Metro Vancouver · Q2 2026
Market at a glance.
Consensus figures are the simple average of the 7 research reports listed at the bottom of this page. The range shows the lowest and highest published figure.
Vacancy rate
4.3%
3.1% to 5.0% across 6 reports
Availability rate
5.8%
4.4% to 6.7% across 6 reports
Average net asking rent
$19.10
$18.86 to $19.44 across 6 reports
Quarterly net absorption
367K SF
54K SF to 608K SF across 6 reports
Vacancy rate
4.3%
3.1% – 5.0%
- CBRE 5.0%
- Colliers 3.1%
- C&W 4.4%
- AY 4.1%
- JLL 4.6%
- Lee 4.5%
- Altus n/p
Availability rate
5.8%
4.4% – 6.7%
- CBRE 6.1%
- Colliers 4.4%
- C&W 6.7%
- AY 5.4%
- JLL 6.5%
- Lee n/p
- Altus 5.9%
Average net asking rent
$19.10
$18.86 – $19.44
- CBRE $19.14
- Colliers $19.03
- C&W $18.87
- AY $19.44
- JLL $19.23
- Lee $18.86
- Altus n/p
Quarterly net absorption
367K SF
54K SF – 608K SF
- CBRE 526K SF
- Colliers 242K SF
- C&W 608K SF
- AY 54K SF
- JLL 265K SF
- Lee 505K SF
- Altus n/p
Year-to-date net absorption
1.05M SF
557K SF – 1.40M SF
- CBRE 557K SF
- Colliers 1.40M SF
- C&W 1.15M SF
- AY 1.15M SF
- JLL 659K SF
- Lee 1.39M SF
- Altus n/p
Under construction
3.0M SF
2.3M SF – 3.6M SF
- CBRE 2.9M SF
- Colliers 2.3M SF
- C&W 3.6M SF
- AY 3.5M SF
- JLL 3.2M SF
- Lee 3.3M SF
- Altus 2.5M SF
Total inventory
245.4M SF
225.7M SF – 261.5M SF
- CBRE 225.7M SF
- Colliers 237.8M SF
- C&W 254.1M SF
- AY 245.7M SF
- JLL 261.5M SF
- Lee 247.8M SF
- Altus n/p
Average sale price
$486.67
$450.00 – $527.00
- CBRE $450.00
- Colliers n/p
- C&W $527.00
- AY n/p
- JLL n/p
- Lee $483.00
- Altus n/p
n/p: not published by that source. Figures as published; no estimates.
First look · Q3 2026
CBRE has published Q3 metro figures ahead of the other houses.
These come from the Canada Industrial Figures, Q3 2026 released October 1, 2026. They are shown on their own and are not averaged with the Q2 consensus above. The full Q3 consensus follows once the other reports land.
- Vacancy
- 5.0%
- unchanged from Q2
- Availability
- 5.8%
- down 30 bps, second straight decline
- Net asking rent
- $18.87
- down 5.0% year over year
- Q3 net absorption
- 1.12M SF
- largest quarter since the pandemic run-up
- Under construction
- 3.06M SF
- about 1.1M SF due by year end
- Asking sale price
- $425
- down 13.3% year over year
- /Demand is coming from lease-up of existing space rather than pre-commitments, led by the 50,000 to 100,000 SF segment.
- /Sublease space grew by 256,000 SF in the quarter, the largest increase of any Canadian market, which is the one caution flag in an otherwise improving quarter.
What the numbers say
My read on the quarter.
Six research houses published Q2 2026 numbers for Metro Vancouver industrial, and they do not agree. Vacancy runs from 3.1% at Colliers to 5.0% at CBRE. The gap is mostly definitions: who counts strata, where the Fraser Valley boundary sits, and whether leased-but-empty space is vacant. Averaged, the market sits at about 4.3% vacant and 5.8% available, which is loose by Vancouver standards and tight by anyone else's.
Rent is the number the houses agree on most. Every report lands between $18.86 and $19.44 net, for a consensus near $19.10, down roughly 4% to 6% from a year ago. Three of them use the word floor. The decline is concentrated in older Class B and C buildings that are discounting to compete; new Class A space held or edged up.
Absorption was positive across every report, and the quarter belonged to large users. Toyota, S&S Activewear and Spicers each took 80,000 SF or more, and vacant large-bay space fell. Small bay is the opposite story: more than 10 million SF of space under 40,000 SF is available and units under 20,000 SF are averaging over a year on market. If you are a smaller tenant, this is your market. If you need 100,000 SF or more, your choices are short.
New supply has nearly stopped. Deliveries ranged from 66,000 SF to 607,000 SF depending on the house, and the pipeline of roughly 3 million SF is about half pre-committed. Developers are not starting speculative buildings until pre-leasing or pre-sales are in hand. That is the reason I expect the large-bay segment to tighten first, and why owners of functional freestanding buildings are in a stronger position than the headline rent trend suggests.
