KAMLOOPS — The Kamloops Commercial real estate market is expected to continue it's stable trend entering 2016.
A report released by Colliers International says vacancy rates were down for both the industrial and office markets in 2015 but the numbers are substantially higher for retail space.
But according to Venture Kamloops there is little cause for concern.
2015 is being considered an overall successful year for commercial real estate in Kamloops.
Colliers International reports from September 2014 to December 31st 2015 the vacancy rate for the office sector dropped by 1.33%.
Katie Martin is the Research Co-ordinator at Colliers and says, “there were a few vacancies that were filled and we also had a lot of new construction come onto the market that was completely occupied. That really affects the numbers where there's more inventory, less vacancy.
On the flip side, vacancy rose 1.97% in the retail market though that comes as little surprise to Venture Kamloops after the closures of Target and XS Cargo in the Southgate/Sahali area.
Executive Director of Venture Kamloops Jim Anderson says, “we knew knew that the target spot was empty in the Sahali Mall. We knew it would take a while to fill and we knew that affected the retail vacancy rate. The office and industrial rates, it's going to have some movement in those rates. We certainly want to have spaces available but it's also nice to have an indication that there is demand.”
Colliers warns if there isn't enough space in Kamloops businesses could look elsewhere.
Managing Broker at Colliers International Ron Ehrenholz says, “if there's a weakness it's maybe the fact that we don't have a supply of buildings or space if people wanted to come in, or to lease. If there's a bit of a negative, yes we're stable but maybe people are passing us by because there isn't the opportunity to locate here.
Kamloops is considered to be one of the most stable economic cities in all of the Interior region.
Anderson says, “we obviously still rely heavily on the resources sector, resource extraction, forestry, those kind of primary industries. with the addition of an economic driver like TRU, the airport and tourism, all those sectors playing into the economy really helps us level out that business cycle and helps us to continue steadily growing.”
Presently the Cityview Shopping Centre is under construction with planned occupancy come the spring.
And there are a number of new buildings planned near Laval Crescent and Versatile drive.
Looking ahead for 2016 in Kamloops, the key words are steady with unspectacular growth.
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