The GVA’s industrial fundamentals continue to remain some of the strongest in Canada. Most notably, its vacancy rate of 0.1% is the lowest in the country while its asking net rental rate of $19.19 is nearly two dollars higher than the next closest Canadian market.
- With a year-over-year rental growth rate of 22.5%, it is likely only a matter of time until the overall average asking rent climbs north of $20 per square foot.
- Leasing opportunities are seeing multiple offers being put in, many from established companies within the market. Even buildings that are not state-of-the-art facilities are still seeing achieved rents climb to over $20 per square foot.
- There is over 7 million square feet of industrial product currently under construction, but most of it is already leased except the Choice REIT building for an area of 365,000 square feet in Campbell Heights.
