Commercial Real Estate sales and leasing in Vernon BC in the heart of the Okanagan Valley has been down for some time and will likely stay down for a while. It's interesting how this happened. 3 major players in the North Okanagan business community made major changes in the tail end of the boom of 2004 to 2007. Kal-tire, Nixon Wenger law firm and Tolko industries all built large new beautiful buildings that were bigger than they need at the time with the hopes of leasing space out. That alone put a glut of inventory on the market but additionally they left vacant buildings to be leased out. On top of that 2 new buildings were constructed on 31 Avenue and and 25 Avenue. What all this has done is flood the market with commercial lease space. Now commercial building owners in the Vernon downtown core cannot seem to give away their lease space. I happen to be one of those commercial lease space owners and we are all competing with each other for a very small commercial tenant pool. However, as with every trend, "This too shall pass". However, it is going to be a while before the leasing and commercial Real Estate market gets back to normal in downtown Vernon British Columbia.
Commercial Real Estate in Vernon will not be recovering anytime soon.
- January 14, 2015
- January 2015 (2)