A metal fabrication shop near Vancouver's Olympic Village that makes custom pieces for high-end homes has been decimated by a massive fire and series of explosions.

Flames broke out in a shed behind the building at 43 East Third Avenue at Quebec Street around 5:30 a.m., and were followed by a series of explosions and flashes from arching hydro wires and transformers blowing up.

A total of 31 firefighters mounted a defensive attack but were forced to keep their distance.

"The fire was through the roof of the building so we set up on defensive mode on the corners of the building," said Vancouver Fire Battalion Chief Kevin Wilson.

At its peak, flames were visible for several kilometres and it cast a large column of smoke over nearby False Creek.

The fire was contained to the building that houses Metal & Wood Products.

"I saw flames coming out of the top of the building and my gut just dropped down to the floor," business owner Peter Spotzl told CTV Morning Live.

The building has been around since the 1930s, Spotzl says, adding that 18 people currently work for the business.

He says there's "no doubt" they will rebuild, adding that his company is the last remaining fabrication shop in the area.

"We had to move one of these days, but didn't want to move this way," he said.

It is believed the fire started in an old wood shack behind the shop, but the cause is not known.

"Everyone is pretty emotional. I'm worried for my guys and what's going to happen next," said Spotzl.

The building next door is a dog kennel, and animals were quickly rescued and put into a police wagon.

"The first priority was to get the people and animals out," said Wilson.

Angela Samson, owner of Dog Taxi Daycare and Hotel, said 11 dogs that were at the facility for overnight boarding were removed by fire crews and taken to a veterinary hospital nearby.

"I'm just grateful that our place is safe and that the dogs are all safe," she said.

She had not yet gone into the building but said she believed it was not damaged.

One dog, a two-year-old Tibetan mastiff, got loose during the rescue and went missing, but Shirley was found safe and sound a few hours later.

With a report from CTV Morning Live’s Nafeesa Karim