Greater Vancouver Area Industrial Market Report Q4 2019

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During 2019 the vacancy rate for the GVA industrial market averaged below 1.5% for the first time ever. Q4 2019’s 1.4% vacancy rate marks the eleventh consecutive quarter where the GVA’s industrial vacancy rate has been below 2.0%. In response, record levels of construction activity are occurring, but large-scale development sites are increasingly scarce. Pre-sale and pre-lease activity continue to be strong – 79% of new supply this quarter was occupied upon completion.

 

  • With the continual dwindling of developable industrial land due to record demand and a constrained land base, necessity is driving innovation. A prime example is PC Urban’s multi-level industrial and office strata project IntraUrban Evolution, located in the False Creek Flats neighbourhood of Vancouver.
  • The weighted average asking triple net rent this quarter marks an all-time high at $12.49 per square foot. Year over year rates have increased each consecutive quarter by a positive amount since Q3 2015.
  • Industrial strata developments are continuing to experience strong sales activity and pricing levels. Currently strata developments account for 26% of all space under construction.

Greater Vancouver Area Industrial Market Report Q4 2019

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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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