The port authority said in a statement that it purchased three industrial-zoned properties in the British Columbia cities of Richmond and Port Coquitlam in an effort to "secure trade-enabling land to support future port growth, facilitate Canada's trade" and contribute to the local economy, reported American Shipper.
The three properties bought by the port authority are being temporarily designated for continued industrial use pending a formal amendment to the VFPA's land use plan, and are expected to continue to be used mostly for warehousing and distribution for the foreseeable future.
Large strips of industrial land are needed for logistics warehouses and distribution centres to ensure the efficient movement of goods. However, the availability of such parcels is decreasing at an alarming rate, according to the port authority. Demand for trade-enabling land continues to intensify, the VFPA said, because of a lack of new supply of land, combined with the continuing trend of converting existing industrial land to other usage.
"Studies show the region is going to run out of trade-enabling land within the next decade," VFPA vice president of real estate, Tom Corsie, was quoted as saying. "Our trade-enabling land strategy includes advocating for industrial land protection, acquiring industrial land to meet the needs of growing Canadian trade and maximizing the use of our existing port lands."
The three properties include an 8.48-acre site and a 9.46-acre site in Richmond; and a 17.65-acre location in Port Coquitlam.