Vancouver Industrial Figures Q1 2025

–       Overall vacancy rates in Metro Vancouver fell 10 basis points (bps) quarter-over-quarter to 3.7% due in part to large transactions towards the end of Q1 2025.

–       Availability rates also fell in Q1 2025, down 40 bps quarter-over-quarter to 4.9%, indicating there exists an appetite for competitively priced opportunities in Metro Vancouver.

–       Asking net rent decreased again in Q1 2025 due to relatively low demand and growing competition among landlords. Current asking net rent in Vancouver was $19.96 per sq. ft., down from $20.09 in Q4 2024 and $21.48 per sq. ft. in Q1 2024.

–       The total proportion of subleases on market in Q1 2025 grew to 18.5% of total availabilities, highlighted by three +100,000 sq. ft. short term opportunities.

–       Net absorption was positive in Q1 2025 at 1.9 million sq. ft., a large increase from the negative 339,000 sq. ft. recorded throughout all of 2024.

–       New supply delivered in Q1 2025 totaled 1.2 million sq. ft., split across five submarkets. There is an additional 4.8 million sq. ft. currently under construction with 23 projects expected to complete in Q2 2025.