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Vancouver and Toronto have been dominating the country’s industrial growth since mid-2014, when the bottom started to fall out on oil prices, according to a new report by Cushman & Wakefield.

The two cities have accounted for 80.3 per cent of total national industrial space absorption since oil prices started to decline dramatically in spring of 2014.

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In May of that year, the price of crude oil (Western Canada Select) was at $108.56 (all figures in Canadian dollars) per barrel.

On July 20, 2017, the price was $46.74. The price touched as low as $20.44 in January, 2016.

In that time, Vancouver has had positive industrial growth of 4.6 per cent, the July industrial report said.

Toronto, in that same time, has enjoyed an industrial growth rate of 2.9 per cent. Calgary ranked third at 2.6 per cent.

The industrial growth has been stoked by the emergence of ecommerce, strong U.S. growth, low interest rates and a lower Canadian dollar, said Stuart Barron, Cushman & Wakefield’s national director of research.