Markets · Metro Vancouver
Surrey Industrial Real Estate
Surrey is where new industrial supply in Metro Vancouver actually gets built. Campbell Heights and Port Kells have carried most of the region's recent construction, and the municipality holds the largest remaining runway of developable industrial land.
The product is what the rest of the region cannot offer: modern clear heights, real trailer courts, functional site plans, and strata programs that let operators own new space at prices the western submarkets left behind years ago.
The trade is distance. Surrey works for operators who serve the whole region, the valley or the border — and its highway network (1, 15, 10, 99) is the reason the math works.
Commissioned photography · pending
Campbell Heights, Surrey
New large-format construction: tilt-up panels being erected, cranes, graded pads awaiting building. The region's industrial supply being made. No genuine licensed frame of Campbell Heights exists yet, so this slot keeps the plate rather than substituting another place.
Market conditions
Where Surrey trades.
Lease market · asking bands, net psf
| Submarket | Net asking | Additional rent | Conditions |
|---|---|---|---|
| Surrey (Newton / Port Kells / Cloverdale) | $17–$21 | $4–$6 | Active — C&W Q3 2025 Surrey weighted avg: $18.58 net; highest vacancy in metro at 5.4%. |
Sale market · indicative psf and cap rates
| Submarket | Strata | Freestanding | Cap rate | Notes |
|---|---|---|---|---|
| Surrey (Newton / Port Kells / Cloverdale) | $375–$500 | $400–$550 | 5.00%–5.75% |
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.
- Campbell HeightsThe region's flagship new-build district; large-format and modern strata.
- Port KellsTransport-oriented industrial at Highway 1 and the Golden Ears Bridge.
- NewtonEstablished mid-market industrial in the centre of the city.
- CloverdaleMixed industrial and service commercial toward Langley.
- Bridgeview / South WestminsterRiver-oriented industrial at the Pattullo crossing.
Infrastructure
- Highway 1, Highway 15 (the truck route to the Pacific border crossing), Highway 10 and Highway 99
- The Golden Ears and Port Mann bridges tying Surrey to the north side of the Fraser
- The 32 Avenue corridor, whose widening underpins Campbell Heights' next phases
- Fraser Surrey Docks on the river
Zoning and land policy
Surrey's industrial land strategy concentrates growth in Campbell Heights and Port Kells; servicing sequencing — roads, water, power — is the real gate on how fast zoned land becomes buildings.
The municipality has been comparatively willing to extend industrial designations, which is precisely why regional users watch its council agendas.
Observations
- Surrey is where Vancouver users land when they accept they need new product.
- Availability runs higher here than anywhere else in the region — which is what a market that actually builds supply looks like, not a warning sign.
- Modern strata sells to the region's trades and mid-size operators faster than it can be zoned and serviced.
From the library
Related research and notes.
- ResearchLower Mainland Industrial Relocation Economics
- ResearchVancouver Industrial Scarcity: Why Supply Won't Catch Up
- Infrastructure WatchThe 32 Avenue Widening Isn't a Road Project. It's Campbell Heights' Next Supply Pipeline.
- Market ReportBuild-to-Suit Now Accounts for 80% of New Metro Vancouver Industrial Starts
- Lease MovementAvison Young's Build-to-Suit Lease Named Western Canada Transaction of the Year
Official resources
Responsible for industrial real estate in Surrey?
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