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%
Strata development represents almost 30%
Strata space represents almost 30% of total square footage of new supply currently under construction
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
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
Lease rates hit new record high
Lease rates hit new record high as Metro Vancouver average achieves $15.50 psf
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
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
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