“Metro Vancouver's robust industrial market has now recorded 19 consecutive quarters of positive net absorption. Despite 937,645 square feet of new supply, vacancy declined from the previous quarter’s 1.9% to 1.5% due to the largest amount of net absorption in a quarter since Q4 2015. A major lease deal that contributed to the significant positive absorption and decline in vacancy this quarter was Daiya Foods, represented by Colliers, occupying 396,770 square feet of vacant space at 3100 Production Way, Burnaby.”
- As of Q1 2018, the industrial vacancy rate for Metro Vancouver (1.5%) is down from the previous quarter’s 1.9%, as well as down year over year. Metro Vancouver’s vacancy rate remains well below the five-year average of 2.9%.
- There was 1,537,751 square feet of positive absorption in Q1 2018. This is an increase from the previous quarter’s absorption of 722,722 square feet. Vancouver has now recorded 19 consecutive quarters of positive absorption which highlights the consistently strong market demand.
- 937,645 square feet of new supply came to market this quarter with 234,746 square feet or 25% of total new supply being build-to-suit. Out of the remaining speculatively developed supply approximately 94% was pre-sold or pre-leased. Over the past five years the average amount of new supply per quarter was 727,874 square feet.
- Delta iPort, a market leading tier-1 distribution centre campus, has its first building scheduled for completion on May 1, 2018. Building 1 will offer space from 113,405 square feet up to 453,620 square feet.
- Richmond Industrial Centre (“RIC”), a project by Montrose Property Holdings Ltd. and Omicron Canada Inc. is currently offering a customizable build-to-suit opportunity that can deliver a building to market within 12 to 18 months. Building 1 will accommodate tenants from 125,000 square feet up to 500,000 square feet.