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Vancouver Industrial Market Dynamics Q1 2026
This is a market report published by JLL in March 2026 covering the industrial sector in Vancouver, British Columbia.
Industrial & LogisticsVancouverBritish Columbia
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This is a market report published by JLL in March 2026 covering the industrial sector in Vancouver, British Columbia.
Metro Vancouver's office market in Q1 2026 recorded an 11.2% overall vacancy rate with 263,000 square feet of year-to-date net absorption and asking rents at $53.68 per square foot, as vacancy declined by 20 basis points quarter-over-quarter despite minimal new construction and only one office building completion. Downtown Vancouver's vacancy fell to 13.9% with leasing activity rebounding to 502,000 square feet, driven by tenants upgrading to higher-quality Class A space, while across the broader metro region 17 office projects totaling 1.2 million square feet remain under construction with nearly 55% pre-leased, and sublease inventory continued its tenth consecutive quarter of decline as the market gradually rebalances toward direct space.
Toronto's office market entered 2026 with improving fundamentals as downtown vacancy declined to a three-year low of 14.4% in Q1 2026 while asking rents reached $52.41 per square foot across all property classes, with the Financial Core leading recovery but suburban markets showing uneven performance. GTA-wide new leasing activity totaled 2.6 million square feet, up 31.9% year-over-year and the strongest first-quarter performance since 2018, though downtown leasing cooled 48.5% quarter-over-quarter from the prior year's surge while Class A rent growth re-emerged at approximately 110 basis points quarterly amid a highly segmented recovery across asset classes and submarkets.
The Metro Vancouver industrial market report for Q1 2026 indicates that overall vacancy tightened to 4.1% from 4.5% in the previous quarter, with strong demand concentrated in smaller units under 10,000 square feet and large-bay units exceeding 100,000 square feet, while new supply remained constrained at 768,409 square feet. Development activity shifted toward tenant-specific build-to-suit projects, which accounted for 50% of new construction starts totaling just over 900,000 square feet of the 1.1 million square feet that broke ground, while speculative and strata development declined sharply to 22% of starts from a 2025 average of 63%.
This is a data-figures report published by CBRE on March 31, 2026, presenting industrial sector figures for Toronto in the first quarter of 2026.
This is a market report on the Toronto industrial sector published by Colliers in the first quarter of 2026. The report covers industrial real estate activity and market conditions in Toronto, Ontario, Canada during that period.
This is an office sector market report published by CBRE on March 31, 2026, presenting Q1 2026 figures for the Vancouver commercial real estate market.
This is a market report on the Montreal office sector published by JLL on March 31, 2026, covering Q1 2026 conditions. The report addresses office market dynamics in Montreal, Quebec, Canada.
Vancouver's multifamily market report by Avison Young covers H1 2025 trends, noting that nearly 20,000 rental units are under construction as of July 2025 despite structural challenges expected to create supply shortfalls in 2-3 years, while the market has shifted toward buyers with cap rates exceeding 4%, vacancy at 1.9%, average rents at $2,830 per month, and annual rent declines of 7.0%. The report identifies private capital as increasingly dominant as institutional investors retreat, with activity concentrated in value-add segments and well-located competitively-priced assets, while zoning reforms and federal programs support affordable housing development.
The Avison Young Metro Vancouver office market report for Q1 2026 tracks market fundamentals including a vacancy rate of 11.8% (down from 12.4% in Q4 2025), 8.0 million square feet available, $55.11 average gross asking rent per square foot, and 321,000 square feet of absorption in the quarter. Small and mid-sized tenants are driving leasing momentum particularly in the 3,000 to 8,000 square foot range, tenant requirements are becoming more function-focused, and elevated inducements remain central to leasing negotiations as the market gradually rebalances.
This is a market report published by JLL in March 2026 covering office sector dynamics in Toronto, Ontario for the first quarter of 2026.
This is a market report published by JLL on March 31, 2026, covering office sector dynamics in Vancouver, British Columbia during the first quarter of 2026.
This is a quarterly data and figures report on the industrial sector in Montreal, published by CBRE on March 31, 2026.
