Is Prince George Booming? It may very well be!

dave20063

7 hours ago

5 min read

Focus on the Prince George Commercial Market

Why Prince George Right Now?

The Hub City Is Having a Moment: Why Prince George Is Worth a Hard Look Right Now

If you’ve been waiting for a sign that Prince George is the place to invest, Northern BC just sent several. Roughly 20 major projects across the region could use Prince George as their service and supply hub. Together they represent more than $50 billion in investment and could require more than 20,000 construction workers. ckpgtoday. Additionally in the municipal election on the weekend we say a change in Mayor and Council. I met with the new mayor this week and he is excited about the prospects of projects around the community and will be working hard to ensure that Prince George is able to capitalize on these major projects.

Lets look deeper into what is going on .

Mining: The Mining Association of BC pegs 24 proposed Northern BC mining projects at an estimated $69 billion in economic activity. Closer to home, Mount Milligan’s operations have been extended to 2035, and Artemis Gold, west of Prince George, is expanding. northern bc mining projects could generate 69bn in economic activity mabc 2026 01 23 +2 . I have had companies as far away as Toronto call me to ask for specific types of properties to enable them to serve the mining industry. This is real folks.

Oil and Gas: Shell and its partners made the final investment decision on LNG Canada Phase 2 on September 29, doubling Kitimat’s capacity to 28 million tonnes per year. Coastal GasLink will add five new compressor stations to support it. oedigitaloedigital. Just this week I heard that LNG Canada is looking for 60-90 offices in Prince George!!!

Hydro: Construction is underway on the North Coast Transmission Line, which starts right here in Prince George and is expected to more than double electricity supply to the coast. Governments project it will add nearly $10 billion a year to GDP. boereport ckpgtoday

Here’s what that means on the ground. Apparently from the news sources there have been about 6,000 additional workers arrived in the area over the past year, many of these are landing at the airport and being transported to camps for the various projects, however local unemployment sits at 4.6 percent, well below provincial and national rates. Workers need housing. Contractors need yards, shops and warehouses. Suppliers need space. Housing could heat up as well.

Let me know if you have interest in any specific areas of the market and I am happy to get you more information or put you in contact with people I may know.

🏭 INDUSTRIAL There are 38 active industrial listings: 15 for sale and 23 for lease. The median asking price for a sale is $1.5 million, or about $200/SF. Lease rates run $12–$22/SF net, with a median of $17 plus about $7 in additional rent. The newest stock is in the Southeast corridor (Milwaukee Way, Boundary, Continental), and it rents at the top of that range, around $18.50–$22. Industrial is also the quickest-moving category this month, with a median of about 62 days on market. Key Takeaway: Contractors and suppliers chasing northern projects want shop space now.

Check out the listings here

🌲 COMMERCIAL LAND There are 46 land listings: 38 for sale covering about 747 acres, and 8 large yard sites for lease. The median asking price is $995,000. Industrial-zoned parcels have a median ask of roughly $240,000 per acre. Thirteen sites are under one acre, mostly downtown infill. Land is the slowest category, at a median of about 196 days on market, so buyers have room to negotiate. Key Takeaway: Big projects need laydown yards and camps.Here is the link

🏢 OFFICE & RETAIL There are 52 listings: 20 for sale and 32 for lease. The median sale price is $1.4 million, about $214/SF. Downtown office is still a tenant’s market, with a median of $16.50/SF net and plenty of choice from 400 SF to 32,000+ SF. Retail is firmer at a median of $24.75/SF net, and well-placed highway and Hart frontage asks $30–$38. Key Takeaway: If you’re a tenant, now is a good time to negotiate downtown office. Busy retail locations are still holding their value. Here is the link to the listings

🏘️ MULTI-FAMILY Only five buildings are for sale, totaling 103 units, priced from $624,900 to $6.3 million. That works out to about $104,000–$193,000 per door, with advertised cap rates of 5.0–7.2%. At least one building is full and has a waiting list. That’s no surprise when roughly 6,000 workers arrived in the area last year. Key Takeaway: Supply is thin and rental demand keeps growing, so good buildings won’t sit long

Here is the link to the Multifamily listings

💼 BUSINESSES FOR SALE There are 15 businesses listed, from $120,000 to $6.9 million, with a median of $700,000. Seven are restaurants, many of them national franchises. Six include the real estate, among them a 45-unit motel, an RV park, a 269-unit mini storage and a downtown liquor store. Several owners who have been in business for decades are retiring. Here is the link to all the listings

Prince George is hopping right now and all indicators suggest that the future is bright for the next few years. Let me know if you want to have a coffee discuss any of this.

Call me Dave Fuller, 250-617-7467

Check out my Listings Here including:

Industrial Land for Warehouses, Storage Units!

Development Property Residential:

5 Acre Building site Northside Crossing for 225 Housing Units! Here

2 Residential Lots in Fort St James 20k each or 40k for 2. Bring a Creative offer! Get the Package.

10 Lot Potential next to a Golf Course in PG only $499k Here is the package

Two New Warehouses for Contractors, Mining, or Wholesale.

548 4th Avenue — $1,799,000 (also available for lease at $20/sq ft net). The Onyx Building: 9,754 sq ft of showroom, warehouse and office space. This is the one in the Picture. Get the package here.
481 3rd Avenue — $1,399,000. 9,000 sq ft manufacturing/contracting building with a built-in spray booth and finished second-floor offices. This is another new listing of mine that is going to be fantasic for a contractor. Lease or Buy. Get the package here.

Businesses?

How about a Pizza Restuarant? I have a listing for a Papa Murphy's for only $120k (reduced from $150k)The franchise says you may be able to take over or buy the equipment and are very open to creative offers. Here is the link

I have a couple that are quietly listed for qualified buyers. Reach out to me for a quick chat if you have some interest. One is listed at $5.3M another at $2.4M. Also possibly coming up a coffee shop.

Check out my other development lots on the website. www.nbccommercial.ca

Reach out to Me if you want more information on any of these I am happy to sit down with you and discuss. Also let me know if you want to talk to a banker who will finance you. I know several who have told me that they would be happy to give you a quote.

Have a great rest of the week!

Dave Fuller, MBA, Commercial Realtor

Team Powerhouse Realty

dave@nbccommercial.ca

250-617-7467

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