Despite ongoing uncertainties surrounding tariffs, demand for class A, large-bay warehousing has significantly increased.

The under-construction pipeline decreased 19% quarter-over-quarter, largely due to an uptick in completions, financing challenges, and land scarcity in Metro Vancouver, significantly slowing new groundbreakings.

Absorption remained positive for the second consecutive quarter at 908K sf, driven by a sharp rise in pre-commitments for new completions from 30% to 82% quarter-over-quarter.