Cold Storage in Vancouver — What It Costs and How to Get It
Cold storage is the hardest industrial space to find in Metro Vancouver. Regional vacancy averaged 4.3% in Q2 2026, but purpose-built refrigerated buildings almost never sit empty, and new ones arrive slowly.
July 6, 2026 · 2 min read · By Samuel Brahem, in association with NAI Commercial
Why it is so tight
Demand keeps growing on grocery e-commerce, food-chain consolidation and the region's role as Western Canada's import gateway for perishables. Supply lags because cold storage costs multiples of a dry warehouse to build, needs power service most sites cannot deliver, and gets built for a committed user rather than on spec. Tenants renew rather than move.
What it costs
In Richmond, the region's cold hub, purpose-built refrigerated space leases at $28 to $40+ per sq. ft. net against about $20.26 net for dry Richmond space in Q2 2026. Older or partially refrigerated buildings sit below that band; modern multi-temperature food-grade plants set the top.
Rent is the start. Hydro runs far above a dry warehouse budget, so check how utilities are metered and recovered. Who owns, maintains and replaces the compressors, evaporators and controls is a lease term that changes the whole deal.
Refrigerated rent looks expensive until you price the replacement cost.
Buying and converting
Functioning cold buildings rarely hit the open market. They sell off-market to users and investors who registered interest long before. Get your requirement circulating early.
Converting dry space is feasible, but the capital program for insulation, refrigeration plant, slab protection and electrical often rivals the value of the improvements. Power is the first screen, then clear height, slab and permitting. On leased premises you need landlord consent and ten years or more of term to amortize it.
Where the facilities are
- Richmond: the largest concentration, next to the airport, the port and the food distribution ecosystem
- Delta and Annacis Island: major cold-chain and food-processing plants
- Surrey: where most new food-grade construction is landing
Lease, buy or outsource
Below a certain throughput, a temperature-controlled 3PL in Richmond, Delta or Surrey is cheaper than leasing and staffing your own plant. The crossover comes when 3PL invoices approach the fully loaded cost of dedicated space, or when handling control matters more than cost. Run that analysis before you sign anything. Requirements here get filled by direct canvassing, not listings.
