Coquitlam saw another big-bucks year of development in 2017.
Building permit values rose 38% from those in 2016, a jump from $345 million to $475 million, according to the city’s most recent economic development activity report. The total comes close to breaking the city’s record of $482 million, set in 2013.
“We have seen very, very strong growth,” said deputy city manager John DuMont, adding, “We anticipate 2018 to be another busy year. We don’t see any signs of things slowing down at this point.”
Coquitlam’s increase in building permits far outpaces the Metro Vancouver average of 14%, according to the report. The document noted that residential permit values saw a particularly sharp increase of 64%, with the majority of the growth along the Evergreen Extension and on Burke Mountain.
Building permit figures are not the only indicators that the economy in Coquitlam is healthy.
David Munro, the city’s manager of economic development, estimates the vacancy rate for commercial office space is between 6% and 7%, a decrease from the 12% average seen three years ago.
Coquitlam’s 675,800 sq. m of industrial space is also in demand, with an estimated vacancy rate in the 2% range, he added.
“It is a very competitive market,” Munro said. “There is not a whole lot of inventory for industrial space west of the Port Mann Bridge.”