Aug 28, 2024

First Building in Xchange Business Park Fully Leased and Ready for Occupancy

QuadReal Property Group and Hungerford Properties are thrilled to announce the completion of 30340 Blueridge Drive (Building 3) at Xchange Business Park. This state-of-the-art facility is now ready for occupancy, marking a significant milestone in the development of this premier industrial complex. The building is a custom-built facility for Cintas Corporation, the parent company of Cintas Canada Limited, a Fortune 500 company renowned for providing facility services, uniforms, and apparel to businesses throughout Metro Vancouver.

Cintas Corporation, serves over one million customers across the U.S. and Canada, will more than doubles its footprint in Metro Vancouver with this new facility. This strategic expansion places Cintas closer to many of its employees and is set to create approximately 100 new jobs in the Abbotsford area.

The completion of the Cintas building comes at a pivotal time for the industrial market in Metro Vancouver. The current vacancy rate for industrial properties stands at 3.0% as of Q2 2024 (Colliers Canada Vancouver Industrial Market Report Q2 2024 - https://www.collierscanada.com/en-ca/research/vancouver-industrial-market-report-2024-q2), reflecting ongoing strong demand in the sector. Jeff Rank, Senior Vice President of Leasing for QuadReal Property Group, commented on the market conditions: “The industrial market in Metro Vancouver, and particularly in Abbotsford, remains robust with high demand for space. The strategic location of Xchange continues to attract top-tier companies like Cintas, underscoring Abbotsford’s importance as a logistics hub for the province.”

Andrew Hungerford, Partner at Hungerford Properties, highlighted the significance of the development: “The completion of the Cintas building at Xchange Business Park is a major milestone in our commitment to providing high-quality industrial space that meets the needs of our clients. We are proud to support Cintas in their expansion and look forward to the continued growth and success of Xchange Business Park.”

The 140-acre Xchange Business Park is a joint venture between QuadReal Property Group and Hungerford Properties. It will ultimately feature 1.3 million square feet of purpose-built light industrial space, located less than an hour from downtown Vancouver and just 15 minutes from two U.S. border crossings. Its prime location along the Trans-Canada Highway, six minutes from Abbotsford International Airport and an hour from Vancouver International Airport, underscores Abbotsford’s growing importance as a logistics and warehousing hub. The development is expected to generate 1,000 direct jobs, benefiting nearly a third of the city's industrial workforce.