Metro Vancouver Industrial Market Report - Q1 2020
Overview – Vancouver’s industrial market, like every other warehouse market in the world, was blindsided by COVID-19, a true black swan event. With global trade severely impacted, and many businesses forced to shutter (albeit temporarily), leasing dynamics have changed substantially. Note: available industrial statistics do not accurately reflect these new leasing conditions. With all but a few industry groups impacted, the immediate future of the Vancouver industrial market has now been called into question, not dissimilar to most other warehouse markets. With so many unknowns, any projection would barely be worth stating, but what is undeniable is many of the assumptions underlying Vancouver’s warehouse market will now need to be questioned. Global trade patterns, supply chain management, just-in-time inventory levels and turmoil in the retail sector all look set to meaningfully impact warehouse markets - including Vancouver’s.