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

across Metro Vancouver.

2.1 M

sf of absorption

largely due to 2.8 million square feet of new supply delivered.


Average asking net rent per square foot (psf)

across Metro Vancouver.

Your source for the latest Vancouver industrial market reports

Get in-depth industrial market reports and insights from commercial real estate experts in the Greater British Columbia area. Avison Young advisors look at Vancouver commercial real estate activities and the latest Vancouver statistics to provide you expert market research on Vancouver's industrial properties.

Explore different topics like the latest industrial market pricing trends and analysis of Vancouver's current industrial real estate market conditions. Gain a better understanding of Vancouver’s industrial real estate outlook and stay ahead of current industrial space trends. Make smart decisions when it comes to investing in industrial properties in Vancouver's competitive industrial real estate market. Avison Young is your trusted source for commercial real estate industrial market insights in Vancouver.

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