房地产 -温哥华工业数据2025年第三季度 Vancouver Industrial Figures Q3 2025

FIGURESiVANCOUVERINDUSTRIALQ32025CBRE

availabilities

w3.8%

vacancyRate

Δ5.3%

AvailabilityRate

a123k

SFNetAbsorption

Note:Arrowsindicatechangefrompreviousquarter.

OVERVIEW

-propelledbyanincreaseinavailableinventoryinsubmarketssituatedNorthoftheFraser

River,Metrovancouver'soverallavailabilityrateroseby20bpsquarter-over-quarter,reaching5.3%.

-vacancyratesacrosstheregionregisteredaquarterlydeclineof30bpsto3.8%andis

attributedtoheightenedactivityamonglistingsover50,000sq.ft.,whichdeclinedfrom55optionsattheendofQ2to48inQ3.

-Averageaskingleaseratescontinuetodecline,thoughatanotablyslowerpacecomparedtopreviousquarters,currentlystandingat$19.87persq.ft.Theannualizedrateofleaserate

declinehasmoderatedto-2.0%forMetrovancouver,asignificantimprovementfromthe-6.8%averageobservedoverthepriorfourquarters,suggestingthatpricingmaybenearingatrough.

-TotalconstructionactivitythroughoutMetrovancouverdecreasedforthefourthconsecutivequarterfollowingthedeliveryof520,000sq.ft.ofnewsupplyinQ32025.Nevertheless,pre-

commitmentlevelswithinthedevelopmentpipelineincreasedto67.0%inQ3,upfrom55.8%intheprecedingquarter.whenexcludingallbuild-to-suitinventory,pre-commitmentfiguresroseto41.9%from23.6%,respectively.

b4.3M

v$19.87

SFunderconstruction

PSFNetAskingLeaseRate

NetAbsorptionNewsupplyAvailabilityRate

source:CBREResearch,Q32025.

2CBRERESEARCH©2025CBRELimited

vacancyandavailabilityratesstillabovelongtermaverages

Bothavailabilityandvacancyratesremainamongthehighestobservedinthepastdecade,

reflectingtheongoingimpactofsustainednewsupplyandnormalizingdemand.onaquarterover-quarterbasis,theavailabilityrateacrossMetrovancouverincreasedby20bpsto5.3%,

whilethevacancyratedeclinedby30bpsto3.8%.Despitethesemovements,netabsorption

remainedpositiveatapproximately124,000sq.ft,suggestingthatwhiledemandpersists,it

remainssubduedrelativetothelong-termaverageandtherecord-settingyearsofrecentpast.Importantly,themarketisnolongerexperiencingsignificantoversupply.

Notably,transactionactivitywithinthelarge-formatinventorysegment(unitsgreaterthan50,000sq.ft.)hasaccelerated,andforthefirsttime,thenumberofactivelistingsinthis

categoryhasdeclinedquarterove「quarterfrom55to48options.Thisreductioninlargeformatlistingsmaysignalthebeginningofashifttowardmorebalancedmarketconditions.

Absorptionactivityrecordspositive

Enteringthesecondhalfof2025,Metrovancouvercontinuestorecordpositivenetabsorption;however,thefigureremainsmodest,withonly124,000sq.ft.absorbedduringthequarter.

Activitywithinthelargeformatinventorysegmenthasbeentheprincipaldriverofthispositiveabsorption,astenantswithrobustoperationsareincreasinglyabletoadapttoprevailing

economicconditionsandrecognizingthenecessityofmaintainingbusinesscontinuity.In

contrast,smalleroperatorscontinuetofaceheighteneduncertaintystemmingfrombothpoliticalandeconomicfactors,whichhasultimatelyconstrainedtheirabilitytotransactatthepace

observedamongnationalorinternationaloperatorswithgreaterscale.

