Figures

Vancouver Industrial Figures Q3 2026

Availability declines for second consecutive quarter as demand strengthens

October 29, 2026 5 Minute Read

Metro Vancouver recorded a second consecutive quarter of declining availability, decreasing by 30 basis points (bps) quarter-over-quarter. The vacancy rate meanwhile remained unchanged at 5.0%. Market activity has continued to gain momentum throughout the year, with net absorption reaching 1.1 million sq. ft. in Q3, reflecting strengthening demand in certain segments across the market.
The average asking lease rate continued its gradual softening trend, marking the 13th consecutive quarter of decline as it settled to $18.87 per sq. ft. This represents a 1.4% decrease quarter-over-quarter and a 5.0% decline year-over-year.
Both the sale and leasing markets continue to undergo price adjustments, with many properties transacting at rates significantly below both their original asking prices from a year ago and their current marketed rates.
A total of 414,000 sq. ft. of new supply was delivered during the quarter, nearly all of which was speculative, bringing year-to-date deliveries to approximately 1.2 million sq. ft. An additional 3.1 million sq. ft. remains under construction, with roughly 1.1 million sq. ft. scheduled for delivery by year-end.