CBRE's early Q3 figures point the same direction: availability down for a second quarter and the strongest quarterly absorption in years, with one caution in rising sublease space. I will update this page when the other houses publish Q3.
Submarkets
Submarket consensus.
Each cell is the average of every report that publishes a figure for that submarket. The small number beside it is how many reports contributed. Brokerages draw submarket boundaries differently, so treat these as benchmarks rather than direct comparables.
| Submarket | Vacancy | Availability | Net asking rent | Inventory |
|---|---|---|---|---|
| Vancouver | 5.4%(5) | 7.1%(5) | $20.10(5) | 24.6M SF(5) |
| Burnaby | 4.9%(5) | 7.2%(5) | $19.67(5) | 32.9M SF(5) |
| Richmond | 3.4%(5) | 4.4%(5) | $20.26(5) | 42.1M SF(5) |
| Delta | 4.7%(5) | 6.3%(5) | $17.91(5) | 32.6M SF(5) |
| Surrey | 3.8%(5) | 5.0%(5) | $18.66(5) | 45.0M SF(5) |
| Langley | 5.3%(5) | 7.5%(5) | $19.20(5) | 19.6M SF(5) |
| Coquitlam | 5.4%(3) | 7.8%(3) | $19.60(3) | 8.1M SF(3) |
| Port Coquitlam | 2.2%(3) | 3.4%(3) | $20.17(3) | 9.4M SF(3) |
| North Shore | 1.5%(5) | 2.7%(5) | $22.20(5) | 4.9M SF(5) |
| New Westminster | 0.3%(3) | 0.8%(3) | $16.48(2) | 3.6M SF(3) |
| Pitt Meadows | 9.5%(1) | 11.3%(1) | $17.56(1) | 3.3M SF(1) |
| Maple Ridge | 3.0%(1) | 11.8%(1) | $16.53(1) | 2.1M SF(1) |
| Maple Ridge & Pitt Meadows | 6.8%(4) | 8.9%(4) | $17.41(4) | 5.9M SF(4) |
| Abbotsford | 4.6%(5) | 6.3%(5) | $17.09(5) | 10.0M SF(5) |
| Mission | 14.4%(2) | 15.4%(2) | $15.68(2) | 1.6M SF(2) |
| Chilliwack | 0.8%(5) | 1.1%(5) | $17.05(5) | 5.0M SF(5) |
By research house
What each report emphasizes.
- /Availability fell for a second straight quarter, to 6.1%, after four quarters of increases, and vacancy eased to 5.0%.
- /Net asking rent of $19.14 is down 3.9% year over year, and CBRE describes rents as on final approach to a floor.
- /Average asking sale price of about $450 per SF is roughly a third below the 2022 peak.
- /Under construction is 2.9 million SF, about 59% pre-committed, with the speculative pipeline at 1.5 million SF and only 16% pre-leased.
- /Large tenants drove the quarter. Most leasing was in 30,000 to 100,000 SF product and vacant large-bay space fell about 16%.
- /Net absorption of 242,000 SF would have been far higher without one 260,000 SF Langley building returning to market.
- /Only 66,000 SF delivered in the quarter, and Colliers expects limited supply and scarce large space to put upward pressure on rents.
- /Average days on market rose to 350, so deals are taking longer across every size range even as rents approach a floor.
- /Vacancy held at 4.4% for a second quarter and sublease vacancy fell for a fourth straight quarter, to about 1.0 million SF.
- /Net asking rent of $18.87 is down 5.4% year over year. Cushman attributes the dip to older stock in the vacant pool rather than broad repricing.
- /Only 17 blocks over 100,000 SF are available, while small-bay availability under 40,000 SF totals 10.3 million SF.
- /Under construction is 3.6 million SF, down about a third from the 2023 peak, with 1.4 million SF due in the second half of 2026 at 71% pre-committed.
- /Vacancy held at 4.1%, below the 4.5% peak of late 2025, with momentum strongest in the 20,000 to 80,000 SF range.
- /Net asking rent of $19.44 has been under $20 for three straight quarters; gross asking rent slipped below $27.
- /Only 90,538 SF delivered in the quarter, 74% pre-leased. The 3.5 million SF pipeline is 58% pre-committed and only 38% speculative.
- /Tenants are using softer rents and more choice to upgrade, but decisions are slower and more negotiated.
- /Vacancy rose 10 basis points to 4.6% and availability 50 basis points to 6.5%, the fourteenth straight quarter in which new supply outpaced absorption.
- /Rents are diverging by class: Class A rose 0.4% to $19.61 while Class C fell 3.3% to $18.47 as landlords of older stock compete for tenants.
- /Developers are returning to speculative building. The pipeline grew 10% to 3.2 million SF and is now half speculative.
