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Vancouver Industrial Market Report Q3 2020

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research article

The GVA industrial market is proving to be resilient across all size categories with only mid-bay space seeing a slight increase in vacancy quarter over quarter.

  • The current quarter’s 1.3% vacancy is below both the 5-year average of 1.7% and 10-year average of 2.8%, making it the fourteenth consecutive quarter where the GVA’s industrial vacancy rate has been below 2.0%.
  • The availability rate (which includes listings that are physically occupied, as well as listings of buildings under construction) reached 4.8% of total inventory, a decrease from the previous quarter and below the 10-year average of 5.5%.
  • Delta iPort Building 2, a speculatively developed project offering space for lease totaling 484,920 square feet is now fully leased. The current market is experiencing very strong demand for bulk/logistics space (>100,000 SF) – currently there are no vacancies in this size segment.
  • E-commerce and supply chain resilience is gaining momentum as drivers of demand for industrial space with several large deals having transacted.
  • The GVA industrial market continues to be supply constrained and is experiencing record low vacancy with strong leasing demand despite the economic impacts from COVID-19. Given the lack of options in the market lease rates are seeing upward pressure.



Vancouver Industrial Market Report Q3 2020

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For More Information, Please Contact:

Leo Lee

Director, National Research Operations | Canada

Toronto Downtown

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 15 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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