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8/12/2019 Industrial and Office Market Update Presentation
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Thank you.
avisonyoung.com
2013 Avison Young Inc. All rights
reserved.
Industrial and Office Market
Update Presentation
Andrew Petrozzi
Vice-President, Research (BC)
Avison Young
Metro Vancouver Regional
Planning & Agriculture Committee
February 7, 2014
4.1
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Metro Vancouver Industrial Market Vacancy
Q4 2013 Update
Richmond: 4%Surrey: 2.5%
Burnaby: 4.1%
Vancouver: 2.8%
Delta: 6.4%
Langley: 2.3%
Coquitlam: 4.4%
Port Coquitlam: 5.5%
Abbotsford: 3.7%
North Vancouver: 2.9%
New Westminster: 2.1%
Maple Ridge/Pitt Meadows: 1.6%
Metro Vancouver: 3.7%
Total SF: 186,833,932
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Metro Vancouver Industrial Market Update
New inventory: From Q3 2012 to Q3 2013, there was 2,952,943
sf of new industrial inventory added to Metro Vancouver.
Between Q3 2013 and Q4 2013, an additional 486,539 sf of new
product was delivered to the market.
Under construction: More than 2,000,000 sf of new industrial
space is currently under construction, primarily in Delta
(650,000 sf+) and Burnaby (420,000sf+) with more limitedactivity in Surrey (235,000+sf), Richmond (235,000sf+) and
Pitt Meadows (200k). Almost half of total square footage (904k)
under construction is in four developments.
Very limited large-bay opportunities: Only four spec projects in
excess of 100,000 sf are currently under construction:Boundary Bay Industrial Park (phase I) (Delta) 440K;
Millennium VI (Delta) 163k; Golden Ears Business Park
(Pitt Meadows) 200K; and Blackthorn IV (Surrey) 101k.
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Metro Vancouver Office Market
Metro Vancouver Office Inventory(Square Feet)
21,353,887
2,021,244
6,681,377
9,181,817
4,200,538
2,562,843
1,551,5721,477,580
Downtown
Yaletown
Broadway
Burnaby
Richmond
Surrey
New Westminster
North Shore
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Metro Vancouver Office Market
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Metro Vancouver Office Market
Metro Vancouver Office Inventory (All Classes)
516,367407,197
-1,034,999
249,777
532,275640,019
-158,905
568,510
3.6% 2.7%
7.9% 8.4% 7.4%7.0%
7.8% 8.3%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%10%
-1,200,000
-1,000,000
-800,000
-600,000
-400,000
-200,000
0
200,000
400,000
600,000
800,000
1,000,0001,200,000
2007 2008 2009 2010 2011 2012 2013 2014F
Vacancy
Rate(%)
Absorpt
ion(SF)
Absorption
Metro Vancouver recorded negative absorption for the first time since 2009
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Metro Vancouver Office Vacancy (Year End 2013)
5.70%
4.00%
5.10%
9.10%
15.40%
17.30%
9.30%8.50%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Downtown
Yaletown
Broadway
Burnab
y
Richmond
Surrey
New
Westminste
r
NorthShore
VacancyRatebyClass
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Downtown Vancouver Vacancy Forecast
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Next Generation of Downtown Towers
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Next Generation of Suburban Towers
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Next Generation of Suburban Towers (continued)
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Thank you.
avisonyoung.com
2013 Avison Young Inc. All rights
reserved.
Andrew Petrozzi
Vice-President, Research (BC)Avison Young
andrew.petrozzi@avisonyoung.com
604.646.8392
www.avisonyoung.com
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5.3
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Subject Site
Proposed Extension
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