Surrey Commercial Real Estate in 2026: Office and Industrial Market Update
Quick answer: Surrey commercial real estate looks strong in late 2026. Office vacancy was about 7.6% in Q3 2026, well below the 12.2% reported for downtown Vancouver. Around 1.4 million square feet of industrial space was under construction, according to Newmark’s Q2 2026 industrial report. Campbell Heights is the main industrial hub, and Surrey City Centre is the area to watch for office, retail and mixed-use projects.
If you are thinking about buying, leasing or building in Metro Vancouver, Surrey deserves a close look. The city has become one of the region’s busiest commercial markets. Below is a plain-language summary of what the latest numbers say and what they could mean for you Commercial Real Estate.
Surrey Commercial Real Estate at a Glance
| Market indicator | Latest reported update |
|---|---|
| Surrey office vacancy | About 7.6% in Q3 2026 |
| Industrial space under construction | Around 1.4 million sq. ft. |
| Key industrial hub | Campbell Heights |
| Major growth area | Surrey City Centre |
| Main industrial demand | Logistics, distribution and manufacturing |
How Is the Surrey Office Market Doing?
Surrey’s office vacancy rate was about 7.6% in Q3 2026. Vacancy simply tells you how much office space is empty and available. A lower number means more of the space is in use Commercial Real Estate.
The number looks even better next to downtown Vancouver, where the reported vacancy rate was 12.2%. That is a gap of roughly 4.6 percentage points. It suggests suburban office space in Surrey is holding up better than the downtown core right now Commercial Real Estate.
What does this mean in practice?
- For tenants: There may be fewer empty offices to choose from, so it can pay to start your search early.
- For landlords: Lower vacancy generally means a stronger position when renewing leases or finding new tenants.
- For investors: A healthy occupancy picture is often a good sign for stable income.
Keep in mind that vacancy is only one measure. Rents, building age, location and lease terms matter too. The number is a useful starting point, not the whole story Commercial Real Estate.
Also Read About This : Commercial Property for Lease: 5 Hidden Costs Tenants Always Miss
Why Surrey’s Industrial Market Matters
Industrial property covers warehouses, distribution centers, manufacturing space and similar buildings. In Metro Vancouver, Surrey is an important place for this type of development Commercial Real Estate.
Newmark’s Q2 2026 industrial report put new construction in Surrey at about 1.4 million square feet. That is a lot of space on the way. It shows that developers still see strong demand and are willing to build for it.
Three types of businesses are driving that demand:
- Logistics companies, which need space to move goods quickly.
- Distribution businesses, which store products and send them to stores and customers.
- Manufacturers, which need room for production and equipment.
If your business falls into one of these groups, Surrey’s pipeline of new buildings may give you more options in the coming months.
Campbell Heights: Surrey’s Key Industrial Hub
Campbell Heights is the name that comes up most often when people talk about industrial property in Surrey. It is the area to know if you are an industrial investor, a logistics company, a manufacturer or a warehouse operator.
Why do businesses look at Campbell Heights? A concentration of industrial activity in one area often helps companies. Neighbouring businesses, suppliers and service providers tend to cluster together, and that can make daily operations simpler. For investors, a recognised hub can also make it easier to understand where demand is coming from.
If you are comparing industrial locations around Metro Vancouver, Campbell Heights should be on your shortlist.
The Prologis Talks in Campbell Heights
One of the biggest recent stories is a proposed deal involving Prologis. In July 2026, the City of Surrey announced advanced discussions with Prologis about a long-term lease of 36 acres of city-owned land in Campbell Heights.
A few points are worth understanding:
- The land is owned by the city, and the proposal is for a lease, not a sale.
- The lease would be long-term.
- The discussions were described as advanced, which means the deal had not been finalised at the time of the update.
Because talks are ongoing, treat this as a development to watch rather than a done deal. Still, the interest shows how much attention Campbell Heights is getting from large industrial players.
Surrey City Centre: A Growth Area to Watch
While Campbell Heights leads on industrial property, Surrey City Centre is the major growth area for other types of commercial space. It is worth watching for office, retail and mixed-use development.
Mixed-use projects combine different purposes, such as offices, shops and homes, in one area. Places like this often grow busier over time because people can work, shop and spend time nearby.
Surrey’s lower office vacancy and growing activity in the City Centre point in the same direction. For businesses that want a suburban location with strong momentum, it is an area worth exploring.
Who Should Pay Attention to This Market?
Industrial investors may want to follow Campbell Heights closely, along with the new supply coming online.
Logistics and distribution companies may find more space options as the 1.4 million square feet of construction is completed.
Manufacturers can look at Surrey as a place where industrial demand is clearly active.
Office tenants and landlords can use the 7.6% vacancy figure to judge how competitive the market is.
Developers and mixed-use investors may want to keep an eye on Surrey City Centre.
What to Check Before You Invest or Lease
Market numbers are helpful, but they should not be the only thing you rely on. Before making a decision, it is smart to:
- Look at the full report behind each statistic, including the date and who produced it.
- Visit the property and the surrounding area in person.
- Compare lease terms, costs and zoning for the exact site.
- Speak with a local commercial real estate professional, a lawyer and an accountant.
Note that the figures in this article come from different sources and time periods. The vacancy rate is for Q3 2026, while the industrial construction figure comes from Newmark’s Q2 2026 report. Always check for newer data before you act.
Frequently Asked Questions
What is the office vacancy rate in Surrey?
Surrey’s office vacancy rate was approximately 7.6% in Q3 2026.
How does Surrey compare with downtown Vancouver?
Downtown Vancouver’s reported office vacancy rate was 12.2%, so Surrey’s rate was lower. That suggests relatively stronger suburban office conditions.
How much industrial space is being built in Surrey?
Newmark’s Q2 2026 industrial report showed about 1.4 million square feet of new construction in Surrey.
Where is Surrey’s main industrial area?
Campbell Heights is the key industrial hub, and it is especially relevant for logistics companies, manufacturers and warehouse operators.
What is happening between Surrey and Prologis?
In July 2026, Surrey announced advanced discussions with Prologis about a proposed long-term lease of 36 acres of city-owned land in Campbell Heights.
Which Surrey area should I watch for office and mixed-use projects?
Surrey City Centre is the major growth area for office, retail and mixed-use development.
Final Thoughts
Surrey commercial real estate offers a clear story in 2026. Office vacancy is lower than in downtown Vancouver, industrial construction is active, and Campbell Heights continues to attract attention, including the proposed Prologis lease. Surrey City Centre adds another reason to watch the city.
Whether you are an investor, a business owner or a developer, these signs suggest Surrey is a market worth watching closely. Review the latest data, visit the sites that interest you, and get professional advice before you commit.
Sources: Surrey Commercial Real Estate – 2026 Market Update; Oakwyn Realty; Newmark Q2 2026 industrial report; pavgrewal.ca