White-hot Metro Vancouver industrial market starts to cool, but new space still needed • RENX • Real Estate News Exchange
The Metro Vancouver industrial property market is showing signs of cooling off after four years of record-high asking rates. The vacancy rate in Q2 2023 increased to 0.6%, while availability climbed to 1.7%. Although 1 million square feet of new industrial space was added, only 5% of it entered as vacant. There is an expectation of 4.9 million square feet of space to be added this year, which could bring more options for tenants and a balanced market with a vacancy rate of 3-5%.