B.C.’s industrial segment rushes headlong into 2019

Owing to some of the lowest vacancy rates in North America along with a breakneck pace of development and a sustained pace of price growth, B.C.’s industrial market is promising to be one of the best investment destinations in Canada at the start of this year.

In particular, Metro Vancouver would become the epicentre of this market strength, according to Avison Young.

“It is a historical time for Metro Vancouver’s commercial real estate,” Avison Young Vancouver market analyst Andrew Petrozzi told Western Investor.

During Q3 2018, around 1.5 million square feet of new industrial space was added to Metro Vancouver’s supply. Absorption was incredibly strong in the same time frame; approximately 1.4 million square feet was either sold or leased during the period, leading to a near record-low vacancy rate of 1.46%.

Read more: Morguard reports extremely positive outlook for the industrial segment

Richmond and Delta will also remain powerhouse industrial hubs well into 2019, according to Avison Young.

Richmond’s vacancy increased to 2.3% in fall 2018, and it now comprises Metro Vancouver’s single largest industrial market at 37.7 million square feet. Meanwhile, Delta vacancy fell to 1.9% in its approximately 25 million square feet of industrial space.

 

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