High demand and record low supply has escalated industrial land and rental rates in the city of Nanaimo.
- Although not as low as Victoria’s vacancy rate of 0.2% for Q3 2021, the City of Nanaimo is not far behind at 0.48%. This also represents a decrease in the vacancy rate from the same quarter last year, when it was 0.83%.
- With limited available space, the average asking net rent has increased 21.5% from $13.40 to $16.27 per square foot, year-over-year.