Colliers closed what turned out to be one of Vancouver's largest industrial deals of 2025 a year ago — before the start of what one broker called Canada's "tariff rollercoaster ride."
Even before tariffs became an issue, the region's industrial sector was grappling with the uncertainty of shifting building regulations and mounting pressure in the national economy.
The Colliers team in Vancouver persevered, signing Intelcom, the parent of Dragonfly Shipping, to a long-term lease at Conwest Group's Nordel Point development in the Vancouver suburb of Delta.
"Securing a lease of this size in today's market was no small feat," said Colliers Executive Vice President Chris Morrison. "While large-format spaces are in demand, they often take time to secure suitable tenants. It takes flexibility, timing and alignment across multiple parties to make a deal like this happen."
Working with Colliers brokers across the country to sign of greater Vancouver's biggest single-tenant industrial leases of the year amid tough conditions earned the deal a 2026 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the deal: The deal represents an "across-Canada success story," Morrison said. The Vancouver team connected with colleagues in Halifax after hearing that Montreal-based Dragonfly was looking to improve its logistics network with a new facility in Western Canada.
Dragonfly signed a 10-year deal for the entire 202,646-square-foot Nordel Point building finished last year by Vancouver-based developer Conwest.
What the judges said: The softening industrial market and the scale of the deal "made this a more challenging lease to execute, and therefore more impactful," said Justin Smith, president of Hawkeye Wealth Ltd.
Liz Firer-Gillespie, senior vice president of asset management for Balfour Pacific, agreed with Morrison that signing a large deal under tough economic conditions was a major accomplishment.
"Landing a single-tenant user was the best-case scenario for the landlord," Firer-Gillespie added.
They made it happen: Sean Bagan, Jack Hall, and Connie Amero-Warrington SIOR, with Colliers, represented the tenant. Chris Morrison and Andrew Lord, also with Colliers, represented the landlord.