A look into predictions from the Vancouver Real Estate Forum for three commercial real estate markets in 2024.
The future is bright for Vancouver’s commercial real estate market, with one expert labelling the city as “one of the most resilient markets in the world.”
While this may be the case, 2024 may not be an easy year thanks to persistently high interest rates and inflation. “There is clearly a long-term trend towards occupying space and often less space, but in better buildings with an array of amenities, in great neighbourhoods with an excellent transit productivity and with strong environmental, social and governance,” said Morassutti.
According to Morassutti, this is a result of technology companies taking on more square footage to accommodate growth targets. Industrial vacancy for the Metro Vancouver region increased to 2.1 per cent in the first quarter of 2024, representing the first time the vacancy rate has broken through the two per cent level in the past seven years, according to an April 4 report from Colliers.
“Many logistics companies have decided it's easier to bring goods in through the Port of Vancouver, ship them to Calgary and then distribute them rather than leasing space in Vancouver because it's so expensive,” he said.
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