Metro Vancouver Industrial Market Report - Q2 2020
Vancouver's warehouse market put out impressive second-quarter numbers, but there's been a subtle shift in leasing dynamics.
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Whether your business is considering new premises, moving to a different location, consolidating, subleasing, purchasing, or a strategic review, we are ready to help you come up with the very best real estate solution, keeping your business needs as our guiding light. So makes sense before we talk space, we talk business.
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Vancouver Office Market Report Q2 2020
Vancouver’s office market has largely gone into a period of stasis. Landlords and businesses alike are not sure whether the impact of COVID-19 is temporary or something more permanent. This situation looks set to remain at least until a vaccine is available and/or the economy is back to something resembling normal.
Q2 2020 Vancouver Summary Office & Industrial Statistics
Despite a very uncertain economic backdrop, quarter-end market statistics showed very little change for Metro Vancouver's office and industrial leasing markets - relative to three months earlier. Vacancy and availability rates drifted slightly higher with an elevated degree of uncertainty permeating leasing markets across the region.
Farewell Globalization. Hello Regionalization.
The current global pandemic has severely tested the resiliency aspect of supply chains, with delays and disruptions pervasive. As all of these phenomena collide, COVID-19 could be the catalyst for a complete rethink of supply chains as we know them.
More Downtown Vancouver Sublease Office Space Coming Available
The office space available for sublet in downtown Vancouver had already doubled, from about 130,000 square feet at the end of the first quarter to over 260,000 square feet when broker Ross Moore recently cited it as a mini-milestone.
Moore now says the available sublet space has gone up again, rising to around 370,000 square feet in just a week.
Downtown Sublease Surges Since Onset of COVID-19
"I have never seen the sublease space go up as fast. Never. Ever,” said Ross Moore, a senior adviser with Cresa, who has worked in the Vancouver office leasing market for nearly three decades.
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Vancouver, BC V6Z 1S4
Phone: 1.604.628.9806
Fax: 1.604.628.9806