Markets · Metro Vancouver
Richmond Industrial Real Estate
Richmond is the logistics and distribution heartland of Metro Vancouver. Between the airport, the river terminals and the Highway 99/91 interchange network, it holds the region's deepest pool of genuinely modern warehouse stock.
It is also, persistently, one of the tightest large submarkets in the region. Demand from air cargo, food production and cold storage runs against an island geography that cannot expand, and the municipality has increasingly treated its industrial land as a scarce asset to protect.
For users who need real warehouse function — clear height, dock loading, truck circulation — Richmond is usually where the search starts, and pricing reflects that.
Market conditions
Where Richmond trades.
Lease market · asking bands, net psf
| Submarket | Net asking | Additional rent | Conditions |
|---|---|---|---|
| Richmond | $19–$24 | $5–$7 | Active — C&W Q3 2025 weighted avg: $21.52 net; lowest vacancy in metro at 2.7%. |
Sale market · indicative psf and cap rates
| Submarket | Strata | Freestanding | Cap rate | Notes |
|---|---|---|---|---|
| Richmond | $450–$600 | $475–$625 | 4.50%–5.25% |
Indicative bands anchored to public reporting — Cushman & Wakefield Vancouver Industrial Marketbeat (Q3 2025) and CBRE Canada (Q1 2026). Updated 2026-05-27. Confirm current conditions directly before relying on a figure.
Forum research and intelligence do not constitute a formal appraisal, a brokerage opinion of value, legal advice, tax advice or investment advice.
Industrial areas
The districts.
- BridgeportThe gateway district at the Oak and Knight bridge landings; distribution and flex.
- East Cambie / CrestwoodThe central warehouse belt along Shell and No. 6 Road.
- Fraserwood / RiversideRiver-oriented industrial along the north arm.
- Mitchell IslandHeavy and service industrial in the middle of the Fraser.
- IronwoodSouthern distribution and service commercial edge.
- Sea IslandAir-cargo and airport-serving facilities at YVR.
Infrastructure
- Vancouver International Airport and its cargo aprons on Sea Island
- Highway 99 and Highway 91, with the George Massey Tunnel replacement in progress
- Knight Street and Oak Street bridges into Vancouver
- Fraser River terminals and barge infrastructure on the north arm
Zoning and land policy
Richmond's industrial zones concentrate on the city's north and east; council policy has moved firmly toward retention as the remaining supply of undeveloped industrial land approaches zero.
Agricultural Land Reserve boundaries hard-limit outward expansion, which is why intensification — second floors, mezzanines, denser site plans — features so heavily in new Richmond applications.
Observations
- Richmond is where modern industrial actually exists in this region. Vancouver users start here when scale matters.
- Cold storage demand has outrun the speculative pipeline for years; purpose-built freezer-cooler space effectively pre-leases.
- Tunnel and bridge bottlenecks are priced in: operators weight Richmond's access against crossing-dependent routes to the rest of the region.
From the library
Related research and notes.
- ResearchVancouver Industrial Scarcity: Why Supply Won't Catch Up
- ResearchLower Mainland Industrial Relocation Economics
- Sector WatchCold Storage in Richmond Is Tightening — and Speculative Supply Won't Catch Up
- Submarket ReadWhere Metro Vancouver Industrial Tightens — and Where It Doesn't
- Trade & LogisticsPort of Vancouver Hits Record 170.4M Tonnes — and the Industrial Map Reorganizes Around It
Responsible for industrial real estate in Richmond?
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