Cushman & Wakefield's Vancouver Retail MarketBeat for year-end 2025 reports that overall retail vacancy rose to 6.8% across the market, with regional malls declining to 10.1% vacancy despite Hudson's Bay and Saks Off 5th closures, community malls rising to 3.4%, and core office tower retail at 9.3%, while high-street asking rents remained stable to strong with Alberni Street commanding the highest rate at $173.33 per square foot. British Columbia's economy is expected to grow 1.2% in 2026 with retail sales projected to moderate to 2.8% growth, though retail strata sales transactions remained subdued in 2025 with average pricing reaching $1,133 per square foot while developers increasingly incorporate income-generating components like hotels into mixed-use projects to improve financial viability.
This is a market report published by Colliers on the Toronto industrial sector for the fourth quarter of 2025. The report covers industrial real estate activity and conditions in Toronto, Ontario, Canada.
This is a market report published by Colliers on December 31, 2025, covering the office sector in Toronto, Ontario, Canada for the fourth quarter of 2025.
At Q1 2026, Canada's hotel construction pipeline contains 331 projects representing 45,401 rooms, with early-stage planning projects reaching a record high of 176 projects and 24,949 rooms, up 6% and 13% year-over-year respectively. Upper midscale chain scales lead the pipeline with record totals of 137 projects and 14,173 rooms, while Ontario accounts for 57% of projects and 61% of rooms, with Toronto, Vancouver, and Niagara Falls representing 38% of all Canadian projects combined.
Canada's labour market rebound supports commercial real estate stability, with the economy adding 88,000 jobs in May, the largest monthly gain since late 2024.
The Bank of Canada held the overnight rate at 2.25 per cent; a higher-for-longer rate environment is curbing commercial real estate investment momentum.
Lower rate volatility is supporting further housing recovery as Canada's average single-family home price finds a floor after nearly a year of decline.
June 2026 brief: industrial demand is set to rise as a manufacturing recovery broadens, with output up 4.2 per cent month-over-month across most subsectors.
Record data center demand in H2 2025 drove North American vacancy to a historic low of 1.4% while pricing rose 6.5% year-over-year amid constrained supply and surging AI infrastructure needs.
Avison Young's annual Canadian CRE outlook, with 97% of surveyed experts expecting activity to increase or hold steady and the strongest sales quarter since 2022 in Q3 2025.
The Americas chapter of LaSalle's ISA Outlook 2026, with stabilizing valuations, improving debt market liquidity and a sharp pullback in new development signaling early signs of a new cycle.
This mid-year big-box industrial report finds the North American market stabilizing after years of historic growth and rebalancing, setting the stage for the next expansion cycle.
Newmark's outlook for the North American industrial market, weighing near-term softness from trade policy uncertainty against long-term tailwinds from manufacturing growth and supply-chain regionalization.
LaSalle's ISA Outlook 2025 North America chapter, forecasting that US and Canadian real estate is on the verge of a new cycle as interest rates fall from peak and transaction volume grows slowly.
The annual outlook reviews Canadian commercial real estate fundamentals and investment themes across the office, industrial, multifamily and retail sectors.
The first quarter 2026 North American review examines power scarcity, record demand, a regulatory reset, and Canada's emergence as a strategic market for data center development.
The annual review summarizes GWL Realty Advisors portfolio performance, development pipeline and investment activity across Canadian real estate sectors for 2025.
Newmark's valuation and advisory survey gathers practitioner views on pricing, cap rates and transaction conditions across North American property types for 2026.
LaSalle's annual Investment Strategy Annual outlook for 2026 sets out the firm's global, European, North American, and Asia Pacific real estate strategy views to help clients navigate the year ahead.
Developed with Ernst and Young, the report benchmarks performance across BOMA BEST certified buildings and examines operational trends, finding that top performers are prepared to withstand disruption and adapt to changing conditions.
The quarterly market update covers leasing, investment and pricing conditions across Canadian commercial property. The national office availability rate fell 100 basis points year over year to 16.6 percent.
New condominium apartment sales in the Greater Toronto and Hamilton Area fell 60 percent in 2025 to just 1,599 units, the lowest annual total since 1991. A record 28 active condo projects totalling 7,243 units were cancelled during the year.
The global outlook synthesized the United States and Canada, Europe and Asia Pacific editions, offering a cross-regional view of investment and development prospects for 2026.
Annual net absorption fell from 20.5 million sq ft in 2024 to 852,722 sq ft in 2025 despite more than 12 million sq ft of tenant growth in the fourth quarter. Deliveries in 2025 totaled 253.6 million sq ft, down 52 percent from the 526 million sq ft record set in 2023.
