Port Kells Pipeline — What Is Under Construction and Approved for 2026–2028
With Campbell Heights near build-out, developers have moved to Port Kells. Roughly 650,000 sq. ft. is under construction now, more is approved behind it, and tenants have real new-construction choice for the first time in years.
October 13, 2026 · 2 min read · By Samuel Brahem, in association with NAI Commercial
What is under construction
- Kells Business Park Phase II: about 320,000 sq. ft. across two spec buildings near 94 Avenue and 192 Street, 32-foot clear, ESFR, 52 dock doors combined. Completion Q1 2027.
- Golden Ears Logistics Centre: a single 185,000 sq. ft. distribution building at 9350 192 Street, about 60% pre-leased, with 40,000 to 75,000 sq. ft. still available. Occupancy December 2026.
- Port Kells Industrial Strata: 28 units from 2,800 to 8,500 sq. ft. for owner-users and trades. Sales launched early 2026; completion Q2 2027.
What is approved
The 192 Street South Lands, a 22-acre assemblage south of 92 Avenue, is approved for roughly 480,000 sq. ft. in phases; the first 210,000 sq. ft. building targets a Q1 2027 start. Kells Crossing, 9.5 acres near Fraser Highway and 188 Street, is in rezoning for about 180,000 sq. ft. of 24-foot clear flex space, due late 2027 or early 2028. Infill along 96 Avenue adds an estimated 150,000 sq. ft. more. Developers are now holding starts until pre-leasing or pre-sales are in hand, so this cycle is smaller and slower than 2022–2023.
The constraint is the road
96 Avenue at 176 Street congests at peak. 192 Street north of Fraser Highway is still two lanes, and Surrey's widening between 96 and 100 Avenue is not expected to start until 2028. Sewer and stormwater upgrades have pushed timelines on southern sites. Build infrastructure timing into any commencement date.
Port Kells is no longer emerging. It is active, and the supply arriving through 2027 will test absorption.
Rates and the read for each side
Surrey net asking rents averaged about $18.66 per sq. ft. in the Q2 2026 reports, with new Port Kells product at or above that; Richmond averaged $20.26. If absorption holds, Port Kells could reach the low $20s by late 2027. If it softens, inducements absent since 2021 come back.
Tenants: this is a window for modern clear height and flexible demising. Investors: stabilized cap rates run 4.75% to 5.25%; watch absorption as deliveries land. Owners of existing buildings: expect the new competition to show up in renewal talks. Developers: shovel-ready land is now $3.5 to $4.5 million per acre, and the discount to Campbell Heights is largely gone.
