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Vancouver Industrial Market Report Q1 2021

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research article

Vacancy reached an all time low of 1.0% for the GVA this quarter. Also, for the third consecutive quarter the GVA industrial market experienced no vacancies of bulk/logistics space which has seen a spike in demand particularly from e-commerce companies as well as 3PL companies that do significant business related to e-commerce.

  • The weighted average asking net rent reached a historical high of $14.09 per square foot this quarter, marking a year over year growth rate of 7.5%. The average year over year growth for weighted average asking net rent per quarter for the past 5 years in the GVA has been 10.7%. From 2011 to 2015 the year over year growth rate per quarter averaged 1.1%.
  • The Metro Vancouver 2020 Regional Industrial Lands Inventory Report (“The Report”) was recently released and notes the difficult nature of estimating the lifespan of available vacant industrial lands due to a variety of factors, such as redevelopment and intensification activity.
  • The Report does note that using a “theoretical absorption forecast model, the ‘Other / Vacant’ industrial land supply might be substantially absorbed in the 2030s”. However, it also notes that before fully depleted the remaining industrial land supply would be relatively small, scattered parcels not suitable for larger industrial developments.

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Vancouver Industrial Market Report Q1 2021

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Maury Dubuque

Senior Managing Director

Vancouver

Maury is the Senior Managing Director of the Vancouver Brokerage at Colliers International, Canada’s leading commercial real estate services firm.  Maury has been working in the commercial real estate industry for close to three decades and is a leading authority on the commercial office market in the Greater Vancouver Area. Known for his extensive network and deep industry knowledge, Maury is highly skilled at assembling teams that are aligned with a client’s needs and deliver enduring value.

Maury joined Colliers in 2011 after spending more than 10 years in office and industrial leasing at a leading global real estate services firm. Appointed Managing Director of the Vancouver brokerage in 2013, Maury currently oversees more than 165 brokerage and support staff, a high-performance team that consistently ranks among Colliers’ top producing groups nationally.

Under his leadership, Maury fosters an enterprising culture that encourages collaboration, superior client service and mentorship. Maury was integral in the creation and launch of the Colliers Acceleration Program to train junior advisors in key foundational and technical skills required to build their careers in commercial real estate. After piloting in two Canadian markets in 2015, the program launched across Canada in 2016 and now runs in 30 markets across North America. 

Maury is a member in good standing of NAIOP Commercial Real Estate Development Association – Vancouver Chapter, the Real Estate Board of Greater Vancouver, the Greater Vancouver Board of Trade, the International Council of Shopping Centres and the Marine Drive Golf Club.

Maury holds a Bachelor of Arts in Urban and Economic Geography from Simon Fraser University and a Diploma in Urban Land Economics from the University of British Columbia.

 

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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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