There’s an industrial land market being fired up in Kelowna these days due, in large part, to the cannabis industry.
The City of Kelowna only allows cannabis to be grown in land zoned Industrial, so there is now only a 1.5 per cent vacancy rate and development is moving to the north end of Kelowna next to Lake Country.
“The emerging cannabis sector has shown a voracious appetite for industrial space, for larger format growing operations, processing facilities (concentration) and research and development space,” Kris McLaughlin wrote on his website for MCL Real Estate, of which he is Director.
That includes two buildings on McCarthy Road (just south of Beaver Lake Road) totalling more than 372,000 square feet for The Flowr Corporation plus a 60,000 square foot building on nearby Jim Bailey Road for GTEC Holdings, another cannabis company.
That makes up almost 35 per cent of the 1.25 million square feet of industrial projects underway or proposed in the next few years.
McLaughlin’s list does not include anything for Trek Cannabis Corp., which is advertising for a master grower to manage 200,000 square feet of growing space. Its website says it hopes to lock down two Okanagan properties by the end of May, although there’s nothing to say they will be in Kelowna.
Read more at infotel.ca
