Warehouse Space Seen Running Out in Canada by the End of 2021
- E-commerce boom pushes vacancies to historic lows, CBRE says
- Construction of new space isn’t keeping pace to satisfy demand
Vacancy rates for existing warehouses, like this one in Vancouver, are at historic lows.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
Canada is in danger of running out of warehouse space by the end of the year, thanks to the boom in e-commerce sparked by the pandemic.
While a near-record 26.1 million square feet (2.4 million square meters) of logistics real estate is under construction, much of it is already leased, according to a report released Tuesday by commercial-property brokerage CBRE Ltd. And with vacancy rates for existing warehouses at historic lows, it soon may become nearly impossible for businesses to find places to store their goods.