Businesses looking for property in the Metro Vancouver area are finding prices have increased substantially over the last two years.

A new report from Colliers International shows that the cost of developing commercial property in Vancouver is 18 to 26 per cent higher now than it was in 2012.

A lack of commercial land is just part of the equation with land prices varying across the area. Changing regulations have also added to costs and the report notes that property taxes are higher than many surrounding alternatives adding an annual burden on top of the initial set-up costs.

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