasing for the past five years, Fawley added.
Local realtor Darren McCartney said there is a ‘perfect storm’ in Squamish for industrial demand.
“I’m excited to see Denciti stepping up. With their expertise, this site will provide a steady supply of high-quality light industrial space that’s long overdue.”
Denciti is preparing plans for the site and expects to file a formal development application in the near future.