Average asking lease rates for industrial space, currently $10.23, have broken the $10.00 marker for the first time in Metro Vancouver history. This 13.7% increase from 2016 ($9.00) is well above the average 4.3% increase Metro Vancouver has experienced since 2012 and marks the 6th consecutive year of rate growth.
The Metro Vancouver availability rate of 2.3% continues to be the second lowest in all of North America. The only market with a lower availability rate is Toronto at 2.2%.
With 1,364,356 sq. ft. of new supply delivered this quarter, 97.2% was pre-committed prior to product completion – thus forcing tenants to look at existing supply if they wish to expand their operation.