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Greater Vancouver Area Industrial Market Report Q4 2020

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research article

The GVA industrial market experienced record low vacancy in Q4 2020 and, as was the case in the previous quarter, there were no vacancies of bulk/logistics space. The lack of vacant bulk/logistics space is driven in large part by the current surge in e-commerce requirements. The infrastructure being put in place to accommodate the growth in e-commerce is having a ripple effect on the market, reducing options for all end users.

  • Overall, vacancy and availability have declined quarter over quarter from Q1 2020 to Q4 2020. For space from 0 to 5,000 SF, vacancy increased quarter over quarter, but declined from Q1 2020 to Q4 2020. However, availability of existing space from 0 to 5,000 SF increased over both periods. This is consistent with the widely held sentiment that smaller businesses have been most impacted by the pandemic.
  • A prime example of developers responding to the current market conditions of a lack of developable land, low vacancy, rising rents and the acceleration of e-commerce is Oxford Properties' Riverbend Business Park Multi-Storey development, which is the first of its kind in Canada and currently under construction.
  • Strata sales are gaining momentum as businesses are looking to purchase instead of lease to take advantage of all time low interest rates, build equity and to hedge against the trend of rising lease rates given the lack of options in the market and strong demand.

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Greater Vancouver Area Industrial Market Report Q4 2020

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For More Information, Please Contact:

Roelof van Dijk

Senior Director, National Research & Analytics | Canada

Toronto Downtown

As Senior Director, Research & Analytics | Canada, Roelof leads the strategy and operation of Colliers Canada Research, delivering market intelligence initiatives that give Colliers and its clients a competitive advantage. He focuses on developing a high-performance national research team that leverages Colliers’ best-in-class market intelligence to produce relevant insights on local and national market and industry trends that inform client decisions, address market needs and support Colliers’ growth strategies.

Roelof has 15 years of experience covering the Canadian commercial real estate market. Prior to his career in commercial real estate, he also worked as a project manager and urban planning consultant for residential developers across the Greater Toronto Area.

Roelof is regularly cited in national publications, such as The Globe & Mail, CBC News, Bloomberg, Reuters, Maclean’s Magazine and the National Post, as well as in local outlets across Canada.

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