Asking rents stabilize. MPC has a lot of runway to go.
Industrial asking rates in the Greater Vancouver Area (GVA) have stabilized for the first time since Q3 2019, according to Colliers’ Vancouver Industrial Market Report for Q2 2023.
As one of the most competitive markets in Canada, the region had been setting record-high asking rates every quarter over the past four years, increasing at a compound annual growth rate of 15.7 per cent.
But now, the sustained series of rental increases has come to an end, with the average asking net rate holding steady at $22.05 per square foot in Q2 2023.
Vacancy in the quarter climbed by 50 basis points to 0.6 per cent. Meanwhile availability, a more true indicator of overall free space, climbed 20 basis points to 1.7 per cent.