Greater Vancouver Submarket
Vancouver.
The tightest industrial submarket in Canada.
Overview
The market in one read.
Vancouver proper carries the lowest industrial vacancy rate in North America, driven by structural land scarcity, port-of-Vancouver adjacency, and last-mile demand from operators serving 2.6M residents in the Lower Mainland. Inventory turnover is exceptionally low, and most quality industrial leases never reach the open market. Tenants who want Vancouver-proper addresses, especially port-adjacent or last-mile-critical operators, need a broker actively working off-market channels and renewal cycles.
Market Snapshot
Key metrics for Vancouver.
- Lease Range
- $22 – $32 PSF net (premium for port-adjacent)
- Vacancy
- Sub-1% in most submarkets, effectively zero in port-adjacent
- Clear Heights
- Mostly 16 – 24 ft (older stock), limited modern 28+ ft inventory
- Asset Mix
- Mid-rise, multi-tenant industrial, last-mile, infill conversions
- Land Availability
- Effectively unavailable. Redevelopment is the only growth path.
Defining Characteristics
What makes Vancouver distinct.
- Highest gross effective rents in Canada
- Port of Vancouver and Centerm terminal proximity
- Limited modern Class A inventory; mostly older tilt-up and mid-rise
- Dense last-mile delivery demand from e-commerce and parcel operators
- Conversion-driven supply — industrial-to-mixed-use risk in many subareas
- Strict zoning controls limiting industrial loss
Typical Tenant Base
Who occupies space here.
- Last-mile delivery and parcel operators
- Port-adjacent freight forwarders and customs brokers
- Small wholesalers and importers
- Specialty manufacturing and craft producers
- Self-storage and service-commercial tenants
Notable Industrial Areas
Where the industrial inventory clusters.
Port of Vancouver / Centerm corridor
Mount Pleasant industrial (constrained, conversion pressure)
Marine Drive industrial corridor
Strathcona and East Vancouver mid-rise industrial
Marpole industrial pockets
Why I Work Vancouver
Direct submarket coverage.
For tenants who genuinely need a Vancouver-proper address, the difference between getting a good deal and a bad one is measured in years of operating cost. The market rewards brokers who track renewal cycles, monitor pre-marketed availability, and maintain direct landlord relationships. NAI Commercial Vancouver's local depth and the broader NAI Global capital network are unusually valuable here, where many transactions are off-market and tightly held. Samuel Brahem operates exclusively in industrial — no competing office or retail mandates pull focus from your asset.
Vancouver-proper tenants should expect 12 – 24 month lead times for any meaningful relocation requirement. Owners considering disposition should model both stabilized sale and redevelopment-optionality scenarios. Renewals should be modelled against the cost of relocating to Burnaby, Richmond, or Surrey — the savings often justify the move, but only after a precise comparable-driven analysis.
Frequently Asked Questions
Vancouver industrial, answered.
What's the current industrial vacancy rate in Vancouver?
Vancouver-proper has carried sub-1% industrial vacancy for most of the past five years. Port-adjacent submarkets are effectively at zero. Tenants should expect minimal optionality and price-takers' terms unless they have an unusually flexible timeline or willingness to relocate to Burnaby, Richmond, or Surrey.
How much does industrial space cost in Vancouver?
Net asking rents in Vancouver-proper typically range from $22 to $32 PSF net, with port-adjacent and last-mile-critical sites at the top of the range. Add 30 to 50% for operating costs and taxes to estimate gross occupancy cost. Vancouver carries the highest industrial occupancy cost in Canada by a meaningful margin.
Is there any industrial land left in Vancouver?
Industrial land in Vancouver-proper is effectively unavailable. Growth happens through redevelopment of existing industrial sites and strata industrial in select submarkets. Operators with meaningful land requirements should plan for Burnaby, Richmond, Surrey, or Delta.
Why hire an industrial-specialist broker for Vancouver?
Most Vancouver industrial transactions are pre-marketed or off-market. A broker working multiple asset classes will not have the relationships or attention required to surface these opportunities. Industrial specialists track renewal cycles, monitor landlord re-leasing patterns, and maintain the network required to access the inventory that never publicly lists.
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