The Calgary industrial market continued to see an influx of activity as we transitioned from a resilient final quarter of 2020 into one that saw some of the strongest leasing and sales that have been experienced in recent years.
- One of the most notable trends that have been evident is the emergence of the film industry and the significant focus on Calgary and the surrounding area as a film and television production hub.
- Absorption this quarter almost equivalated to the total amount of absorption that was experienced in 2020. This significant positive absorption, combined with pent-up demand in the large-bay segment, and compression in Canada’s other core markets, has driven vacancy down 82 basis points to 5.35% from 6.17%.
- The lack of new supply and speculative development currently under construction within the city limits, alongside the shortage of development-ready land opportunities, will force users to continue to look for space in Balzac or the 84th Street corridor.