The overall capitalization rate for the four benchmark asset classes eased 1 basis point to 5.92 percent in the fourth quarter of 2025. Halifax, Vancouver and Toronto led investor preference, with food-anchored retail strips remaining the most sought-after property type for an eighth consecutive quarter.
A total of 9,821 purpose-built rental units started construction in the GTHA in 2025, a 42 percent increase over 2024 and the highest annual total since the 1970s. Purpose-built rental completions reached a more than 40-year high of 6,379 units.
The monthly summary aggregates Morningstar DBRS rating actions across North American CMBS transactions for November 2025. It is part of the firm's recurring surveillance reporting on the sector.
The 47th edition of the PwC and Urban Land Institute report draws on insights from more than 1,700 real estate investors, developers and lenders across the United States and Canada. Dallas-Fort Worth ranked first among markets to watch, with data centers, senior housing and self-storage flagged as growth sectors.
Urbanation reports purpose-built rental projects continued to advance in the third quarter of 2025 even as average rents declined. The vacancy rate for buildings completed since 2000 rose to its highest level since 2020.
Altus Group analyzes valuation parameters and capitalization rate movements across benchmark Canadian property types. The analysis tracks pricing shifts shaped by monetary policy and trade conditions.
In its 47th edition, the ULI and PwC report drew on insights from more than 1,700 industry participants, ranking Dallas-Fort Worth as the top Market to Watch for the second year running with continued interest in data centers, senior housing and self-storage.
The report records 12 million sq ft of net absorption in the US and 5.4 million sq ft in Canada in the third quarter. It describes a landscape pausing as tariffs, legal uncertainty, high costs and AI considerations produced mixed results across property types.
Conducted by Ferguson Partners with 59 participating organizations, the survey provides competitive compensation benchmarks and details on the design and administration of compensation and benefits programs across Canadian real estate.
Urbanation reports completed but unsold condominium inventory in the GTHA reached a record high in the second quarter of 2025. The data reflects a sharp slowdown in new condo sales and rising standing inventory.
Altus Group surveyed more than 300 investors, managers, owners and lenders on value trends across 32 asset classes in Canada's eight largest markets. Single-tenant industrial cap rates moved to 5.91 percent as the national industrial availability rate reached 6.2 percent.
A market-level update on leasing, availability and pricing across the Greater Toronto Area. The report covers office, industrial and retail conditions in Canada's largest market.
Among GTHA purpose-built rental projects completed since 2000, a 65 percent share offered incentives to renters in the second quarter of 2025, up from 36 percent a year earlier. The data signals softening rental conditions amid new supply.
The midyear update describes a resilient commercial real estate debt market in the first half of 2025, with higher issuance in data center sectors and traditional CMBS consistent with 2024. Maturity defaults remained tied to higher rates and office performance decline.
The Canada office market reached equilibrium in the second quarter, with vacancy and availability largely unchanged on the quarter and slightly positive absorption.
Retail demand turned negative for the first time since the Covid lockdown, with net absorption of negative 8.9 million sq ft in the second quarter. Overall office vacancy fell 10 basis points to 8.1 percent as Class A demand exceeded supply.
The report examines investment potential in Canada's mid-market apartment segment, citing demand drivers and supply constraints across major markets.
Green Street expanded its Canadian private market commercial real estate intelligence. The release adds data and analytics across Canadian property sectors.
The overall capitalization rate for the four benchmark asset classes held largely stable at 5.87 percent in the first quarter of 2025. The quarter revealed a Canadian market navigating changing monetary policy and international trade dynamics.
US retailers shuttered roughly 7.1 million sq ft of space in the first quarter following one of the weakest annual absorption totals in a decade. Canada posted negative net absorption of 5.2 million sq ft in retail over the same period.
A market-level update on leasing, availability and pricing across Metro Vancouver. The report tracks office, industrial and retail performance early in 2025.
The report provides Canadian commercial cap rates, sales volumes and capital markets analysis. Industrial and multifamily led activity in 2025 as cap rates began to stabilize or firm in several asset classes.
The first quarter 2025 recap analyzes data center demand patterns across North America and Latin America amid measured hyperscaler activity early in the year.