• In Q1 2021, Metro Vancouver’s industrial vacancy rate reached a historical low of 1.0%, availing little to no space options for occupiers of all size requirements.

• Continued downward pressure on total existing and available inventory pushed availability rates to an all-time low of 1.7% in Q1 2021, a 20-basis point (bps) decrease from the previous record set in Q1 2019.

• Average asking lease rates experienced a 0.6% lift quarter-over-quarter to a record breaking $14.00 per sq. ft., signifying a staggering 61.3% increase from the beginning of Q1 2017.

• A total of 4.9 million sq. ft. of space is currently under construction in Metro Vancouver as developers are trying to keep up with demand. Although 47.2% of this space total is pre-committed, aggressive delivery estimates predict that the 3.7 million sq. ft. of new supply will deliver throughout 2021 and undergo absorption. As available development sites are scarce, lack of new supply to satiate demand will keep vacancy at historic lows