{"id":25479,"date":"2025-03-11T10:10:33","date_gmt":"2025-03-11T17:10:33","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=25479"},"modified":"2025-03-10T18:33:49","modified_gmt":"2025-03-11T01:33:49","slug":"tariff-related-uncertainty-has-blunted-industrial-vacancy-momentum","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2025\/03\/tariff-related-uncertainty-has-blunted-industrial-vacancy-momentum\/","title":{"rendered":"Tariff-Related Uncertainty Has Blunted Industrial Vacancy Momentum"},"content":{"rendered":"<p style=\"text-align: justify;\">Industrial vacancy in Greater Vancouver hit 2.6% in late 2024, its highest level in a decade.<\/p>\n<p style=\"text-align: justify;\">Still, the region\u2019s vacancy rate is below that of Canada (3.1%) and Toronto (3.1%), and below long-term historical averages, according to commercial real estate services firm Newmark Group, Inc.<\/p>\n<p style=\"text-align: justify;\">The company\u2019s March 7 industrial report for the fourth quarter of 2024 notes a weaker economy and tariff-related uncertainty, causing the market to \u201cplateau.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cDemand has moderated from pandemic-era highs when new supply, particularly in the warehousing and storage sector, had come online at a pace that inflated vacancy and availability, particularly in Canadian distribution hubs,\u201d said the report.<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, the new supply of warehouse space has moderated as the market adjusts to evolving supply and demand conditions and rents come off pandemic peaks.\u201d<\/p>\n<p style=\"text-align: justify;\">Other findings of Newmark\u2019s report include :<\/p>\n<p style=\"text-align: justify;\">\u2022 Annual absorption of about 270,000 square feet in 2024 was the least amount of absorption in the Vancouver region since 2011 but marked the 14th consecutive year of positive annual absorption;<br \/>\n\u2022 Sublease space availability climbed to about 2.3 million square feet at the end of 2024, the highest amount recorded in at least 16 years;<br \/>\n\u2022 Maple Ridge-Pitt Meadows had the highest industrial vacancy in the region at 7%, followed by Vancouver (3.2%) and the Fraser Valley (3.1%);<br \/>\n\u2022 The lowest vacancy was in Richmond (1%), followed by the North Shore (1.4%);<br \/>\n\u2022 Industrial strata sale proceeds of $797 million in 2024 slightly surpassed 2023 but are likely to remain stable;<br \/>\n\u2022 Industrial sale proceeds of about $1.1 billion in 2024, not including strata, were the lowest since 2019 and the third lowest in the past decade.<\/p>\n<p style=\"text-align: justify;\">The report noted that tariff-related uncertainty has blunted momentum in the sector, but that it has also \u201cgenerated a more favourable environment for those tenants willing to transact as landlords try to limit vacancy.\u201d<\/p>\n<p><a href=\"https:\/\/www.biv.com\/news\/real-estate\/vancouver-industrial-vacancy-hits-highest-level-in-decade-10350418\" target=\"_blank\" rel=\"noopener\">Vancouver Industrial Vacancy Hits Highest Level in Decade<\/a> by Jami Makan | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Industrial vacancy in Greater Vancouver hit 2.6% in late 2024, its highest level in a decade. Still, the region\u2019s vacancy rate is below that of Canada (3.1%) and Toronto (3.1%), &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2025\/03\/tariff-related-uncertainty-has-blunted-industrial-vacancy-momentum\/\">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":[8,13],"tags":[],"class_list":["post-25479","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tariff-Related Uncertainty Has Blunted Industrial Vacancy Momentum &#8226; 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=\"https:\/\/www.roryc.ca\/blog\/2025\/03\/tariff-related-uncertainty-has-blunted-industrial-vacancy-momentum\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Tariff-Related Uncertainty Has Blunted Industrial Vacancy Momentum &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Industrial vacancy in Greater Vancouver hit 2.6% in late 2024, its highest level in a decade. 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