{"id":8433,"date":"2018-03-07T10:10:11","date_gmt":"2018-03-07T18:10:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8433"},"modified":"2018-03-03T10:38:39","modified_gmt":"2018-03-03T18:38:39","slug":"demand-space-vancouver-outpacing-supply","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/demand-space-vancouver-outpacing-supply\/","title":{"rendered":"Demand for Commercial &#038; Industrial Space in Vancouver Outpacing Supply"},"content":{"rendered":"<p style=\"text-align: justify;\">A noticeable lack of available commercial and industrial space in Vancouver is pushing businesses and jobs into other provinces, according to analysts.<\/p>\n<p style=\"text-align: justify;\">Despite an array of speculation-powered construction, the rate of demand still vastly outstrips the city\u2019s supply by more than a million square feet a month.<\/p>\n<p style=\"text-align: justify;\">\u201cDevelopers are building on every vacant piece of dirt they own and it\u2019s still not enough,\u201d CBRE Group Inc. senior vice president of industrial properties Chris MacCauley told the Financial Post. \u201cI have a line-up of clients looking for 4 million square feet in the Vancouver market right now. That equates to thousands of jobs and we just can\u2019t find a place for it.\u201d<\/p>\n<p style=\"text-align: justify;\">At just 2.3%, the rate of available space is second lowest only to Toronto, which sports the least proportion of available commercial\/industrial space in North America at 2.2%.<\/p>\n<p style=\"text-align: justify;\">\u201cBoth cities have shortages and both cities have rents that are going up but Vancouver\u2019s situation is more dire,\u201d said McCauley. \u201cYou can still go an hour outside Toronto and find options, whereas here, because of the geographical constraints, once you hit 45 minutes outside the city, that\u2019s it, you might as well go to Calgary.\u201d<\/p>\n<p style=\"text-align: justify;\">While more than 8.5 million square feet of additional space is currently under construction in Toronto and Vancouver, most of this is already committed to tenants.<\/p>\n<p style=\"text-align: justify;\">The recent years have seen the nation\u2019s stock of and industrial real estate \u2013 estimated at just over 1.8 billion square feet at the end of 2017 \u2013 being rapidly gobbled up by the burgeoning e-commerce segment. Firms such as Amazon.com Inc. heavily depend on a widely distributed network of operation centres to ensure same-day or next-day delivery to customers.<\/p>\n<p style=\"text-align: justify;\">The unprecedented demand and record absorption of land over the past number of years has made balancing the space requirements of residential, industrial, and commercial properties exceiptionally difficult, University of British Columbia real estate economist Tom Davidoff said.<\/p>\n<p style=\"text-align: justify;\">\u201cThere is a trade-off of course,\u201d Davidoff noted. \u201cI would normally say follow the market\u2019s lead but because jobs do more for government coffers, you probably do want to have your thumb on the scale a little bit in favour of commercial uses, including industrial.\u201d<\/p>\n<p><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/demand-for-space-in-vancouver-outpacing-supply-238480.aspx\" target=\"_blank\" rel=\"noopener\">Demand for Space in Vancouver Outpacing Supply<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A noticeable lack of available commercial and industrial space in Vancouver is pushing businesses and jobs into other provinces, according to analysts. Despite an array of speculation-powered construction, the rate &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/demand-space-vancouver-outpacing-supply\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8433","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Demand for Commercial &amp; Industrial Space in Vancouver Outpacing Supply &#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\/2018\/03\/demand-space-vancouver-outpacing-supply\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Demand for Commercial &amp; Industrial Space in Vancouver Outpacing Supply &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A noticeable lack of available commercial and industrial space in Vancouver is pushing businesses and jobs into other provinces, according to analysts. Despite an array of speculation-powered construction, the rate &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/demand-space-vancouver-outpacing-supply\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/demand-space-vancouver-outpacing-supply\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Demand for Commercial &#038; 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