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The vacancy rate decreased for the third consecutive quarter to 2.0 percent, a low not experienced in Metro Vancouver since Q4 2016. And because of this overwhelming amount of demand, developers are pushing to build more supply, and setting the stage so they can build more supply. The Beedie Development Group for example is working with the City of Delta to get a 160-acre parcel of land rezoned (from I3 Extraction Industrial to I2 Heavy Industrial) and subdivided. The parcel of land is located at 5224 88th Street, Delta and would become the Parkwood industrial business park.
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