Fraser Valley Commercial Market Report
For one Surrey industrial area up close (zoning, flood, pipelines and access), see the Port Kells industrial area guide.
Commercial property behaves differently from houses, so the headline price indexes do not help much. This page puts two published data sets side by side for the Fraser Valley: what commercial property actually sold for in the second quarter of 2026, and how much industrial space is empty, what it asks, and what is being built in the third quarter.
Commercial sales in the Lower Mainland, Q2 2026
The Lower Mainland recorded 285 commercial sales worth $1.54 billion in the second quarter of 2026. The number of sales was 2.7% lower than a year earlier and 14.2% lower than the first quarter, while dollar volume was up 16.3% from a year earlier. Fewer deals, but bigger ones on average.
| Asset class | Sales Q2 2026 | Sales Q2 2025 | Change | Dollar volume Q2 2026 | Dollar volume Q2 2025 | Change |
|---|---|---|---|---|---|---|
| Industrial | 81 | 83 | −2.4% | $225.9M | $331.9M | −31.9% |
| Land | 56 | 54 | +3.7% | $536.6M | $386.3M | +38.9% |
| Office | 46 | 64 | −28.1% | $143.5M | $85.2M | +68.4% |
| Retail & other | 82 | 79 | +3.8% | $441.9M | $438.1M | +0.9% |
| Multi-family | 20 | 13 | +53.8% | $192.8M | $83.2M | +131.6% |
| All commercial | 285 | 293 | −2.7% | $1,540.8M | $1,325.0M | +16.3% |
Source: Greater Vancouver REALTORS® Commercial Edge, Q2 2026 commercial market report (news release dated October 8, 2026); Lower Mainland, transactions registered with the Land Title and Survey Authority of BC; excludes share sales. How these figures are defined and sourced
Two classes moved against the trend. Office sales fell to 46 from 64 a year earlier, yet office dollar volume was up 68.4% because the year-earlier quarter was so small. Industrial held steady at 81 sales but its dollar volume was down 31.9%, which means the typical industrial deal was smaller.
Fraser Valley commercial sales by municipality, Q2 2026
| Municipality | Total sales | Q2 2025 sales | Dollar volume | Industrial | Land | Office | Retail & other | Multi-family |
|---|---|---|---|---|---|---|---|---|
| Surrey | 53 | 44 | $249.9M | 19 | 15 | 7 | 12 | 0 |
| Langley | 20 | 24 | $87.5M | 1 | 5 | 4 | 10 | 0 |
| Abbotsford | 18 | 19 | $79.5M | 4 | 6 | 1 | 5 | 2 |
| Chilliwack | 13 | 10 | $27.4M | 5 | 1 | 0 | 6 | 1 |
| Maple Ridge | 10 | 6 | $18.0M | 4 | 3 | 0 | 3 | 0 |
| Delta | 5 | 6 | $23.8M | 3 | 0 | 0 | 2 | 0 |
| Mission | 3 | 3 | $19.3M | 0 | 2 | 0 | 0 | 1 |
| White Rock | 3 | 3 | $4.6M | 0 | 1 | 1 | 1 | 0 |
| Pitt Meadows | 0 | 0 | $0.0M | 0 | 0 | 0 | 0 | 0 |
| Nine municipalities | 125 | 115 | $510.1M | 36 | 33 | 13 | 39 | 4 |
Source: Greater Vancouver REALTORS® Commercial Edge, Q2 2026 commercial market report (news release dated October 8, 2026); Lower Mainland, transactions registered with the Land Title and Survey Authority of BC; excludes share sales. Pitt Meadows recorded no commercial sales in the quarter. How these figures are defined and sourced
These nine municipalities made up 125 of the region's 285 commercial sales, or 44%. Surrey led with 53 sales (up from 44) and $249.9M in volume, and $147.5M of that was land. Half of Langley's 20 sales were retail or other (10), the highest share among the nine.
Treat the dollar figures for the smaller areas with care. Chilliwack's 13 sales added up to $27.4M, against $165.6M from 10 sales a year earlier. With counts this low, one large sale moves the total, so the number of sales says more than the dollars do.
Industrial space: vacancy, rents and new supply, Q3 2026
Across the 14 submarkets Avison Young tracks, from Vancouver out to Chilliwack, 4.0% of industrial space was vacant in the third quarter and 4.9% was available, down from 5.4% available in the second quarter. Average asking net rent was $19.40 per square foot, with another $7.27 on average in additional rent. About 3.56 million square feet was under construction in 31 projects, and 61% of that space was already pre-committed.
