•Metro Vancouver’s industrial market accelerated through the end of 2020. Year-end closings have pressed availability and vacancy rates 10 basis points (bps) below Q4 2019 figures, now at 2.3% and 1.1% respectively. With four municipalities now at or below 1.0% vacancy and few significant developments for the coming year, expect continued downward pressure on rates.

•Sustained demand has continued to outpace the development pipeline. Just under 1.3 million sq. ft. was delivered, of which 91.5% was pre-committed. As well, the 4.6 million sq. ft. currently under construction is on par with the historical 5-year average.

•Average asking lease rates have escalated to $13.92 per sq. ft. finishing the year strong with year-over-year rate growth of 5.9%, marking the 9th consecutive year of growth. Prior decreases can be attributed to a few significant blocks of sublease space promoting prior year market rents.