Q3 2026 Vancouver Industrial Market Report

Metro Vancouver’s industrial market continued to show mixed results in the third quarter of 2026, with positive net absorption of 125,001 square feet, down modestly from 414,070 square feet in Q2. Despite continued occupancy gains, the regional availability rate edged higher to 5.6%, reflecting an increase in sublease availability, while direct availability remained relatively stable at 4.9%. Asking net rents declined to an average of $18.73 per square foot, marking another quarterly decrease as landlords continued to compete for tenants. Development activity remained measured, with 432,613 square feet of new supply delivered and approximately 2.9 million square feet under construction. Excluding the large bay market, conditions continue to favour tenants, who benefit from greater choice, continued downward pressure on rents, and increased negotiating leverage. In this environment, occupiers are well positioned to negotiate more competitive rental rates, additional lease incentives, and greater flexibility in lease terms.