Greater Vancouver Area Industrial Market Report Q2 2020

This is the thirteenth 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 5.1% of total inventory, a high not seen since Q4 2015 when the availability rate was 6.7%. However, the availability rate is still below the 10-year average of 5.5%.

  • The 1.86 million square feet of new supply this quarter was the second largest amount of new supply in a quarter behind only Q2 2019’s 2.04 million square feet. A significant portion of this quarter’s new supply was from the 530,563 square foot build to suit development for Sobeys in Campbell Heights, one of the largest freestanding industrial buildings ever constructed in the GVA.
  • Another large-scale project to complete construction this quarter was Delta iPort Building 2, a speculatively developed project offering space for lease totaling 484,920 square feet. Currently Delta iPort has 50% of the building remaining available and is the only move-in ready option for space above 200,000 square feet in the GVA.
  • Although weighted average asking rent for the GVA actually increased quarter over quarter, anecdotally there is increasingly a divide between purchasers/tenants and sellers/landlords expectations with respect to sale price or lease rates. Tenants/purchasers are often looking for a discount given the existing economic/pandemic climate, but landlords/sellers are often unwilling to accept a rate below pre-COVID levels given vacancy is so low and some businesses have actually seen an increase in activity. The result has been a modest slowdown in deal velocity. Given a significant amount of the industrial inventory in the GVA is owned by well capitalized groups, there is relatively less urgency and more flexibility to wait for the right tenant/purchaser at the right rate for space owned by these types of landlords/sellers.

 

 

Pour plus d’informations, veuillez contacter:

Maury Dubuque

Senior Managing Director | Vancouver Brokerage

Vancouver

Maury is the Senior Managing Director of the Vancouver Brokerage at Colliers International, Canada’s leading commercial real estate services firm.  Maury has been working in the commercial real estate industry for close to three decades and is a leading authority on the commercial office market in the Greater Vancouver Area. Known for his extensive network and deep industry knowledge, Maury is highly skilled at assembling teams that are aligned with a client’s needs and deliver enduring value.

Maury joined Colliers in 2011 after spending more than 10 years in office and industrial leasing at a leading global real estate services firm. Appointed Managing Director of the Vancouver brokerage in 2013, Maury currently oversees more than 165 brokerage and support staff, a high-performance team that consistently ranks among Colliers’ top producing groups nationally.

Under his leadership, Maury fosters an enterprising culture that encourages collaboration, superior client service and mentorship. Maury was integral in the creation and launch of the Colliers Acceleration Program to train junior advisors in key foundational and technical skills required to build their careers in commercial real estate. After piloting in two Canadian markets in 2015, the program launched across Canada in 2016 and now runs in 30 markets across North America. 

Maury is a member in good standing of NAIOP Commercial Real Estate Development Association – Vancouver Chapter, the Real Estate Board of Greater Vancouver, the Greater Vancouver Board of Trade, the International Council of Shopping Centres and the Marine Drive Golf Club.

Maury holds a Bachelor of Arts in Urban and Economic Geography from Simon Fraser University and a Diploma in Urban Land Economics from the University of British Columbia.

 

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