Asthenewsupplypipelinecontinuestothin,theinitiationofnewprojectsslowingandlarge-

formatleasingactivitybeginningtostrengthen,pre-commitmentlevelshavegraduallyincreased,nowreaching67.0%.whilethereremainssomesmallformatspeculativeinventorytobe

absorbedpriortocompletionandalargeamountofbuild-to-suitproduct,thisnewsupplyisunlikelytosignificantlyexacerbatethesupply-demandimbalanceof5.0millionsq.ft.

accumulatedoverthepastdecademuchofwhichhasbeenisolatedtothelastthreeyears.

FIGURE2:Availabilityvs.vacancy(%)

source:CBREResearch,Q32025.

FIGURE3:AnnualNetAbsorption(MSF)

5.0

4.O

3.0

2.0

NetAbsorption10yearAverage

source:CBREResearch,Q32025.

3CBRERESEARCH©2025CBRELimited

Movementtowardsstabilization

AsofQ32025,totalsubleaseavailabilitydeclineddespiteanetincreaseinavailableinventory.

TotalsubleaseavailabilityforMetrovancouvercurrentlystandsat1.7millionsq.ft,representinga350bpsdeclinequarter-over-quarterto14.3%oftotalavailableinventory.ofthistotal,over

halfisdrivenbyavailabilitiesof50,000sq.ft.orlarger,underscoringongoinguncertaintyfrom

sometenants.GiventhereisasizablevolumeofinventorytoabsorbbeforeMetrovancouver

approachesrecord-lowavailabilityandvacancyrates,thesesubleaseofferingsplayanimportantroleintheoverallmarketdynamicsofMetrovancouverthroughtheircompetitiveleaserate

termsnegotiatedinprevailingmarketconditionsrelativetotheirheadleasecounterparts·

Thenumberofoccupiablelargeformatavailabilities(spacesexceeding50,000sq.ft.)increasedfromzeroinQ32022to55inQ22025anewhighforthepastdecade.Notablythisquarter,thetotalnumberofavailabilitiestrendedto48signalingthefirstdeclinein3years.Absorptionin

thissegmentisdrivenbytenantswithstrongeroperationalfundamentalswhoareincreasinglyadaptingtoprevailingeconomicconditionsandrecognizingthenecessityofmaintaining

businesscontinuity.

Regionaldivisioninaverageaskingleaserategrowth

AverageaskingleaseratesacrossMetrovancouvercontinuedtheirdownwardtrajectoryfortheninthconsecutivequarterinQ32025,reachinganoverallrateof$19.87persq.ft.This

representsaminorquarter-ove「-quarterdeclineof0.2%,furtherindicatingadecelerationintherateofdeclinecomparedtotheaverageof1.3%observedovertheprecedingeightquarters.onanannualizedbasis,therateofdeclinehasmoderatedto-2.0%inQ32025,improvingfrom-7.3%inQ22025·

previously,marketsnorthandsouthoftheFraserRivermovedintandeminearly2023,however,inQ22025,amarkeddivergenceoccurredandcontinuedthroughQ3.Marketssituatedclosertoorwithintheurbancorehaverecordedpositiveannualleaserategrowthof1.4%signalingaturnoftrendsfromthepastyear.Incontrast,marketssouthoftheFraserRivercontinueto

experiencecompression,registeringa7.7%annualdecreaseandhavesettledat$18.53persq.ft.

FIGURE4:LargeFormatAvailabilities

source:CBREResearch,Q32025.

FIGURE5:AverageAskingLeaseRateGrowth(year-over-year)

year-over-yearGrowth(%)AverageAskingLeaseRatepersq.ft.)

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%

-10.0%

2016201720182019202020212022202320242025

$25.00

$20.00

$15.00

$10.00

$5.00

$0.00

-$5.00

Fraservalley(%change)core(%change)--Fraservalley($persg.ft.)core($persq.ft.)source:CBREResearch,Q32025.

4CBRERESEARCH©2025CBRELimited

FIGURE6:underconstructionInventorybypropertyType(TotalsF)

source:CBREResearch,Q32025.

FIGURE8:underconstructionInventorybysize(SF)&EstimatedcompletionQuarter(count)

100,001+

50,001-100,000

25,001-50,000

0-25,000

source:CBREResearch,Q32025.

FIGURE7:significantLeaseTransactions

size(SF)Ternan

Address

submarket

Industry

DealType

433,692

BestBuycanadaLtd.

