VANCOUVER, B.C. – A recent study indicates that the current supply of trade-enabling industrial land in B.C.’s Lower Mainland will likely be depleted within the next decade.
The study was commissioned by Port Metro Vancouver and conducted by Site Economics Ltd., examining the inventory of trade-enabling industrial land, which is estimated to currently be around 1,000 acres. These lands are required to support goods that move in and out of the area, as well as housing marine terminals and buildings, all of which must be within close proximity to major roads and rail lines.
“Trade and logistics services that support goods movement are critical to the local and national economy, and contribute to our high standard of living,” said Robin Silvester, president and chief executive officer of Port Metro Vancouver. “Without sufficient trade-enabling industrial land to meet growing demand, we risk hitting an economic brick wall, with serious consequences for our quality of life here in the Lower Mainland.”
The study concludes that roughly 1,500 to 3,000 more acres of trade-enabling industrial land is needed in the next five to 10 years to meet demand, and that the total economic impact of every 100 acres of logistics development is equal to approximately $1.9 billion in value.
Port Metro Vancouver stated that it expects demand for Canadian trade to continue to grow, and that container traffic through Canada’s Pacific gateway would double in the next 15 years. And, with the study indicating that trade-enabling industrial land supply was being threatened by several factors, addressing this matter was essential.
“This issue is critical to the future of the Canadian economy, considering nearly 20% of the value of all goods traded by Canada pass through the port here in Vancouver,” said Silvester. “We hope all levels of government will take the necessary steps to ensure this key region has sufficient land to support future growth.”