Metro Vancouver Industrial Market Report - Q2 2021
Second-quarter statistics show the Metro Vancouver warehouse market continues to be white-hot with industrial landlords firmly in the driver’s seat. While difficult to imagine, conditions became considerably worse for warehouse users, with Q2 data showing Vancouver’s industrial market is now effectively out of space with a sub one percent (0.9%) vacancy rate. This was also reflected in the overall availability rate decreasing by 40 basis points to 1.0%. During the quarter, industrial rents moved higher with region-wide industrial rents increasing by $0.32 per square foot, or 2.1% to $15.92 per square foot. Warehouse users need to be prepared for even higher rents in the coming quarters as demand is expected to remain very high and supply nowhere near required levels. For businesses region-wide the inability to find space (at any price) is becoming a significant issue, and one that shows no signs of going away anytime soon.