- /Large-bay Class A remains the outlier, with limited availability and port activity sustaining logistics demand.
- /Net absorption was positive for a third consecutive quarter at about 505,000 SF, with Surrey and Richmond carrying most of the activity.
- /Vacancy was flat for a second quarter at 4.5%, up 50 basis points year over year.
- /Average net asking rent of $18.86 continued to drift lower on rising vacancy and a steady stream of new supply.
- /Lee pegs the average sale price at $483 per SF and the cap rate at 4.4%, with about 1.5 million SF of new builds due by year end.
- /Availability of 5.9% is down 30 basis points year over year, with four consecutive quarters of positive absorption.
- /Modern logistics space continues to achieve premium rents while older stock is discounted and carries heavier inducements.
- /Eight buildings totalling about 478,000 SF completed in the quarter, 38% still available for lease.
- /First-half industrial investment volume of about $669 million was down 19% year over year.
Methodology and sources
This report is compiled by Samuel Brahem, NAI Commercial Vancouver, from the published quarterly industrial research of the firms listed below. Consensus figures are simple averages of the figures each firm publishes for the same metric and area. Where only one firm publishes a figure, it is shown as that firm’s number. Firms differ in inventory universe, submarket boundaries and whether they report vacancy or availability, so the range matters as much as the average. Last updated October 5, 2026. As of October 5, 2026 only CBRE had released Q3 2026 metro figures, inside its national report. This edition averages the six Q2 2026 reports so every input covers the same quarter, and shows the CBRE Q3 figures separately. Newmark (latest public report Q3 2025) and Marcus & Millichap (figures behind a login) were reviewed and not included.
- CBRE: Vancouver Industrial Figures, Q2 2026 · published July 28, 2026
- Available space is space ready for occupancy within 60 days, leased or for sale, occupied or vacant; vacant space can be occupied within 30 days.
- Rent is the net asking rent weighted by available footage; taxes and operating costs of $6.39 are reported separately.
- Sale price is the average asking price of buildings marketed for sale, weighted by available space, not a transacted average.
- Metro total excludes Chilliwack, which CBRE tracks separately. Tri-Cities and New Westminster are one combined row and are not mapped here.
- Colliers: Vancouver Industrial Market Report, Q2 2026 · published July 10, 2026
- Vacancy is physically vacant direct and sublease space; availability is the larger pool of marketed space, including space still occupied.
- Rent is the weighted average asking net rent; additional rent of $6.10 is reported separately.
- Colliers publishes the lowest vacancy of the six houses, which reflects a different inventory base, not a different market.
- No average sale price is published. Tri-Cities are listed individually; Port Moody and TFN lands show no listings.
- Cushman & Wakefield: Vancouver Industrial MarketBeat, Q2 2026 · published July 2, 2026
- Vacancy includes direct and sublease space, and counts space that is leased but not yet occupied.
- Availability is future availability: vacant space plus space marketed for future occupancy.
- Rent is the weighted average net asking rent on all available direct and vacant space.
- Sale price covers freehold and freestanding sales only; strata is excluded.
- Avison Young: Metro Vancouver Industrial Market Report, Q2 2026 · published July 15, 2026
- Metro total includes Abbotsford, Chilliwack and Tsawwassen First Nation lands.
- Vacancy is direct plus sublease vacant space; availability adds space marketed but not yet vacant.
- Rent is the weighted average asking net rent; additional rent of $7.09 is reported separately.
- Year-to-date absorption is the sum of the published Q1 and Q2 figures.
- JLL: Greater Vancouver Area Industrial Market Dynamics, Q2 2026 · published July 16, 2026
- Headline figures cover the Greater Vancouver Area, which JLL defines as Metro Vancouver plus the Fraser Valley.
- Vacancy is physically vacant direct and sublease space; availability includes space being marketed but not yet vacant.
- Rent is the average direct asking net rent; Class A, B and C are reported separately.
- Tri-Cities and New Westminster are published as one combined row and are not mapped to individual submarkets here.
- Lee & Associates: Vancouver, BC Industrial Market Overview, Q2 2026 · published July 15, 2026
- Figures follow CoStar conventions: vacancy is physically vacant space including sublet; rent is net (NNN) asking.
- Year-to-date absorption is the sum of the published Q1 and Q2 figures; Lee does not print a YTD line.
- No submarket table is published in the snapshot.
- Altus Group: Vancouver Commercial Real Estate Market Update, Q2 2026 · published September 9, 2026
- Altus reports availability (space marketed for lease, direct and sublet), not vacancy.
- Under construction is given as approximately 2.5 million SF across 27 buildings, about half still available.
- No rent, absorption or submarket figures are published for Vancouver.
All figures are the property of the named research houses and are reproduced for market commentary. They are not a valuation, a projection of achievable rent, or a representation about any specific property. Verify current figures with the source before relying on them.