Greater Vancouver Area’s industrial vacancy increased to a 10 year high of 4.5%, while average asking rental rates declined to $19.54, the lowest asking rent since 2022.

Available Class A warehouse space over 100K s.f. contracted 75% year-over-year, increasing competition among users.

The under-construction pipeline decreased 37% year-over-year to 2.9 million s.f., and 71% of new groundbreakings were build-to-suit, as challenges continued to limit speculative development.