{"id":20344,"date":"2022-08-02T10:10:00","date_gmt":"2022-08-02T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20344"},"modified":"2022-07-29T08:39:49","modified_gmt":"2022-07-29T15:39:49","slug":"industrial-vacancy-rate-has-eased-to-a-still-tight-0-5-with-more-than-1-7-million-sqft-added-this-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/08\/industrial-vacancy-rate-has-eased-to-a-still-tight-0-5-with-more-than-1-7-million-sqft-added-this-year\/","title":{"rendered":"Industrial Vacancy Rate Has Eased to A Still-Tight 0.5%, with More Than 1.7 Million Sqft Added This Year"},"content":{"rendered":"

Metro Vancouver\u2019s industrial vacancy rate, which hit a North American low of 0.1% this year, according to Colliers, has eased to 0.5% due to a huge increase in supply, a new Cushman & Wakefield market survey says.<\/p>\n

The report notes that 1.7 million square feet of industrial space was completed so far this year and another 1.8 million square feet, mostly speculative, is under construction,<\/p>\n

\u201cThe vacancy rate will likely bounce in the 0.5% range for the next few quarters,\u201d said Derrick Gonzales, a research analyst with the commercial real estate agency, who noted that this remains a historically low number.<\/p>\n

Up to 80% of the new space being built has been pre-leased or pre-sold as strata, Gonzales estimated.<\/p>\n

This is good news for developers but bad news for tenants who are facing dramatic increases in lease rates and dwindling options, according to Cresa, a Vancouver-based occupier-focused commercial real estate advisor.<\/p>\n

\u201cThe distress for warehouse users continues with region-wide vacancy falling to a crippling 0.57%, down from 0.62% in the fourth quarter [2021], and 2.1% a year ago. Per-square-foot warehouse rents jumped by $0.63 during the first quarter to $16.78 and were up by $2.09 from year-ago levels,\u201d its report concluded.<\/p>\n

Industrial lease rates increased to an average of $18 per square foot in the second quarter, Cushman & Wakefield reported, with some markets flirting with $20 per square foot for new product.<\/p>\n

Approximately 683,739 square feet of new supply was added to the Metro Vancouver and Fraser Valley regions in the second quarter. Notable completions included Conwest\u2019s build-to-suit development for Lordco in Port Coquitlam (341,113 square feet); buildings B & C at Wesmont\u2019s multi-phase industrial strata project in Langley City (160,880 square feet); and Beedie\u2019s strata project at DECA Business Center at 7927 River Road, Delta (45,584 square feet).<\/p>\n

Several additional projects are slated for completion in the second half of 2022 and Gonzales doubts they will have any problem being absorbed.<\/p>\n

\u201cWholesale trade and third-party logistics groups are looking 18- to-24 months in the horizon in securing industrial space in an extremely competitive supply-constrained marketplace,\u201d he noted in the report. \u201cThis quarter, Conwest fully leased its large bay multi-unit development at 1725 Coast Meridian Road in Port Coquitlam one quarter prior to completion while Beedie fully leased its multi-unit project at Parallel 32 in South Surrey\u2019s Campbell Heights which is scheduled for a fourth quarter of 2022 completion.\u201d<\/p>\n

But, with interest rates increasing and lease rates skyrocketing, Gonzales cautions that smaller companies may be muscled aside in the hunt for Metro Vancouver industrial space.<\/p>\n

Metro Vancouver Industrial Vacancies Ease as Supply Increases<\/a> by Frank O’Brien | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"

Metro Vancouver\u2019s industrial vacancy rate, which hit a North American low of 0.1% this year, according to Colliers, has eased to 0.5% due to a huge increase in supply, a … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-20344","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nIndustrial Vacancy Rate Has Eased to A Still-Tight 0.5%, with More Than 1.7 Million Sqft Added This Year • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.roryc.ca\/blog\/2022\/08\/industrial-vacancy-rate-has-eased-to-a-still-tight-0-5-with-more-than-1-7-million-sqft-added-this-year\/\" \/>\n<meta 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