The squeeze on industrial land continues to plague Metro Vancouver with the region’s low vacancy rate and dwindling supply holding strong in the second quarter of 2023.
A healthy industrial market typically sits somewhere in the 4.5 to seven per cent vacancy range, he said. The average rent per square foot increased eight per cent to $21.95 in the second quarter of 2023 compared with the same period a year ago, according to Avison Young’s report. BIV reported at the beginning of 2023 there was an increasing need for large bay space in new industrial construction.
Going forward, Kerr believes industrial investment will continue throughout the year as the asset remains “very liquid” in Metro Vancouver.
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