1989092AAvenue

surrey

warehousing&Distribution

Renewal

349,272

pantos

4449salishseaway

Delta

Logistics

NewLease

132,000

shogun2productionscanada

Inc.

7260winstonst

Burnaby

Film

New

123,669

D-HomeInternationalLogistics

16111BlundellRoad

Richmond

Logistics

New

111,381

XTLTransport

7990Hoskinsstreet

Delta

Logistics

Renewal

source:CBREResearch,Q32025.

FIGURE9:significantsaleTransactions

sizeprice($M)

Address

submarketpurchaser

vendor

45,298

$26.5

26680Gloucesterway

Langley

TBMHoldcoLtd.

BenjaminMoore

69,137

$22.0

904clivedenAvenue

Delta

BigMountainFoods

yegreEBLtd.

6.7acres

$21.2

145GoldenDrive

coquitlam

0706617BCLtd

whitewaterconcrete

37,848

$20.4

1900BrigantineDrive

coquitlam

polycrete

RestorationsLtd.

skeansHoldingsLtd.

34,000

$13.8

7471vantageway

Delta

1533851BCLtd

Jamieson'spetFoodDistributors

source:CBREResearch,AltusDatastudio,Q32025.

5CBRERESEARCH©2025CBRELimited

FIGURE10:Q32025vancouverIndustrialMarketstatistics

Inventory(SF)

AvailabilityRate(%)

vacancyRate《%)

NetAbsorption(SF)

Newsupply(SF)

underconstruction

(SF)

NetAskingRent(PSF)

T&O(PSF)

GrossRent(PSF)

vancouver25,108,9276.4%4.4%-6,316152,779384,662$21.10$8.79$29.89

Burnaby31,695,0644.4%3.5%-251,524o1,453,385$20.85$6.38$27.23

Richmond38,551,0744.4%3.4%103,586o237,041$21.49$5.84$27.33

Tri-cities/NW

20,260,2144.0%3.2%3,99360,000416,185$22.94$6.66$29.60

Delta/TFNLands

28,587,471

6.7%

5.0%

75,116

0688,321$19.05$5.50$24.55

surrey

43,751,842

5.4%

3.7%

269,474

229,798

557,360

$18.65

$5.61

$24.26

Langley

16,264,503

4.9%

2.6%

87,693

0

0

$17.15

$5.09

$22.24

MapleRidge&pittMeadows

5,089,114

11.6%

6.7%

141,264

0

366,852

$19.07

$4.39

$23.46

Abbotsford

8,352,478

5.7%

4.8%

171,667

77,969

156,074

$17.54

$5.28

$22.82

Northvancouver

5,377,904

2.3%

1.9%

-13,107

0

0

$21.75

$9.09

$30.84

Metrovancouver

223,038,591

53%

123,932

520,546

4,259,880

$19.87

$6.09

$25.96

chilliwack

5,313,669

1.6%

O.8%

55,047

0

195,979

$16.56

$5.91

$22.47

source:CBREResearch,Q32025.

MarketAreaoverview

Definitions

Availablesq.ft:spaceinabuilding,readyforoccupancywithin60days;canbeoccupiedorvacant.AvailabilityRate:TotalAvailablesq.ft.dividedbythetotalbuildingArea.AverageAskingLeaseRate:Acalculatedaveragethat

includesnetandgrossleaserate,weightedbytheircorrespondingavailablesquarefootage.Inventory:Thetotal

floorareasq.ft.ofthebuilding,typicallytakenatthe"dripline"ofthebuilding.GrossLeaseRate:Renttypically

includesrealpropertytaxes,buildinginsurance,andmajormaintenance.NetAbsorption:Thechangeinoccupied

sq.ft.fromoneperiodtothenext.NetLeaseRate:Rentexcludesoneormoreofthe"net"costs(realpropertytaxes,buildinginsurance,andmajormaintenance)typicallyincludedinaGrossLeaseRate.occupiedsq.ft:BuildingAreanotconsideredvacant.vacancyRate:Totalvacantsq.ft.