• In Q2 2021, Metro Vancouver’s industrial vacancy rate reached new lows of 0.6%, availing no existing and available space options for occupiers larger than 100,000 sq. ft.

• While construction continues at an accelerated pace, the 1.2 million sq. ft. of new supply delivered in Q2 was nearly 100% pre-leased and did little to alleviate the pent-up demand that has accumulated in recent years. Of the 5.5 million sq. ft. currently under construction, 67.7% is either pre-leased, sold or under contract.

• Average asking lease rates experienced a 7.2% lift quarter-over-quarter to reach $15.01 per sq. ft., signifying a staggering 72.9% increase from the beginning of Q1 2017.•

• A chief concern in recent years, the widening supply-demand imbalance in Metro Vancouver has become increasingly evident. As of Q2 2021, Metro Vancouver has experienced 31 consecutive quarters of positive net absorption, totalling 35.0 million sq. ft. Over this same period, only 26.9 million sq. ft. of new product was delivered, which has resulted in an 8.1 million sq. ft. inventory gap equivalent to 4.0% of current inventory.