Rents in Victoria are generally lower. The highest overall rents are being charged by two facilities with a small average unit size (45 square feet), which are obtaining an overall average rent of $2.55 to $2.72 per square foot per month. Otherwise, the range is from $1.56 to $1.79. Rents in most facilities were raised in 2008 be at least 5 percent.
Nanaimo rents are considerably lower than rents in either the Lower Mainland or the Capital Regional District. A 2008 survey determined the highest overall rent per square foot per month was $1.35.
A survey in Kamloops last year indicated the highest overall rent per square foot per month was approximately $1.45. This may change with the completion of a new 65,000-square-foot facility proposed for construction this year.
Edmonton rents are generally lower than those of the British Columbia urban centers, partly due to larger unit sizes. Projections for a multi-level new facility currently under construction with an average unit size of 106 square feet are at $1.51 per square foot per month. Recently reported average rents in two older facilities with average unit sizes of 130-plus square feet are in the range of $1.04 to $1.08 per square foot per month.
Prediction for 2009: Rents will remain level while incentives to lease up new space will increase. This could include free rent periods, free locks, free use of a truck to move in, etc.
Occupancies in most western markets were in the 95 percent-plus range until fall 2007 when occupancies dropped by an estimated 5 percent and did not recover. Occupancies appear to have softened again in the last six months, and call volumes are reported to be down.
Vancouver Lower Mainland