Photo: Quintin Soloviev, CC BY 4.0Greater Vancouver Submarket
Vancouver.
Port-adjacent and last-mile industrial space in Vancouver.
Overview
Vancouver industrial market overview
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.
The key industrial nodes within Vancouver, where availability, leasing activity, and tenant turnover concentrate. Click any pin for details.
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- 01
Industrial Node
Port of Vancouver / Centerm corridor
- 02
Industrial Node
Mount Pleasant industrial (constrained, conversion pressure)
- 03
Industrial Node
Marine Drive industrial corridor
- 04
Industrial Node
Strathcona and East Vancouver mid-rise industrial
- 05
Industrial Node
Marpole industrial pockets
Why I Work Vancouver
Working in Vancouver industrial
Vancouver-proper industrial is tightly held, and many leases and sales never reach the open market. For tenants who need a Vancouver address, a lease term is a multi-year commitment, so timing and preparation matter. I focus exclusively on industrial sales and leasing. I track renewal cycles, pre-marketed availability, and recent comparables in the port-adjacent, Marine Drive, and East Vancouver industrial corridors, and I work landlord outreach directly. Through NAI Commercial Vancouver and the NAI Global network I can also connect Vancouver assignments with investors and occupiers in other markets when the requirement calls for it.
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 industrial vacancy has historically been among the lowest in North America, and it is still tight. 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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