Greater Vancouver Area’s net absorption remained positive at 203K s.f., though class A properties captured all the positive absorption gains while lower tier building classes experienced net contractions, as users prioritized well located, modern facilities.

Large bay leasing momentum increased, with leasing activity largely concentrated in third-party logistics (3PLs), logistics, and construction material industries.

The construction pipeline continued to contract with development activity down 34% year-over-year as completions continued to outpace groundbreakings, reflecting developers cautious approach to new project starts.