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Pacific Canada  + Canada  + Industrial  | 
The Greater Vancouver industrial market witnessed more noticeable signs of a slowdown in the first quarter of 2024, says Colliers.

Vancouver Industrial Market Slows Down More

The Greater Vancouver industrial market witnessed more noticeable signs of a slowdown in the first quarter of 2024 due to lower discretionary consumer spending, says a Colliers report.

The lower consumer spending resulting from economic headwinds mounting and higher inflation, asserted the commercial real estate services company.

Vacancy cracked the 2% barrier, albeit just barely, for the first time in seven years, standing at 2.1%. The market also recorded negative absorption not seen since the second quarter of 2024.

Vancouver’s industrial market began to slow down in 2023 after setting a frenetic pace in 2022 and 2022.

Headlease rates are likely to keep trending downward as sublease listings continue to comprise more than 25% of all vacancies and provide competitive offerings in the marketplace, says Colliers.

The net asking rent fell 3.4% year-over-year, while 7.5 million square feet of space was under construction and new supply totalled 874,000 sf.

Vancouver industrial vacancy metrics still rank among the best in North America, CBRE Chairman Paul Morassutti recently told Vancouver Real Estate Forum attendees.

A Colliers team led by Associate Research Director Susan Thompson authored the report.

Photo: Colliers


Inside The Story

Susan ThompsonColliers

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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