Future Cities
2022 Global Seaport Review: Vancouver, British Columbia
Navigating evolving global seaport regions and their impact on industrial real estate
December 13, 2022 4 Minute Read
The Port of Vancouver is a critical link for Western Canada’s supply chain and a key economic driver for Metro Vancouver’s industrial market. Although there’s been near-term supply chain challenges, container trading volume has grown 5% annually over the past 10 years. This is creating significant demand for industrial properties, leading to historic low vacancies and elevated lease rates.
Overview
The Port of Vancouver is the largest in Canada, moving nearly 3.7 million TEUs in 2021 valued at CA$275 billion. The port provides 115,300 jobs in Canada, including 96,200 jobs in British Columbia. Last year, 356,220 automobiles were imported, accounting for almost all Asian-built vehicles arriving in Canada. The port’s Roberts Bank Terminal 2 project, which will add a three-berth marine container terminal, is located in deep marine waters to minimize environmental impacts.
Figure 1: TEU volumes
Source: CBRE Research, Port of Vancouver, 2022.
Figure 2: Population demographics
Source: macrotrends.net, 2022.
1.5 M
TEU handling ability once the Centerm Expansion and South Shore Access projects complete in 2023
Port features
The 1,500-hectare (3,700-acre) port spans 350 kilometers (217 miles) of shoreline. It contains 29 major marine cargo terminals, including four container terminals with on-dock rail facilities. The port offers a variety of cross-docking, transload and warehousing facilities as well as off-dock container yard and maintenance facilities. It is considered Canada’s gateway to more than 170 trading economies. TEU volume increased 13% over the last five years. To handle growing activity, the Vancouver Fraser Port Authority started the Centerm Expansion and South Shore Access projects. When complete in 2023, these projects will expand the terminal’s footprint by 15%, reconfigure the Centerm container terminal, add a new overpass on Centennial Road and other enhancements. The port recently added two post-Panamax cranes with the ability to handle vessels up to 24 containers wide.
Figure 3: Port details
Source: CBRE Research, Port of Vancouver, 2022.
Trade partners
The port’s top trading partners include China, Japan, South Korea, the U.S. and India. Earlier this year, the port marked the 40th anniversary of its Sister Ports Agreement with the Port of Yokohama.
Intermodal transportation
Vancouver is a global hub for importing and exporting goods via waterways, highways and railways. The port connects to the Canadian National (CN), Canadian Pacific (CP) and Burlington Santa Fe (BNSF) Class 1 railways via 680 kilometers (422 miles) of rail lines. CN and CP service on-dock rail facilities at the container and cargo terminals, offering double-stack intermodal service. The port also connects to 1,560 kilometers (970 miles) of major truck routes.
Real estate influence
Vancouver’s 207.4 million-sq.-ft. market had a record-low vacancy of 1% as of Q2, with older, grade-loading space with reduced clear heights essentially the only stock available. As a result of the limited space availability, average lease rates have been on the rise, reaching a record CA$18.93 per sq. ft. in Q2, up 8.8% quarter-over-quarter. Submarkets within the urban core have all surpassed the CA$20-per-sq.-ft. mark. Development activity remains strong, with over 10 million sq. ft. of new Class A product underway, most of which has already been pre-leased.
Figure 4: Industrial & logistics market stats
Source: CBRE Research, Q2 2022.
Explore Global Seaports by Port
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