The GVA industrial market is proving to be resilient across all size categories with only mid-bay space seeing a slight increase in vacancy quarter over quarter.
- The current quarter’s 1.3% vacancy is below both the 5-year average of 1.7% and 10-year average of 2.8%, making it the fourteenth consecutive quarter where the GVA’s industrial vacancy rate has been below 2.0%.
- The availability rate (which includes listings that are physically occupied, as well as listings of buildings under construction) reached 4.8% of total inventory, a decrease from the previous quarter and below the 10-year average of 5.5%.
- Delta iPort Building 2, a speculatively developed project offering space for lease totaling 484,920 square feet is now fully leased. The current market is experiencing very strong demand for bulk/logistics space (>100,000 SF) – currently there are no vacancies in this size segment.
- E-commerce and supply chain resilience is gaining momentum as drivers of demand for industrial space with several large deals having transacted.
- The GVA industrial market continues to be supply constrained and is experiencing record low vacancy with strong leasing demand despite the economic impacts from COVID-19. Given the lack of options in the market lease rates are seeing upward pressure.
