Life Science
Market stats: 3.2 million square feet | 2.4% vacancy
Recent Lease Transactions:
SGS Canada – 63,000sf (renewal)
Xylem – 27,657sf
Verathon Medical – 24,352sf
Recent Sales Transactions:
Viva Pharmaceuticals – $24m – 2551 Viking Way
LUCID Visions Lab Inc. – $12.5m – North Fraser Way
Market Summary
Metro Vancouver has quietly become one of Canada’s strongest life sciences hubs, with a mix of top research universities, government support, innovative companies, and a growing pool of specialized talent. The sector now employs roughly 14,700 people across the region.
The new St. Paul’s Hospital campus in Mount Pleasant has helped drive much of that momentum, attracting companies such as AbCellera, Zymeworks, Aspect Biosystems, and STEMCELL Technologies to the surrounding area.
Growth is also being supported by provincial and federal funding programs, tax incentives, and organizations including BC Cancer, Genome BC, AdMare, TRIUMF, the BC Knowledge Development Fund, and BCIT’s National Biomanufacturing Training Centre. BCIT’s new facility is helping expand biomanufacturing capacity, support clinical trials, and keep more companies—and their intellectual property—here in B.C.
Leading research groups such as the Vancouver Coastal Health Research Institute and Michael Smith Laboratories continue to fuel innovation through strong partnerships with universities and industry.
