Canada CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Pacific Canada  + Canada + Cross Border News  + Industrial  | 
Canadian industrial investors are starting to return large amounts of space to the market.

Vancouver Industrial Vacancy Reaches Three-Year High

Metro Vancouver’s industrial vacancy rate has hit a three-year high, says a new report from Avison Young.

Vacancy rose 60 basis points quarter-over-quarter to 1.6% in the third quarter. That level has not been witnessed since the 1.7% vacancy rate posted in the second quarter of 2020 but is still miniscule compared to most major North American industrial markets.

A balanced market tends to have a vacancy rate between 4% to 6%. As a result, Vancouver is “still a landlord’s market,” said Avison Young.

The full-service commercial real estate company noted that Metro Vancouver’s industrial market faces land constraints unlike other Canadian markets.

Metro Vancouver’s industrial land shortage has “passed the tipping point” as companies invest in other markets, according to a September report commissioned by the Greater Vancouver Board of Trade and NAIOP Vancouver.

Meanwhile, a Real Estate Board of Greater Vancouver study found that industrial land sales declined 59% year-over-year in the second quarter of 2023 due to high borrowing costs.


Inside The Story

Avison YoungReal Estate Board of Greater Vancouver

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.

  • ◦Lease
  • ◦Sale/Acquisition
  • ◦Development
  • ◦Financing
New call-to-action
New call-to-action