Commercial Real Estate News
Industrial Vacancy Holds at 4.5% as Surrey and Richmond Lead Leasing
Lee & Associates reports Metro Vancouver industrial vacancy was flat from the first quarter but about half a point above a year earlier. Net absorption stayed positive for a third straight quarter, with Surrey and Richmond driving most leasing, while new supply keeps nudging asking rents down.
- 4.5%Vacancy
- 504,789 SFNet absorption
- $18.86/SFAsking rent (NNN)
- 3.26M SFUnder construction
Office Availability Eases Slightly, but Tenants Still Hold the Leverage
Cresa says Metro Vancouver office availability dipped about 30 basis points in the second quarter, helped by a sharp drop in sublease space and a small positive absorption figure. Leasing remains cautious amid trade and economic uncertainty, and construction has slowed considerably.
- 12.2%Metro availability
- 14.8%Downtown availability
- $34.86/SFClass A asking rent
- 736,000 SFUnder construction
Suburban Office Vacancy Hits a Roughly 10-Year High
A Q2 2026 roundup published in August shows regional office vacancy rising while suburban vacancy climbed to its highest level in about a decade, partly because a few large properties account for a quarter of it. Industrial vacancy was unchanged, with build-to-suit projects now more than half of construction.
- 11.6%Regional office vacancy
- 11.0%Suburban office vacancy
- 4.1%Industrial vacancy
- <$20/SFIndustrial net rents
Downtown AAA Office Supply Tightens as New Projects Stall
Industry panelists quoted by RENX say premium downtown space is getting scarce, with only a handful of options for tenants needing more than 50,000 SF. With few development sites, limited capital and a lack of anchor tenants, new construction is not expected for several years.
- 11.4%AAA vacancy
- 23%+Class C vacancy
- 14%Downtown overall
- 9.5%Suburban
Retail Vacancy Stays Near Historic Lows, Colliers Says
Colliers' mid-year review describes Metro Vancouver retail as resilient, with key urban streets and suburban centres both very tightly leased. The firm points to neighbourhood shopping demand, the World Cup boost and completed mixed-use projects as supports heading into year-end.
- 2.96%Urban vacancy
- 0.65%Suburban vacancy
- +3.4%BC retail sales (May, y/y)
- 620,000 SFVacant HBC downtown
Investment Volume Falls 23% as Buyers Retreat to Safer Assets
Altus Group data reported by Connect CRE shows Vancouver commercial investment slipping in the first half of 2026 as capital moved toward income-producing, defensive properties. Retail was the only major asset class to post growth.
- $3.5BH1 volume
- −23%Year over year
- $866MRetail (+1%)
- $1.2BLand (−14%)
Multifamily Deal Volume Drops 41% in the First Half
Altus Group's Q2 update shows apartment investment in Vancouver falling the most among the main asset classes, even as unemployment eased to 6.6% in June. Office and industrial investment also declined, while the industrial pipeline shrank to 27 buildings.
- ~$372MMultifamily volume
- −41%Year over year
- ~$394MOffice (−46%)
- ~$669MIndustrial (−19%)
Surrey-Langley SkyTrain Guideway About 65% Complete
Daily Hive's September construction update says the 16-km elevated guideway of the Surrey-Langley SkyTrain extension is roughly two-thirds built, with eight elevated stations under construction. Opening is targeted for late 2029.
- ~65%Guideway complete
- 16 kmElevated line
- 8New stations
- Late 2029Target opening
Langley Is Metro Vancouver's Tightest Office Market; Surrey Has Room
Cresa's submarket breakdown shows Langley office availability at just 0.3%, the lowest in the region, while Surrey sits far higher. Burnaby and the North Shore are also tighter than the regional average.
- 0.3%Langley availability
- 16.8%Surrey availability
- 7.7%Burnaby
- 6.5%North Shore
White Rock Council Advances New Official Community Plan
White Rock council gave first and second readings to a new Official Community Plan on August 31, with the revised version reducing density along North Bluff after public feedback. A public hearing was set for September 14, and adoption could come in late November.
- Aug 311st & 2nd readings
- Sep 14Public hearing
- Nov 23Possible adoption
- North BluffDensity reduced
Tsawwassen Corner Sells for $18.2M, Delta's Largest Retail Deal Since 2022
A 1967-built open-air centre in Tsawwassen drew 86 confidentiality agreements and seven formal offers before selling to a private investor. The listing agent says buyers are underwriting on income rather than land value.
- $18.2MSale price
- 28,010 SFBuilding size
- ~2 acresSite
- 7Formal offers
Foreclosed Royal Oak Site in Burnaby Sells for $8.52M
A three-parcel site about 350 metres from Royal Oak SkyTrain Station sold after more than two years of court proceedings, well below its earlier $13 million asking price. It holds two houses and a 19-unit building, and could support a tower of 30 to 40 storeys.
- $8.52MSale price
- 24,683 SFSite area
- 350 mTo Royal Oak Stn
- 30–40Potential storeys
Pure Industrial Fills 411,000 SF Former HBC Distribution Centre in Richmond
The 26-acre property at 18111 Blundell Road was leased to an undisclosed tenant, removing one of the region's larger blocks of vacant big-box industrial space. The building has 119 dock doors and room for 256 trailers.
- 411,000 SFLeased
- 26 acresSite
- 119Dock doors
- $23.50/SFMarketed net rate
Seattle Developer to Buy Stalled Pierwell Project in West Vancouver for $37.5M
A B.C. Supreme Court-approved sale would move the receivership-stalled Dundarave Village project at 2468 Marine Drive to Basel Capital, with closing expected in September. The approved plan includes 36 homes and roughly 24,800 SF of retail and office space.
- $37.5MPurchase price
- 36Planned homes
- 24,800 SFRetail & office
- Sep 2026Expected closing
Summaries are paraphrased from the linked sources and are for general information only, not investment advice. Figures reflect each report's stated period.
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