Metro Vancouver industrial real estate has maintained the structural supply constraints that have defined the market through the cycle. Mid-2026 brings stable vacancy across most submarkets, continued absorption of large-format Class A inventory in Surrey and Port Kells, and tightening cold-storage availability in Richmond.
Vacancy and Absorption
Aggregate Metro Vancouver industrial vacancy remains in the 1 to 3 percent range depending on submarket, with Vancouver-proper and central Burnaby effectively at zero. Modern Class A distribution product delivered in Surrey and Port Kells continues to pre-lease or absorb quickly upon completion. Cold storage demand has tightened the Richmond market, with newer purpose-built facilities commanding meaningful premiums.
Lease Rates by Submarket
Net asking rents remain at cycle highs across most submarkets. Vancouver-proper trades $22 to $32 PSF net for general industrial. Burnaby ranges $17 to $24 PSF net depending on submarket. Richmond modern Class A distribution leases at $17 to $22 PSF net, with cold storage commanding $28 to $40+ PSF. Surrey modern Class A trades $15 to $19 PSF net. Langley and Abbotsford remain at the lower end of the spread at $12 to $17 PSF net.
Submarket Performance Highlights
Surrey continues to deliver the largest share of new construction in the region, with Campbell Heights and Port Kells absorbing modern large-format inventory. Richmond cold storage demand has remained strong, supported by grocery e-commerce expansion and food-chain consolidation. Delta heavy industrial maintains structural scarcity, with limited turnover in Annacis Island and steady absorption around the Tilbury corridor.
What to Watch in H2 2026
Several factors will shape the second half: continued interest rate environment, new construction delivery schedule in Surrey and Port Kells, cold-chain demand absorption in Richmond, and the broader implications of port-related developments at Roberts Bank. Investment sales activity remains responsive to capital market conditions.
Implications for Owners and Occupiers
For owners considering disposition, mid-2026 conditions support competitive marketing processes for stabilized institutional-grade product. For occupiers with upcoming requirements, the structural supply constraint continues to favor early engagement and disciplined site selection. Lease renewal negotiations remain meaningful — submarket comparable data supports informed positioning for tenants approaching expiry.