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Metro Vancouver Industrial Market

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Metro Vancouver Industrial Market Research & Forecast Report METRO VANCOUVER INDUSTRIAL MARKET Third Quarter 2018 Table of Contents Metro Vancouver Market Overview .......................................................................................1 Market Summaries Vancouver .......................................................................................................................2 North Vancouver ..................................................................................................... 3 Burnaby & New Westminster ................................................................................... 4 Tri-Cities ................................................................................................................. 5 Richmond ................................................................................................................ 6 Delta ....................................................................................................................... 7 TFN Lands .............................................................................................................. 8 Surrey .................................................................................................................... 9 Langley ................................................................................................................. 10 Abbotsford, Chilliwack & Ridge-Meadows ............................................................... 11 Glossary & Forecast Assumptions ......................................................................................12 Research & Forecast Report | Third Quarter 2018 | Metro Vancouver / Industrial | Colliers International Metro Vancouver Market Overview Market Trends and Forecast Market Overview 5.0% 2,500,000 Despite a record amount of new supply being delivered to 4.0% the market this quarter, the vacancy rate only increased 1,500,000 by 0.1% quarter over quarter as many of the projects 3.0% were significantly, if not completely pre-leased or pre- sold. This strong pre-leasing and pre-sales activity is 2.0% 500,000 indicative of the overall strength of demand for space in the Metro Vancouver’s Industrial Market as well as the 1.0% limited supply. The largest project that substantially 0.0% -500,000 completed this quarter was Building 1 of Delta iPort, adding 453,620 square feet to the overall industrial inventory in the Metro Vancouver region. Delta iPort is New Supply (SF) Net Absorption (SF) Current Qtr Vacancy Rate located on Tsawwassen First Nations land and is a partnership between GWL Realty Advisors, Health Care of Market Indicators Ontario Pension Plan (HOOPP), and the Tsawwassen Relative to prior period Q2 2018 Q3 2018 Trend First Nations. Towards the end of the quarter there was an announcement that Amazon has pre-leased 100% of INVENTORY (SF) 202,810,402 204,460,135 Building 1, contributing significantly to the 1,313,282 VACANCY 1.4% 1.5% square feet of positive absorption this quarter, which is well above the five-year average of 991,142 square feet of NET ABSORPTION (SF) 931,295 1,313,282 absorption per quarter. Of the new supply delivered this NEW SUPPLY (SF) quarter it was not just large blocks of space that were 576,335 1,649,733 committed to prior to completion. For example, Building UNDER CONSTRUCTION (SF) 4,701,644 4,664,064 200 of Onni's Campbell Heights West development, which totals 202,105 square feet across 17 bays, completed AVERAGE ASKING NET RENT* $10.73 $10.87 construction this quarter with only one 14,427-square- *Average Asking Net Rent is calculated using a weighted average foot unit remaining available for lease. In addition, Onni's Golden Ears Business Park Building 700 which is a small bay building, was 100% leased upon completion. Furthermore, Beedie’s Delta Link Business Centre Phase Q3 2018 Vacant Space by Property Size (SF) 2 strata project was 100% pre-sold and completed 1,000,000 900, 000 construction this quarter. 800,000 700, 000 Investment Market 600,000 Traditional investment opportunities to acquire high 500, 000 quality buildings tenanted by established businesses 400,000 300, 000 remain scarce. Many investment opportunities that do 200,000 become available are for properties that have holding 100, 000 income and offer redevelopment upside as a significant 0 component of the value of the sale, such as 8351 Ontario Street, in Vancouver. Given the lack of investment opportunities, the lack of development land and the strong Bulk/Logistic (>100,000) Large (30,000-100,000) Mi d (5,000-30,000) Small (0-5,000) performance of the industrial asset class, some investors have established creative development strategies, such as the partnership between GWL Realty Advisors, Healthcare of Ontario Pension Plan and Tsawwassen First Nation with Delta iPort. Two tier-1 buildings totaling 247,000 square feet on 10.04 acres of land located at 16160 Blundell Road in the Port of Vancouver’s Richmond Logistics Hub are currently listed for sale. The buildings are fully tenanted by a well-known exporter. 