FALL 2021

Metro Vancouver Industrial Overview

Availability of space and labour proximity now primary drivers guiding decision-makers in North America’s tightest industrial market

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Industrial overview

Metro Vancouver’s industrial vacancy lowest in North America at 0.5%

Metro Vancouver's industrial vacancy is lowest in North America at 0.4%

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Strata development represents almost 30%

Strata space represents almost 30% of total square footage of new supply currently under construction

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Rental-rate escalation expected to moderate

Rental-rate escalation expected to start to moderate compared with the past three years as tenants acclimatize to evolving market dynamics

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More than 5.9 msf of new industrial space for lease

More than 5.9 msf of new industrial space still available for lease is under construction/proposed by end of 2023

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Lease rates hit new record high

Lease rates hit new record high as Metro Vancouver average achieves $15.50 psf

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Investment in industrial properties surged

Investment in industrial properties surged to record levels in first half of 2021 as the asset class remains the focus of investors of all types

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Metro Vancouver Industrial Market Update (Q3 2022)

More than 2.2 msf of new inventory will be delivered in the next six months, but 80% of that space is already preleased/presold.

Metro Vancouver Historical Industrial Trends

FALL 2021 | METRO VANCOUVER

Industrial Overview

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© 2022 Avison Young. All rights reserved. E. & O.E.: The information contained herein was obtained from sources that we deem reliable and, while thought to be correct, is not guaranteed by Avison Young Commercial Real Estate Services, LP (“Avison Young”)