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Market Report

Vancouver Industrial Market Report

2Q 2024

Port Expansion and Limited Development Land
Support Long-Term Industrial Outlook

Demand prospects are positive over the long-term. The combination of strong supply growth and easing demand amid rising interest rates caused some balance to return to Vancouver’s industrial market last year. Despite this short-term softening, long-term demand prospects are optimistic. With direct access to the Pacific Ocean, Vancouver’s industrial market plays a key role in servicing global trade. The Port of Vancouver is one of the largest and most diversified shipping terminals in North America, handling roughly 142 million tonnes annually. It was also recently announced that its Delta-based terminal will undergo a $3.5 billion expansion, providing a 50 per cent increase to the port’s container capacity. As a result, Vancouver’s industrial sector is set to play an increasing role in servicing global and domestic trade. Combined with rapid population growth, healthy consumer spending and further e-commerce adoption, long-term industrial demand dynamics are likely to remain sound. 

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