Metro Vancouver Q2 2019 Industrial Market Overview Released
For Q2 2019 the Metro Vancouver industrial market experienced a slight drop in the vacancy rate, hitting 1.46% compared to Q1 2019 which was 1.47%. This shows no significant change in the vacancy rate since Q3 2018, with approximately 4,314,533 square feet of new supply becoming available since then. The total availabilities in Q2 2019 are 10,289,967, of which 5,245,385 square feet is currently under construction.
In terms of sales, the price per square foot has gone up from $355 to $361. Lease rates have also increased since Q1 2019 with the average going from $12.81 per square foot to $13.16 per square foot in Q2 2019.
All of these factors coupled with limited supply show that there is a high demand for space in a very competitive market.