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Vancouver Industrial Figures Q1 2022

01 Jun 2022

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  • Metro Vancouver’s vacancy rate fell 10 basis points (bps) to 0.5%, setting another record low, despite near record pace of construction activity of 8.9 million sq. ft.
  • Scarce levels of availability fueled average asking lease rates to grow 6.6% quarter-over-quarter to a new record high of $17.40 per sq. ft. Pre-commitment deals are now achieving rates in the low $20’s per sq. ft. in some regions.
  • While the overall lack of availability drove up average lease rates, existing inventory featuring dock loading remains in even shorter supply. Lease rates for this type of product is subject to a premium and can often be seen leasing in off market scenarios.
  • Although demand remains high, little relief is expected from the 8.9 million sq. ft. of product currently under construction; mostly subscribed to leaving only 22.5% remaining available for commitment.