According to a nationalpublished by CBRE last week, the availability rate of industrial space in Vancouver rose to 2.4% in Q2, up from the 1.9% seen in Q1.
The net absorption, however, fell a full 1% from Q1 to Q2, and is now at a low we have not seen in years. “This is really a result of the fact that over the past two years we experienced some of the highest levels of demand from industrial occupiers in response to consumer spending patterns, supply chain issues, and a desire to have more inventory on-hand,” he says. “The decrease is a normalization to demand levels that we witnessed prior to 2020.”
While average asking net rents are still as high as they have ever been, up from $21.33 per sq. ft in Q1 2023 to $22.09 per sq. ft now, the average sale price for strata product has decreased over three consecutive quarters and is now at $575.00 per sq. ft, after peaking at about $675.00 per sq. ft in Q3 2022.
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