Abbotsford – In January 2021, Abbotsford City council unanimously approved third reading of four bylaw amendments to allow the XChange Business Park project to proceed on land at 3407, 3459, 3481 and 3583 Mt. Lehman Road.
The site is a large swath of land. In fact, the entire site is 140 acres with 80 acres under development now for Phase 1 and expected to be operational by the Summer of 2022.
November 2022 Project update
QuadReal Property Group and Hungerford Properties have received regulatory approval to begin construction of the first two buildings within the Xchange Business Park on Mt Lehman Rd in Abbotsford. The 140-acre business park is slated to include 11 buildings and 1.3 million square feet of purpose-built light industrial space. In addition, the park is preserving over 40 acres of green space and will include an amenity building that honours the nearby Matsqui First Nation people. Xchange is conveniently located less than an hour’s drive from Vancouver’s downtown core and 20 minutes from two U.S. border crossings.
The facilities are designed to alleviate strains to the supply chain through such features as dock loading, high ceilings and immediate access to the Trans Canada Highway. Xchange Business Park has the ability to boost B.C. exports and solidify Abbotsford’s role as a logistics and warehousing hub for the province.
“The new Xchange Business Park not only substantially increases premium industrial space in Abbotsford, it will also add much needed jobs in our growing community,” said Abbotsford Mayor, Ross Siemens. “Key economic projects like this help further cement Abbotsford as the regional economic and cultural hub of the Fraser Valley.”
From a jobs perspective, Abbotsford is already a leader in the logistics sector. While total employment in the area increased by 10% between 2015 and 2019, employment in transportation and warehousing grew three times as quickly. The Xchange project is expected to generate an estimated 1,000 direct jobs in Abbotsford and $23.6 million in provincial taxes.
“We’ve all heard of the challenges posed by a lack of industrial space close to metropolitan centres,” said Jeff Rank, Senior Vice President, Leasing for QuadReal Property Group. The demand in Metro Vancouver is largely driven by e-commerce and logistics requirements. And for almost a decade, demand has outstripped supply, so Xchange is filling a very definite need in the local supply chain.”
“What will be available at Xchange is ideal for a wide range of uses,” said Michael Hungerford, Partner, Hungerford Properties. “We’re excited to begin construction on much-needed industrial space that will begin serving tenants in early 2024, particularly given the scarcity of developable industrial land across the region.”
Buildings 1 and 2 are set to be tenant-ready by early 2024.
