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Vancouver Industrial Market Report Q2 2022

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research article

The GVA’s industrial fundamentals continue to remain some of the strongest in Canada. Most notably, its vacancy rate of 0.1% is the lowest in the country while its asking net rental rate of $19.19 is nearly two dollars higher than the next closest Canadian market.

  • With a year-over-year rental growth rate of 22.5%, it is likely only a matter of time until the overall average asking rent climbs north of $20 per square foot.
  • Leasing opportunities are seeing multiple offers being put in, many from established companies within the market. Even buildings that are not state-of-the-art facilities are still seeing achieved rents climb to over $20 per square foot.
  • There is over 7 million square feet of industrial product currently under construction, but most of it is already leased except the Choice REIT building for an area of 365,000 square feet in Campbell Heights.


Vancouver Industrial Market Report Q2 2022

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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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Adam Jacobs

Senior National Director, Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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