The headline number
Colliers' Q1 2026 Metro Vancouver Industrial Report logs net absorption of more than 1.1 million sq. ft. for the quarter — nearly double the new completions that hit the market in the same window.
Most of the leasing was concentrated in Richmond, Delta, and Surrey, where modern dock-loaded product remains the format users want.
Why this matters
- Vacancy compression that took 18 months to build up can unwind in two strong quarters.
- Large-format space (100,000 sq. ft.+) is leading the absorption — a sign that occupier confidence in long-term Metro Vancouver demand is recovering.
- Strata absorption stayed steady, which is unusual in a softening cycle and suggests owner-user demand has been waiting on the sidelines.
What changes for tenants in Q2 and Q3
The window where tenants could push hard on landlord concessions across the board is starting to narrow. Submarkets with sub-3% vacancy are already back to landlord-favourable.
Tenants with renewals coming in the next twelve months should treat the renewal-vs-relocation read as a now decision, not a later decision.
This note is an editorial read of the source above. Quoted figures and conclusions belong to the original publisher; the framing and submarket interpretation are ours.