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Vancouver Industrial Market Report Q4 2021

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research article

For the fourth consecutive quarter, the GVA industrial market set a record low for vacancy and a record high for weighted average asking net rent.

  • For the sixth consecutive quarter, there were no vacancies in either bulk or logistics space. Furthermore, for the third consecutive quarter, there were no vacancies larger than 50,000 square feet.
  • Innovation from developers is occurring to meet these market conditions with various new forms of industrial development emerging, such as stacked industrial (both small and large bay), mixed-use with industrial on the ground floor, and strata becoming increasingly common.
  • Strong demand from multiple industries for industrial space is providing tailwinds for continued bullishness for the industrial market. E-commerce infrastructure is still underdeveloped, especially in the infill locations that facilitate last-mile delivery. This trend points to a long runway for continued growth in demand for industrial space, causing ripple effects in the market, making it increasingly challenging for businesses to secure space given the GVA’s constrained industrial land base.

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Vancouver Industrial Market Report Q4 2021

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Darrell Hurst

Senior Managing Director, Brokerage | 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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Leo Lee

Director, National Research Operations | Canada

Toronto West

Leo Lee is the Director of National Research Operations | Canada and oversees the strategic direction and operations of Colliers Canada Research. He focuses on developing the capabilities of the national research team that leverages Colliers' best-in-class market intelligence and platforms to provide clients with valuable market insights.

Leo joined Colliers International in 2008 and was most recently the Regional Director of Research for Eastern Canada.

He has over 10 years of experience in the real estate market across Canada and New Zealand and draws on his professional experience as a commercial appraiser and real estate consultant.

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