| Submarket | Inventory (sq ft) | Vacancy | Availability | Asking net rent | Additional rent | Net plus additional | Under construction (sq ft) |
|---|---|---|---|---|---|---|---|
| Surrey | 45.1M | 4.2% | 4.7% | $19.66 | $6.95 | $26.61 | 1,628,917 |
| Langley | 20.9M | 5.7% | 7.0% | $19.16 | $6.50 | $25.66 | 122,394 |
| Abbotsford | 10.7M | 4.5% | 5.2% | $17.12 | $5.73 | $22.85 | 142,400 |
| Delta | 31.9M | 3.4% | 5.0% | $18.00 | $6.28 | $24.28 | 138,000 |
| Maple Ridge / Pitt Meadows | 6.5M | 7.9% | 8.5% | $18.21 | $5.20 | $23.41 | 366,865 |
| Chilliwack | 5.1M | 0.9% | 1.2% | $15.37 | $5.63 | $21.00 | 185,000 |
| Tsawwassen (TFN Lands) | 1.8M | 0.0% | 0.0% | n/a | n/a | n/a | 0 |
| Metro Vancouver total | 246.0M | 4.0% | 4.9% | $19.40 | $7.27 | $26.67 | 3,562,952 |
Source: Avison Young, Metro Vancouver industrial market report, Q3 2026. Tsawwassen (TFN Lands) had no vacancy and publishes no rent. How these figures are defined and sourced
The spread inside the Fraser Valley is wide. Chilliwack was the tightest at 0.9% vacant, while Maple Ridge / Pitt Meadows was the loosest at 7.9%. Asking net rent ran from $15.37 in Chilliwack to $19.66 in Surrey, a gap of $4.29 a square foot between the cheapest and the dearest of these markets.
Supply is the other story. Surrey has 1,628,917 square feet under construction, 46% of the whole Metro pipeline, even though its net absorption for the quarter was −220,336 square feet, meaning more space was given back than taken up. Delta went the other way: 420,243 square feet of net absorption and 3.4% vacancy. Langley's net absorption was −75,016 square feet and its vacancy 5.7%.
What the numbers mean for an owner-user, investor or seller
For an owner-user buying a unit or a building, the sales data says most industrial deals are small. In the Lower Mainland in Q2, 62 of the 81 industrial sales were under $3 million, and the largest group, 34, sat between $1 million and $2 million. In Chilliwack, where vacancy was 0.9%, expect few comparable choices, and sales that depend on what happens to come up.
For an investor, the gap between net rent and additional rent matters as much as the headline. In the Fraser Valley markets above, additional rent adds between $5.20 and $6.95 to the asking rent, so two buildings with the same net rent can cost a tenant very different amounts.
For an owner thinking about selling, land was the largest dollar class in the quarter: 56 sales for $536.6 million, up 38.9% from a year earlier. The count has stayed between 50 and 56 sales for five straight quarters, so activity has been steady. A site that could be redeveloped is a different sale from a building valued on its rent.
How to read these two reports together
They measure different things in different places. The GVR figures count completed sales registered with the Land Title and Survey Authority of BC, and they exclude share sales. Avison Young's figures describe leasing space and are grouped by submarket, so Maple Ridge and Pitt Meadows appear together and Tsawwassen means the Tsawwassen First Nation lands. A city that is quiet in one report can still be busy in the other.
Neither report describes your own building. Zoning, lot size, ceiling height, loading, and whether the space is strata or freehold change value more than the submarket average does.
Commercial market numbers: your questions answered
What is the difference between vacancy and availability in the industrial table?
Both are published by Avison Young and availability is the larger number because it counts more space than just the empty space. In Surrey, for example, 1,872,998 square feet was vacant while 2,100,222 square feet was available. Availability usually also includes space that is being marketed but not yet empty, such as a tenant's space that is coming up.
Why do the sales report and the rent report show different areas?
They are produced by different organizations for different purposes. GVR's Commercial Edge counts registered sales by municipality. Avison Young reports leasing space by submarket and combines Maple Ridge with Pitt Meadows.
Does the sales data include commercial listings that are for sale now?
No. It counts completed sales registered at the Land Title and Survey Authority of BC. Current listings are on the commercial search page.
When will these numbers update?
GVR publishes Commercial Edge quarterly with a lag of about three months, and Avison Young publishes its industrial report each quarter. I update this page when each new report is out.
What Buyers & Sellers Say
Excerpts from Google reviews for Jared Gibbons, REALTOR® at Royal LePage Little Oak Realty (Suite 201 - 15272 Croydon Dr, Surrey). Quoted word for word; initials only.
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5 out of 5 stars
“Super happy with Jared and his team! Jared helped me find a commercial space in a tight timeline, went above and beyond for us. Would recommend to anyone!”
C.E. Google review
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5 out of 5 stars
“I am forever grateful for Jared and his team for all their help with the lease of my commercial space!…”
S.H. Google review
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5 out of 5 stars
“Jared is transparent, easy to communicate with, approachable and reliable. Professional, efficient, reasonable - essentially everything we were looking for in our agent. He made the otherwise stressful experience of buying and selling our home, fun!”
Z.B. Google review
Nearby
- Burnaby’s industrial area up close: Lake City industrial
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