Metro Vancouver industrial market report
Q4 2023
Tight competition remains despite increase in vacancy as rental rates remain steady.
The Metro Vancouver industrial market vacancy rate rose for the sixth consecutive quarter to 1.9% at the end of 2023. Average asking net rental rates levelled off to $21.87 in Q4, a negligible 0.5% decrease quarter-over-quarter, but a slight increase of 1.2% year-over-year. In addition, a record amount of new supply was delivered in 2023, approximately 6 million square feet.
Vacancy rate
sf of absorption
Average asking net rent per square foot (psf)
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