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Vancouver Industrial Market Report Q3 2021

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research article

For the third consecutive quarter the Greater Vancouver Area (GVA) industrial market set a record low for vacancy and record high for weighted average asking net rent.

  • For the fifth consecutive quarter the GVA industrial market experienced no vacancies of bulk/logistics space (>100,000 square feet). Also, for the second consecutive quarter there were no vacancies larger than 50,000 square feet.
  • Q3 2021 saw a 16.8% increase year-over-year in weighted average asking net rent for the GVA, a record increase, resulting in a record high rate of $15.50 per square foot.
  • The first three quarters of 2021 saw a record high average price per square foot for strata in the GVA at $429 per square foot, an increase of 110% from the same period in 2016 and an increase of 19% year-over-year.



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Vancouver Industrial Market Report Q3 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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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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