Prologis, the San Francisco–based global logistics real estate company, has made its first acquisition in British Columbia by purchasing a 289,000‑square‑foot warehouse at 9410 River Road in Delta. The property, previously owned by Hydro‑Québec, was sold to Prologis in a share sale for an undisclosed price. Built in 2017, the warehouse has 32‑foot clear heights, 60‑foot truck bays, and on-site trailer parking, and is fully leased to two logistics tenants. The facility is located near the Port of Vancouver, Vancouver International Airport, and major highways providing access to U.S. border crossings.
The acquisition complements Prologis’s existing Canadian footprint, which includes approximately 14.5 million square feet of logistics space in Toronto and Hamilton, with 98% occupancy.
Prologis has also appointed Matt Brock, previously a senior executive at Bosa Properties, as Vice President and Investment Officer for Vancouver and Western Canada. Brock will oversee capital deployment, portfolio development, and customer engagement in the region. He played a key role in Bosa’s expansion into the United States and brings nearly a decade of experience managing industrial, multifamily, and hospitality developments across BC.
Why Prologis Is Expanding in Canada
Market Fundamentals
- Low long-term vacancy rates in Vancouver and Toronto (often under 5%) indicate structural supply shortages.
- Land constraints in Vancouver and the GTA restrict new industrial development, driving demand toward modern, high-quality facilities.
- E-commerce growth continues to increase demand for strategically located distribution centers.
Trade & Infrastructure Advantages
- Vancouver is Canada’s largest port and a primary Pacific trade gateway, with cargo volumes projected to triple by 2030.
- Toronto remains Canada’s largest consumer market and a key inland distribution hub.
Portfolio Diversification
- Until now, Prologis’s Canadian portfolio was heavily concentrated in Ontario. The move into British Columbia diversifies its geographic footprint and secures a presence in both of Canada’s primary logistics corridors; the Eastern (Toronto-Montreal) and Western (Vancouver-Pacific Gateway) markets.
Recent Activity Highlights
Prologis has millions of square feet of warehouse space under construction or in the planning stages in the Toronto region, in addition to dozens of properties that the company has already developed or acquired.
In December 2024, the REIT paid $258.1 million to acquire a major industrial site in Brampton, Ontario, from Canadian Tire Corp., in one of Canada’s largest industrial transactions of the fourth quarter. The site included 1.5 million square feet of logistics space and reflects the company’s continued focus on strengthening its Eastern Canadian portfolio.
In March 2025, Prologis acquired a 289,000‑square‑foot warehouse in Delta, British Columbia from Hydro‑Québec in a share sale for an undisclosed price. The property, built in 2017, is fully leased to two logistics tenants and features 32‑foot clear heights, 60‑foot truck bays, and on-site trailer parking. This purchase marks Prologis’s first entry into Western Canada and is part of the company’s strategy to expand its portfolio across major Canadian logistics hubs.
Vancouver Industrial Market Snapshot (Q1–Q2 2025)
| Metric | Q1 2025 (Metro Vancouver) | Q2 2025 (Greater Vancouver) |
| Vacancy Rate | 3.7 % (↓ from Q4 2024) | ~4.0 % (↑ 60 bps) |
| Availability Rate | 4.9 % (↓ 40 bps) | ~6.2 % |
| Asking Net Rent | $19.96 per sq. ft. | $19.92 per sq. ft. |
| Sublease Percentage | 18.5 % of available space | N/A |
| Net Absorption | +1.9M sq. ft. (positive) | –310k sq. ft. (negative) |
| New Supply Delivered | 1.2M sq. ft. | Included in broader figures |
| Under Construction | 4.8M sq. ft. (23 projects) | Continues into late 2025 |
Additional Context
Vancouver industrial vacancy rates have doubled to ~3.5% over the past three years due to new construction (~14M sq. ft.) but remain below the national average of 3.7%.
Despite slightly increased vacancy and availability, rental rates remain high, reflecting ongoing demand for modern, sustainable industrial facilities.
Prologis continues to have millions of square feet under construction or in planning stages in Toronto, demonstrating its focus on both expansion and portfolio optimization.
Market Outlook
Prologis’s first Vancouver acquisition demonstrates confidence in long-term market fundamentals, including tight land supply, port activity, and demand for Class-A industrial space. The company is expected to pursue additional acquisitions and build-to-suit developments in BC, as well as ongoing portfolio expansion in Western Canada.
