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Vancouver Industrial Market Report Q2 2021

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research article

The Greater Vancouver Area (GVA) industrial market set a record low for vacancy and record high for weighted average asking net rent for the second consecutive quarter. Also, for the fourth consecutive quarter the GVA industrial market experienced no vacancies of bulk/logistics space (>100,000 square feet).

  • Amazon has absorbed over 1 million square feet in the past year, accounting for 20.6% of total absorption over this period.
  • This quarter experienced a 13.2% increase year-over-year in weighted average asking net rent for the GVA. To hedge against rising lease rates companies are increasingly finding the purchase of strata units an attractive option.
  • The strong demand for strata is reflected in the rapid appreciation of strata pricing and strong pre-sales activity in strata projects across the GVA. Strata projects account for 30% of the total space under construction, an increasing trend given the dwindling supply of land, rising rental rates, scarcity of freestanding buildings, and relatively low interest rates.

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Vancouver Industrial Market Report Q2 2021

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Darrell Hurst

Senior Managing Director, Brokerage | Vancouver

Vancouver

Darrell is a Senior Managing Director of Colliers Vancouver Brokerage operations, Canada's leading real estate services firm. Darrell is an industry veteran with more than 30 years expereince in the CRE sector across BC and Canada. Known for an extensive network of clients and deep industry knowledge, Darrell is invaluable at driving unparalled client solution results through strategic processes that align the clients corporate objectives with best in class services and best in class teams.

Darrell joined Colliers in 2021 after more than 5 years with one of Vancouver's leading development companies in an executive asset management role preceded by a highly successful brokerage career and founding team member of a leading national brokerage firm.

Darrell has been a long standing member of several industry associations including NAIOP, BOMA, UDI, ICSC, CREA and the Greater Vancouver Real Estate Board. Darrell has served several charity organizations as well as on many board/committees of industry associations over his tenure and continues to be active within the many communities in which he works. 

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