Figure
Vancouver Industrial Figures Q4 2022
February 22, 2023
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- Metro Vancouver’s industrial market completed the year with additional growth. Average asking lease rates increased to $20.83 per sq. ft. and just over 3.3 million sq. ft. of new inventory was added to the market over the year in 2022. Vacancy and availability grew by 30 basis points (bps) and 40 bps, respectively.
- Despite the rise in availability, demand throughout Metro Vancouver remains high. Year-over-year, average asking lease rates rose by 27.6% and are expected to continue to rise until we see relief in vacant new supply deliveries.
- For large occupiers, available space beyond 100,000 sq. ft. continues to be scarce, with only two listings across Metro Vancouver offering more than 100,000 sq. ft. for lease or sale, one of which boasts 20 dock doors and 148,229 sq. ft