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Despite the vacancy rate increasing by 20 basis points from the pervious quarter, Metro Vancouver continues to experience a high level of demand for warehouse space. This is being driven by a healthy provincial economy which has put companies in a position to enter the market for the first time or expand within it. DWS Logistics in Delta, for example, expanded their business by leasing 114,045 square feet of warehouse space in Richmond. Another effect of the healthy economy is the demand for warehouse space coming from tenants related to the construction and new home industry. Of the top ten lease deals in the quarter, half were for tenants that traded in consumer durables (appliances, furniture, etc.) or construction and building fixtures.
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