What is driving the demand
Colliers' Knowledge Leader analysis of speculative cold storage development frames the segment as structurally undersupplied across North American gateway cities. In Metro Vancouver, the demand drivers are concentrated in Richmond — grocery e-commerce expansion, food import volumes through the port, and consolidation among the largest cold-chain operators.
Why supply lags
- Cold storage construction costs run materially above dry warehouse — refrigeration, insulation, slab, and electrical loads add a premium.
- Spec cold storage requires more confident underwriting than the current lending environment supports.
- Operators who want cold storage typically have specific temperature, ceiling height, and dock configuration requirements that do not fit generic spec product.
What this means for users
Cold-chain users sizing Richmond requirements should plan for build-to-suit conversations or sublet pickups rather than expecting fresh spec inventory to appear.
Lease timelines should assume 12–18 months for any meaningful cold storage requirement, and longer for purpose-built configurations.
This note is an editorial read of the source above. Quoted figures and conclusions belong to the original publisher; the framing and submarket interpretation are ours.