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Vancouver Industrial Market Report Q4 2023

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research article

2023 has been a year of normalization for the Greater Vancouver Area’s industrial market, with the vacancy rate moving closer to the 10-year quarterly average of 1.5% and the rental rates coming off its peak.

  • The average asking net rent landed at $21.44 PSF in Q4, achieving an annual growth of 1.6%, despite declining for the third consecutive quarter.
  • This quarter saw over 20 developments reach completion, contributing over 3.4 million square feet to the inventory. Net absorption reached a historical quarterly high of 2.8 million square feet as strong pre-leasing activity overshadowed the uptick in vacancy.
  • Both landlords and tenants are in the middle of navigating and understanding the new market norm, as it has been years since occupiers have had the luxury of multiple options and time in deal negotiation.

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Vancouver Industrial Market Report Q4 2023

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Kirk Kuester

Executive Managing Director | British Columbia

Vancouver - Rogers Tower

Kirk is Executive Managing Director of Colliers International's British Columbia brokerage operations and has been active in the Western Canadian commercial real estate industry since 1983.  After commencing his career in Calgary, Kirk relocated to Vancouver and joined Colliers in 1988.  Kirk spent 14 years as a professional in the capital markets area where he was a market leader in the real estate debt, equity and investment markets.  In 2002, Kirk assumed the role of Managing Director for the Colliers Vancouver office.

As Executive Managing Director, Kirk is responsible for development and execution of Colliers business strategy in the Province which includes six offices and approximately 200 team members. As an established leader in the commercial real estate industry, Kirk is known for his vast network of contacts and relationships, his extensive market knowledge and insight as well as his expertise in leading a high-performance, client-focused, professional real estate service business. Kirk is committed to the development of an operating platform in British Columbia that enables Colliers professionals to offer strategic, innovative and insight-based real estate solutions.  Kirk is an advocate of Colliers commitment to technology and data in support its professionals and their decision making and project execution; Net Promotor Score in support of the companies commitment to service excellence and client loyalty; innovative property marketing strategies; and, AON Hewitt in support of its commitment to high employee engagement.

Kirk’s functional priorities are strategic planning and leadership, business development, professional development, platform development, recruiting, financial management and performance, market identity and public relations, employee engagement and compliance.  Kirk also takes an active role in the support, oversight and facilitation of the companies major property listings, occupier mandates and other major project based initiatives.

Kirk has served on various planning and advisory committees in Vancouver, including United Way, Vancouver Community College, BCIT and the Blue Ribbon Council on Vancouver’s Business Climate Strategy. He is also a member of the Capital Campaign Executive Committee for Covenant House Vancouver.

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Adam Jacobs

Head of Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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