Vancouver Industrial Market Report

Small-bay properties provide solid foundation. With net absorption improving over the second half of last year, space demand in Vancouver remained on a recovery trajectory in early 2026. The metro’s high concentration of small- to medium-bay properties has helped mitigate the impact of trade uncertainties over the past year, as these assets are typically multi-tenanted and occupied by local distributors and wholesalers with relatively limited exposure to international trade. Leases for properties under 10,000 square feet accounted for more than 70 per cent of quarterly absorption on average and are expected to continue underpinning space demand in the near term. Over time, as Vancouver strengthens its role in supporting Canada’s global energy linkages and deepening trade relationships with Asia, demand for large-bay properties is likely to improve further, reinforcing the industrial sector’s role in the local and global economy.