NAIOP Vancouver Chapter
The report reveals a 50% oversupply of parking at industrial sites in the region after examining more than 60 sites across Metro Vancouver and the Fraser Valley.
VANCOUVER, British Columbia, Nov. 01, 2023 (GLOBE NEWSWIRE) — Today, NAIOP, Vancouver Chapter, Bunt & Associates Engineering (Bunt), unveiled a first-of-its-kind report examining the impact of parking supply rates on industrial sites across Metro Vancouver and the Fraser Valley. The Metro Vancouver/Fraser Valley Industrial Parking Study (The Study) examined more than 60 sites across Metro Vancouver and the Fraser Valley to highlight inefficiencies in existing systems and recommend optimal parking supply rates.
The Vancouver Chapter of NAIOP is one of more than 50 chapters within an extensive network throughout North America. Representing commercial real estate developers, owners and investors of office, industrial, retail and mixed-use properties, NAIOP provides strong advocacy, education, communication, networking and business opportunities for real estate and related professionals within the local commercial market. Deeply committed to providing advocacy through education, its collaborative report on parking is the first report of its kind, and the first report with Bunt & Associates.
The Study is a follow-up report to a study drafted by NAIOP and the Greater Vancouver Board of Trade on the Economic Impact Study of the Critical Shortage of Industrial Land in Metro Vancouver as well as a presentation by NAIOP to Metro Vancouver on the Intensification of Industrial Lands in 2019. These studies and presentations aim to emphasize the importance of Metro Vancouver and the Fraser Valley’s industrial land, given its limited supply and the geographic challenges of the region. Compared to other major port cities in North America, Metro Vancouver and the Fraser Valley have only 4% of their land base dedicated to industrial land, which supports 27% of the region’s employment opportunities. The Study is intended to illustrate a high-impact opportunity to better utilize the limited supply of industrial land available in the region.
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Study data was collected in June 2022 by observing the number of utilised parking spots during peak weekday times across 62 industrial facilities. The purpose of surveying each site was to capture parking supply and peak period parking demand. Following the collection of data throughout June 2022 and a recount held in October 2022, the main finding from the study detailed that most industrial sites across Metro Vancouver and Fraser Valley regions were oversupplied with parking by 50%. This result suggests that most industrial sites across Metro Vancouver and Fraser Valley regions have valuable industrial land left unused.
“Following The Vancouver Chapter of NAIOP and the Vancouver Board of Trade’s report on the scarcity of industrial land in Metro Vancouver, our report further serves as a reminder that industrial land is a valuable commodity. By working with municipalities to reduce excessive parking requirements on industrial sites, we can prevent pushing businesses out of the area,” shares Carl Funk, Director, Industrial Planning & Development, Beedie. “At Beedie, we remain committed, like NAIOP, to advocating for thoughtful and proper industrial land use. We hope this report leads to more strategic conversations.”
Data was also collected for observed parking supply rates, observed peak parking demand rates, and observed peak utilization. As a result, the average peak parking utilization was highest (53%) for Small-Unit Multi-User sites and lowest (41%) for Small-Unit Multi-Tenant sites. Single-User Lease sites comprised the most sites (29%) and had the lowest average peak parking demand rate and the lowest average observed parking supply rate.
Based on the findings gathered from the study, to address the underutilised parking issue in Metro Vancouver and the Fraser Valley, Bunt recommends municipalities consider new parking supply rates for small, medium and large industrial sites based on building size and proximity to transit. This thoughtful approach will help mitigate limitations and foster economic growth in these regions.
“Bunt understands the value of industrial land in Metro Vancouver and the need to strategically utilize it to support the growth of our local businesses. It is important to provide available locations for businesses to expand and meet their current needs to avoid seeing them consider alternative cities or even countries,” says Christephen Cheng, Principal and Senior Transportation Engineer at Bunt. “We are proud to present the findings of this groundbreaking report, which sheds light on the often overlooked area of industrial development. We aim to encourage positive change and ensure the ability for our industrial businesses to thrive and grow within our communities.”
The economic performance of a community is impacted by parking oversupply and industrial land misuse and is often overlooked. The scarcity of industrial land prompts businesses to explore alternative spaces. According to a report by the Greater Vancouver Board of Trade and NAIOP Vancouver, businesses occupied around five million square feet in Calgary, creating 6,300 direct jobs and generating $477 million in wages in that region.
To learn more about the Vancouver Chapter of NAIOP and Bunt & Associates Engineering, visit naiopvcr.com and bunteng.com. To read the Metro Vancouver/Fraser Valley Industrial Parking Study visit https://naiopvcr.com/page/parkingstudy2023.
About NAIOP Vancouver Chapter:
NAIOP, the Commercial Real Estate Development Association (NAIOP) Vancouver Chapter, a subgroup of the larger NAIOP network with over 50 chapters across North America, is the preeminent advocate for commercial real estate developers, owners, and investors in British Columbia. NAIOP Vancouver’s mission is to enhance the Vancouver commercial real estate community by advancing professional standards, improving industry perception, advocating for effective government policies, positively impacting the environment and economy, and promoting knowledge sharing. The NAIOP community actively shapes the future of commercial real estate while making valuable contributions to the local community and environment. The commercial real estate industry in Metro Vancouver supports over one hundred seven thousand jobs, provides $14.4 billion in labour income for workers, contributes billions to municipal budgets through development charges and over $15 billion to the Canadian economy. (Altus 2020)
About Bunt & Associates Engineering:
Bunt is the leading transportation planning and engineering consulting firm in Western Canada, with five offices located in Calgary, Edmonton, Kelowna, Vancouver, and Victoria. A team of over 50 transportation engineers, planners, technologists, and support staff are fully committed to providing exceptional services. This commitment has resulted in Bunt being the preferred transportation consultant for hundreds of repeat public and private sector clients for over 30 years.
CONTACT: Amanda Breen Talk Shop Media amanda.breen@talkshopmedia.com
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