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Metro Vancouver industrial vacancy rate flirting with zero
The industrial real estate vacancy rate in Metro Vancouver, which is already in the sub-1 per cent level in four municipalities, will soon fall below 1 per cent across the entire region, which is unprecedented, according to a forecast from commercial real estate agent CBRE.
“We believe continued strong demand and a critical lack of supply in the current market will force the vacancy rate below 1 per cent for the first time [in 2021]” said the CBRE Industrial projection, released February 18.
The four markets where the industrial vacancy are under 1 per cent are Delta (0.4%), Surrey (0.6%), Maple Ridge/ Pitt Meadows (0.9%) and North Vancouver (0.8%).
“Surrey is the largest industrial market in the Lower Mainland and seen as a safety net for supply over the past decade,” CBRE noted, adding “But this is no longer the case as the Fraser Valley now has a lower overall vacancy rate than Vancouver, Burnaby and the Tri-Cities.”
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Late afternoon to be the hottest time of day during new Tri-Cities heat warning
Dinner time will be cooking time — and not just for the food on your plate.
Environment Canada explains the late afternoon and early evening will be the hottest time of the day over the last 48 hours as a new heat warning has been issued for the Tri-Cities.
Temperatures are predicted to reach daily highs of between 35 and 40 C with humidity for inland communities like Coquitlam, Port Coquitlam and Port Moody.
The national service stresses the latest stretch of hot weather is likely to be short lived amid a strong ridge of high pressure making its way over B.C.
"Environment Canada and local Medical Health Officers expect an increase in health and safety risks from heat and are advising the public to take precautions," the alert reads, which was issued at 10:57 a.m. for the Tri-Cities, as well as Metro Vancouver.
The overnight and early morning lows are expected to drop
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