Metro Vancouver Industrial Market Report - Q1 2021
Prophetically Metro Vancouver’s four largest industrial markets are emblematic of the region’s dearth of available warehouse space. Richmond, Surrey, Burnaby, and Delta account for almost two-thirds of all warehouse space in the metro region and have a combined availability rate of just 1.1%. These mega markets are where many industrial users are located, and are feeling the impact of little or no space. And relief is but a pipe dream. Across the Lower Mainland 3.3 million square feet is under construction, with completion in the next 12/15 months, however, 40% has already been preleased or presold. Added to this, the wave of demand brought about by e-commerce, and now for COVID related reasons, shows no sign of abating. Conditions are therefore not expected to change in any meaningful way, putting pressure on users to make difficult decisions as to their future warehouse footprint.