A land analysis study commissioned by the city of Colwood shows the potential of commercial growth ramping up in the next two decades while indicating industrial activity will stay low.
“Generally, industrial activity within the West Shore region is contained and more established within the City of Langford,” according to the study’s authors. Jobs in industrial related fields represent 22.2 per cent of total city employment, with most being in construction. Most of these residents work outside the city in surrounding areas, the study points out.
Describing Colwood’s industrial activity as “minimal,” the report from research firm Colliers points out there’s a vacant 27 acres of industrial zones land located along Veterans Memorial Parkway.
“Colwood has numerous regional competitive disadvantages in the industrial market including accessibility and the difficulties of hillside development,” the study explains.
The 27 acres of existing industrial land supply could accommodate growth demands for industrial land in the city at both projected low (19 acres) and high (26 acres) scenarios, it found.
The study also anticipates that up to around 204,000 square feet of retail floor space could be added to the city by 2038. It recommends the city focus on increasing retail supply around new developments in Royal Bay, Seaside and Latoria, with the biggest potential demand being seen in supermarkets and food and beverages.