1 Research & Forecast Report | Third Quarter 2018 | Metro Vancouver / Industrial | Colliers International Buntzen Lake Capilano Lake West r m D r d h R A g u o n Vancouver o n r a a r l i i o D p d b s a mar Rd n th n Ave e I u e C ra 99 Upper So v B te Edgemont Blvd S Queens Ave Le ve ls Delbrook BC RAIL Mathers Ave d Pitt Lake Highway R E 29th St ur Inglewood Ave o 21st St 11th St 11th m y Fulton Ave 1 Hyannis Dr e S e Lynn Valley Rd North t v 15th St A E Riverside Dr M Taylor Wy Taylor l Ma l rin e e F Vancouver Rd Dr y Mountain Hwy Larson Rd a B 15th St ll e ge Lonsdale Ave d Ave Chestereld d w Harrison Lake i W 13th St Ave St Georges R d r t e B e B Berkley Rd Berkley Welch St Mountain Hwy o e W W 3rd St E Sunnyside Rd Sunnyside E Grand Blvd E Grand t o Mt Seymou r a K l Pkwy Harbourside Dr e l E i G s ith Harbourside Pl p L s l Rd East Rd n an o a E 3rd St i Lonsdale Quay de Rd Cove Deep L Brooksbank Ave ollarton Rd D Dollarton Hwy Vancouver Main St d E Esplanade Ir l o OW Riverside Dr Port Moody 99 n Rd W il r o p r k A e r Burrard Inlet s Dr a Chard Development's 34 W7 office and light industrial strata M Panoram e m H o Ioco Rd er D r it i a a Ba l r g n B et development is now 100% pre-sold and set to complete in Q4 H C.P.R. e English Bay r ig i h McGill St d way g Eton St M Burrard 7A DenmanDavie St St Waterfront e o La u nd Wy Pinetree n s Woodland Pipeline Rd t Pacic St 1 Dundas St d S t o a Lafarge Lake - Douglas C w y Victoria Dr i 2018. In the immediate area at 2238 Yukon Street (previously Johnson St ine Dr Granville n s ar Vancouver n s M E Hastings Street e B W City Centre e n l N D Stadium/Chinatown v Simon Fraser h d r Port Moody Centre g Lincoln Coast Meridian Rd B 5 Parker St University u Stave Lake the 3 Vets site), Chard is planning a project called The Yukon. Venables St Curtis St St. Johns St a Yaletown/ Coquitlam Central h Richardson Rd Poin Roundhouse Port Moody Centre Inlet Centre Coquitlam S t G Main St re Cornwall St G Central Cedar Dr y Rd a Clark Dr g University of W 4th Ave Olympic Village l Wesbrook Mall G Ave Gilmore The Yukon will offer strata space from 1,000 square feet to 1st Ave Willingdon Ave a r r Prairie Ave Holdom St Gerald Ave Gerald e Sperling St d McNeil Rd at North VCC/Clark i W British Columbia ern Brentwood y A Wy Dr Commercial 3 Gilmore W 10th Ave W Broadway Town Centre 1 Renfrew St Renfrew Holdom Clarke Rd 4 Broadway/ Commercial Port Coquitlam 4 49,709 square feet and is scheduled for 2020 occupancy. Broadway Burquitlam Como Lake Ave City Hall E Broadway th W 12th Ave Lougheed Highway Port St E 12th Ave Renfrew Rupert W 16th Ave Sperling/ Coquitlam t Grandview Hwy Burnaby Lake y Burns Rd S Maple Kingsway Ave Lake City Way W Canada Wy n Kingsway r S Production Way/ i e W a University t n i Ridge M n r Lougheed Highway a u r King Edward Ave King Lougheed Lougheed a o i Sprott St Linton St 7 n Nanaimo St M Edward St Rupert Town Centre Trends M e Winston St Town Centre Rd Gatensbury D Macdonald St Austin Ave r Nanaimo e Vancouver Rd Harris u Arbutus St l B d 29th Ave R Crown St Crown St Dunbar T Blenheim St Harrison Hot Springs Rd Springs Hot Harrison Deer Lake Pkwy ra r St e W 33rd Ave E 33rd Ave ns Coquitlam Fern Cr v Rd Neaves > Strata prices are continuing to climb. A resale of a 3,287 square Ca i n R Broadway St Broadway 7 ad Dewdney Trunk Rd McCallum Rd Joyce a t 132nd Ave t Hig 1 i 7 9 hw P Oakridge/41st Ave ay Brunette Ave foot unit at PC Urban's IntraUrban Business Park has a firm deal W 41st Ave E 41st Ave Grange St Burnaby Braid Shaughnessy North Rd W Boulevard United Blvd 128th Ave 128th Ave Earles St Pitt Patterson Hartley Rd 7 W 49th Ave Rd Cameron at $472 per square foot. Langara/ Mary Hi pass 7 6th St ll By Meadows 49th Ave 49th Ave E Metrotown Hartley Ave Lougheed Hwy Fraser St Fraser Knight St Canada Wy Main St St Tyne Sapperton 124th Ave Victoria Dr P Pitt d Imperial St o R r St 203rd Oak St Meadows 248th St Granville Street Spratt Rd Spratt Royal Rd Lake Stave W 57th Ave Rd Woolridge 256th St t r 227th St 224th St 216th St St Laity e M 232nd St W 57th Ave Rd Boundary Oak 2 10th Ave DOUGLAS t Cambie St Kingswa s y a C.P.R. Harrison Bay 264th St t e > Of the 416,507 square feet that is under construction, all is n Dewdney Trunk Rd River ISLAND Dewdney Trunk Rd v S 8th Ave n PITT MEADOWS l y Limbert Rd 6 Rumble St B Hammond Rd S t r AIRPORT o 6th Ave i Nelson Ave i AGASSIZ l d Marine4 Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H scheduled to complete construction in the next six months.
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