Figures

Vancouver Industrial Figures Q2 2026

Availability declines as leasing activity gains momentum

July 28, 2026 5 Minute Read

Metro Vancouver’s availability declined by 20 basis points (bps) and vacancy fell by 10 bps this quarter, breaking a four-quarter trend of steady increases. This shift can be largely attributed to leasing activity in large-bay spaces, particularly within the 50,000–100,000 sq. ft. range.
Recent positive absorption has been driven primarily by the take-up of existing available supply, rather than the pre-commitment activity that has historically underpinned leasing performance. This trend may persist in the near term, as new supply, especially large-format units, remains limited.
Average asking rates appear to be on final approach to a floor, settling at $19.14 per sq. ft., down 3.9% year-over-year. Momentum has softened considerably, with the latest quarter-over-quarter dip of just under 2% suggesting the market is in its last leg of descent.
Currently, 2.9 million sq. ft. are under construction, with just under 60% pre-committed. Nearly half of the active construction volume consists of build to suit projects.