Greater Vancouver Submarket
Surrey.
The most active new development pipeline in Metro Vancouver.
Overview
The market in one read.
Surrey carries the largest new-construction industrial pipeline in Greater Vancouver, with major delivery concentrated in Campbell Heights, Port Kells, and the Highway 17 corridor. Modern Class A inventory dominates the new product, with 32 to 40 foot clear heights, ESFR sprinklers, generous loading ratios, and large trailer storage yards. Surrey serves as the primary absorption submarket for operators priced out of Vancouver, Burnaby, and Richmond, and is the default landing spot for large-format e-commerce, 3PL, and manufacturing requirements.
Market Snapshot
Key metrics for Surrey.
- Lease Range
- $15 – $19 PSF net (modern Class A)
- Vacancy
- 2 – 4% across most submarkets
- Clear Heights
- 32 – 40 ft in new development; 24 – 30 ft in legacy product
- Asset Mix
- Modern large-bay distribution, mid-bay multi-tenant, manufacturing, flex
- Land Availability
- Active development pipeline; finite remaining greenfield
Defining Characteristics
What makes Surrey distinct.
- Most active new development pipeline in Metro Vancouver
- Modern Class A product dominant in Campbell Heights and Port Kells
- Highway 1 and Highway 17 corridor access
- US border proximity via Truck Crossings (Pacific Highway, Aldergrove)
- Lower land cost than western submarkets
- Growing labour catchment from rapid residential growth
Typical Tenant Base
Who occupies space here.
- Large-format e-commerce fulfillment
- 3PL and contract logistics
- Manufacturing and assembly
- Building materials and construction supply
- Cross-border freight and customs operators
- Equipment distribution and service
Notable Industrial Areas
Where the industrial inventory clusters.
Campbell Heights Business Park
Port Kells industrial corridor
Newton Industrial Park
Cloverdale Industrial
South Westminster (Bridgeview)
Why I Work Surrey
Direct submarket coverage.
Surrey is the most dynamic industrial submarket in Metro Vancouver and the one where lease economics, building specifications, and submarket selection most actively shape your operating cost over the next decade. Samuel works each Surrey submarket directly — Campbell Heights vs. Port Kells vs. Newton are not interchangeable — and tracks the new development pipeline closely. NAI Commercial Vancouver's relationships with the major Surrey developers and institutional landlords give clients early access to pre-leasing inventory and meaningful negotiating leverage.
Tenants weighing Surrey vs. Richmond should model labour catchment carefully. Surrey's residential growth creates strong labour supply but commutes from western submarkets remain meaningful. Owner-users should compare strata acquisition (Campbell Heights and Cloverdale) against rental — the strata inventory is some of the most defensible in the region.
Frequently Asked Questions
Surrey industrial, answered.
What's the difference between Campbell Heights and Port Kells industrial?
Campbell Heights is a master-planned business park with modern large-bay Class A product, strong roadway access, and a curated tenant mix. Port Kells offers a mix of older legacy industrial and newer large-format development, with rail access and direct Highway 17 truck connectivity to Deltaport. Campbell Heights commands a small premium for the master-planned environment; Port Kells offers more flexibility on yard, rail, and heavier industrial uses.
Why is Surrey the most active new construction submarket?
Surrey has the largest remaining inventory of developable industrial land in Metro Vancouver, combined with strong corridor connectivity (Highway 1, Highway 17, US border crossings) and lower land cost than the western submarkets. Institutional developers and REITs have concentrated capital here, delivering the modern Class A product that operators need.
What's the lease rate spread between Surrey and Richmond?
Modern Class A distribution leases in Surrey typically trade $2 to $4 PSF below comparable Richmond product, depending on submarket and specifications. For large-format requirements, the Surrey discount widens. Operators should model the lease savings against incremental transportation cost to their final delivery markets.
Is the Surrey strata industrial market a good investment?
Surrey strata industrial — particularly in Campbell Heights and Newton — is one of the most actively traded owner-user markets in Metro Vancouver. For operators with stable occupancy horizons, strata acquisition typically delivers strong long-term economics. The market has shown consistent appreciation and remains liquid for both buyers and eventual resale.
