Metro Vancouver is seeing a rise in demand for industrial space, according to Global News. A certain Diane Cross Massey said, "I've got three spaces right now and two more that I'm negotiating on." The sudden need for commercial and industrial space is driven by the sudden increase in production in north Burnaby that is currently taking advantage of the low Canadian Dollar. Her production staff and crews needs more space to work.
Colliers International heeds a strong industrial market rising in the last three months of 2015 as indicated by lower vacancies and larger production compared with 2014. It was also stated that the production and the growing demand will require more than just the 5 million additional square feet of industrial space that is currently being created. There is also a rising need for office space. There was an 2.1 million additional square feet of space, but vacancy rate was still went up by 0.1 percent at Q3 of 2015.
Global News quotes Colliers International managing director Maury Dubuque, "Many experts were forecasting Armageddon, high vacancy rates and plunging rental rates. That hasn't been the case."
In other words, Dubuque is saying the market is seeing the opposite of what was expected and the reason was timing. At the moment, commercial firms are simply looking for "fresh" spaces after 25 years. For example Bull, Housser and Tupper LLP has been in the business for more than a decade and it is one of the many businesses, which needed a new office and it recently got its new office building in downtown Vancouver with eschewed perimeter design and grand oak doors. "Where it's at now, Vancouver and Canada in general are a very, very attractive choice for global capital," Dubuque said.
Moreover, many reports say that that the low Canadian dollar is leading firms like Amazon or Microsoft to Metro Vancouver.
