Lee & Associates Vancouver Releases Q3 2018 Industrial Market Snapshot
We are pleased to present our latest findings on the Metro Vancouver industrial market. Highlights from this quarterly update include:
- The Metro Vancouver vacancy rate increased from 1.40% in Q2 2018 to 1.46% in Q3 2018. This marks the first increase in vacancy rate since the start of 2016.
- Over the past year the average rental rate for industrial properties has increased by over $1.30, increasing from $10.85 in 2017 to $12.15 in Q3 2018.
- 2018 is on track to match the total sales volume in 2017, with over $1.1 billion in reported sales so far.
- The average price per square foot for Metro Vancouver industrial properties has increased by over $58 compared to last year, reaching an average of $328 in Q3 2018.
- With over 3 million square feet of new supply expected in the next 6 months we expect vacancy rates to stay stagnant before declining in the spring of 2019.