There is more than five million square feet of new industrial workspace expected to be completed in 2019, which will stabilize the regional vacancy rate around 1.6 per cent.
The Lower Mainland continues to face an industrial space crisis that likely won’t go away on its own.Metro Vancouver’s industrial vacancy rate fell to 1.4 per cent at the end of 2018, down from 1.7 per cent a year earlier, according to a new report by commercial brokerage house CBRE.This mark represents the first time the region’s industrial vacancy has nearly matched the residential vacancy, said Chris MacCauley, a vice-president and development land specialist with CBRE in Vancouver.
fulfillment centre there later this year that will have 700 workers.Beedie has also been expanding its Delta Link Park on an 84-acre site at Tilbury Island.MacCauley said developers would need several consecutive years of adding four to five million square feet of new space to push vacancy toward a balanced market.“ demand outpaces supply by over a million square feet every year, and our average supply that we bring to the market is only in the four million square feet range per year,” he said.
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