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Highlights of the first quarter industrial market report
include:
The Lower Mainland industrial vacancy rate increased
to 2.7% in the first quarter of 2009, up from 1.5% in the first quarter
of 2008. The vacancy rate continues to be low, as a “balanced” market
is considered to be at a vacancy level of roughly 4.0%. Perhaps a more
telling statistic is the availability rate in Metro Vancouver, currently
at 5.7%.
A significant trend in the first quarter was the urgency displayed
by landlords to retain tenants. With vacancy on the rise and an uncertain
economic future, landlords have been attempting to lock in tenants in order
to secure cash flow.
Land sales are being particularly hurt by the financing climate.
Typically, financing is only available when construction is starting immediately,
pre-leasing is achieved, and the borrower has a strong track record.
Contact Shawna Rogowski at 604.692.1476 for more information.
  Q109IndustrialMktReport-E.pdf
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