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Vancouver Industrial Market Report Q4 2022

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research article

The shortage of large-bay space remains the headline of the Greater Vancouver Area’s Industrial market in Q4. Average asking net rates have increased to $21.10 per square foot, and despite a 46% increase in total vacant space from the previous quarter, there is still very strong tenant demand.

  • Vacant and available square feet have both risen quarter-over-quarter, but those increases have had no substantial impact on the current market, with the vacancy rate remaining at 0.2%.
  • Leasing options remain limited despite an additional 648,431 square feet of available space hitting the market in Q4, with half of the listed spaces being 5,000 square feet or smaller.
  • Over 1.1 million square feet of new supply was delivered in the final quarter of 2022, but nearly all of the new space was pre-leased before the buildings reached completion, resulting in a net absorption of 928,265 square feet.

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Vancouver Industrial Market Report Q4 2022

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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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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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