Greater Vancouver Area recorded positive net absorption at 289K sf, driven by move-ins to class A properties that offset negative absorption experienced across lower-tier building classes.

Notable headlease deals were concentrated in Delta and driven by 3PLs and distribution companies seeking well located, class A warehousing.

The construction pipeline continued to contract with development activity down 55% YoY to 2.7M sf. Completions continued to outpace groundbreakings as developers maintained a cautious approach to new projects starts.