Fall 2020 Commercial Market Report

Well located commercial land is being absorbed for mixed-use developments and high quality industrial land is also at a premium. Record pricing for land has been set in 2020, as demand for density in key locations drives prices higher.

Although the effects of COVID-19 have yet to be fully realized, the pandemic has certainly impacted the market.

In recent years, Kelowna has started to establish a reputation for on-trend retail stores and restaurants, which helped cement our city as a thriving place to be, year round.

Office space has been a trending market in Kelowna and with all the positive regional economic indicators and demand for businesses to have a presence in the city, the long term outlook is still bright.

Industrial remains the city’s hottest sector, largely due to the extreme shortage of Developable land in centrally located areas. Kelowna, which has 38% of its land in ALR, is often compared to Victoria because of its land-locked supply and premium pricing.