Abbotsford/Vancouver – QuadReal Property Group and Hungerford Properties announced that Building 3 of its 11-building complex has already been fully leased. Building 3 is a build-to-suit for Cintas Corporation, the parent company of Cintas Canada Limited, a U.S.-based Fortune 500 company that provides facility services, uniforms and apparel to companies throughout Metro Vancouver. Cintas Corporation has more than one million customers in the U.S. and Canada, and by expanding to the new building at Xchange Business Park, they will more than double their square footage in Metro Vancouver and be closer to where many of their employees reside. The expansion will lead to the addition of approximately 100 jobs in the Abbotsford area.
Overall, vacancy rates for the industrial asset class in Metro Vancouver continue to be low. They were 0.2% as at Q4 2022, with demand outpacing supply in almost all submarkets. The Fraser Valley has seen the bulk of the new supply coming online, and Xchange Business Park is the largest of these developments.
The 140-acre Xchange Business Park, a joint venture of QuadReal Property Group and Hungerford Properties, will eventually have 1.3 million square feet of purpose-built light industrial space less than an hour’s drive from Vancouver’s downtown core and 20 minutes from two U.S. border crossings. Only six minutes from Abbotsford International Airport and an hour from Vancouver International Airport, its location along the Trans-Canada Highway highlights Abbotsford’s rising prominence as a logistics and warehousing hub for the province. Nearly a third of the city’s population is made up of an industrial workforce, which will benefit from the generation of 1,000 direct jobs at Xchange Business Park.
