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Metro Vancouver takes the throne as the industrial construction capital of Canada

  • ​Amongst the top five Canadian industrial markets, there was 13.5 million square feet of space under construction in the last quarter of 2017. The third largest industrial market in North America (the Greater Toronto Area) has been the leader in Canada for much of the past. But for now at least, there is a new construction capital of Canada: Metro Vancouver.

  • Due to the lowest vacancy rate in Canada (at 2.1 percent) and 1.6 million square feet of positive net absorption in 2017, developers in the Metro Vancouver industrial market have ramped up construction as they try to meet the amount of demand being experienced.

  • Several large projects were announced in the past year that will ensure the amount of space being constructed in the market continues to be one of the highest (if not the highest) in Canada. These projects include Richmond Industrial Centre in Richmond which will encompass 2.8 million square feet and KFN Business Park in Port Coquitlam which will encompass 1.12 million square feet; both developments will be built-out over the next couple years.​​

Source: JLL Research

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