Will Surrey look at the same rise as they did in Portland, O.R. with cannabis growers and dispensaries that pushed the price per square-foot(sqft) to a premium of $12 to $18 on industrial land in 2016 compared to market rates of roughly $5.
At least 8 million sqft is figured to be needed which includes distribution and logistics centres across Canada by the year 2020. These numbers do not include what might be needed in farm land or areas of industrial parks that might be growing the product. Surrey being one of the major areas that houses such properties could be a major player in the legal cannabis industry.
Several sites have been used in production in and around the Fraser Valley already. But the push for Surrey industrial property has been on the rise for this type of land use as it nears closer.
“It will be necessary to support staff with new training protocols, guidelines and procedures related to regulatory changes and new licensing systems,” the City of Surrey report states. “This will require investment early in the process to ensure effective implementation.”
Land Use Changes Surrey Needs to Look At
Surrey thinks the revenue could be a cost burden if the price for licensees are not priced right. “appropriate Buffer Zones” in land-use planning and inspection regimes need to be looked at in great detail.
“Like all local governments, the City of Surrey must determine the changes needed to ensure an effective response to cannabis legalization,” Hepner said. “That is why we have developed a balanced, appropriate, and evidence-based approach in line with our public-safety strategy.”
This is going to be a challenging time for Surrey and the bylaws with how business licenses will be implemented and there is a short time frame of this to all happen. We can only ask for the best people in and around government to come up with public safety first.
As a Realtor in Surrey this has put the price of industrial land at an escalating cost for certain areas that might be speculated as Buffer Zones. If you are looking for Real Estate Team that knows Surrey Industrial Land get the Becky Zhou Team to list your property.