Letter of Support - Andrew Still (Tyee Capital / Ashdown Capital)

Letter of Support

To

Langford City Council

From

Andrew Still

Date

June 8, 2022

Subject

2750 Leigh Road - Zoning Amendment

Dear Council Members,

I am writing to express my deep support for this zoning amendment.

Historically the need for any significant industrial facilities in the Greater Victoria region was limited. However, with the growth of the residential market, and the corresponding demand for space from the commercial sector, many businesses are now “capped” in their ability to service demand.

Since the market has been historically small in relation to other major markets in Canada, the facilities businesses operate out of have accordingly been of smaller scale. Now certain businesses require facilities upwards of 50,000 SF, with little or no product to move to. This has caused businesses to open up multiple nearby facilities which causes immense strain to their bottom line due to decreased efficiencies, further strains on the supply chain and ultimately more negative environmental impact. Businesses occupying multiple facilities also removes already limited stock for smaller businesses to occupy. Small businesses cannot compete to secure these facilities, due to the demand for certain space from larger, more established businesses. This ultimately impacts the ability for small businesses to flourish, which is essential to economic growth.

Moreover, the vast majority of existing industrial stock is dated from the 1940s, 50’s and 60’s, and is insufficiently equipped to meet the demand of more modern business needs. Many of these facilities are located in areas that are now designated for higher density, so it can be assumed that these facilities will soon be eliminated from the low existing inventory which will put further strains on and already critical situation. New businesses entering the market wish to occupy facilities that they can be proud of, and our dated stock falls short of their requirements. If we want to attract major international employers, we need to deliver inventory that is sufficient for their operations. Until then, the growth of the market will be stagnated.

Please consider the economic importance of increasing our stock of employment lands through supporting this zoning amendment.

Principal
Tyee Capital Ltd. (dba "Ashdown Capital Vancouver Island")
Andrew Still