CBRE Vancouver industrial q3 report.From CBRE q3. Industrial prices per foot increased from q2 at $400, to Q3 at $450. I saw a listing on Clark for $3 million (price reduced) for 66 ft by 109 ft space. Or, $17 million an acre.
Sustained demand for industrial space continues to compress availability rates throughout Metro Vancouver. Since Q2 2020, the overall availability rate has contracted 200 bps from 2.9% and now sits at a record low of 0.9%. • Underpinned by record-setting levels of demand, average asking lease rates rose $0.36 quarterover-quarter to $15.37 per sq. ft. in Q3. Since the beginning of the pandemic, asking rents have risen by 12.6% compared to Q1 2020. • Although the market is developing industrial product at a near-record pace, 73.7% of the 6.3 million sq. ft. currently under construction is already pre-let with over half of the remaining space in some stage of negotiation. These levels of pre-leasing, coupled with a dwindling land supply, have left large format product in short supply as there are no existing and available opportunities for lease over 50,000 sq. ft. • Notable activity driving the current record market fundamentals stems from ecommerce, warehousing, distribution, and logistics users. With little remaining available space within the current development pipeline, these occupiers are left with few other options except to secure designbuild facilities for their space