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vancouver bc commerical broker industrial spaceIncreased demand from Metro Vancouver’s industrial commercial real estate market had a ripple effect that tightened vacancy rates to near record lows this spring and lifted rental rates throughout the region after years of sluggish performance. 
 
This follows unseen levels of property absorption in 2015 and early 2016, which depleted much of Vancouver’s new supply of industrial space that was delivered within the last two years. As this supply was depleted, vacancy rates lowered to 2.8% this spring, versus the 4% of spring 2015. 
 
This drop marks the first time that regional industrial vacancy rates have dropped below 3%, which last occurred in the fall of 2008. 
 
For tenants currently looking for industrial space in Metro Vancouver, industry experts are suggesting that they will likely have to wait until mid-2017 for a few key developments to reach completion in Surrey, Delta and Pitt Meadows. 
 
Even still, the result will be that vacancy rates will remain under intense pressure as supply continues to keep up with the growing demand from logistics and distribution companies, as well as the film and television industry.
 
For more information regarding Metro Vancouver’s industrial asset class, please contact our office to speak with one of our advisors.
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