Metro Vancouver industrial's market posted another record quarter with the region's availability rate hitting an all-time low of 1.0%, and a vacancy rate below one percent at 0.9%.
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The Metro availability rate fell by 10 basis points during the 2nd quarter to 9.8%. Most of the decline was due to suburban markets where availabilities fell 110 basis points. While down, the Metro availability rate remains nearly double the 5.1% rate registered at the end of 2018.
Second-quarter statistics show the Metro Vancouver office space market reawakened after a 15-month hiatus, while the warehouse market continued to be white-hot. Industrial landlords could not be more in the driver's seat, while office landlords are most likely feeling a bit better, all things considered.
As Colleen’s team at Perkins & Co started planning for reopening their office, they knew there would be a lot to contend with, and having a detailed, thoughtful plan was essential to communicate. “We’ve thought about it extensively in our reopening planning. How do we make people feel ok about this? How do we give them the space to re-enter (the office) that works for them and their family?” Colleen said.