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Calgary Industrial Market Report Q4 2021

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research article

The overall activity in the Calgary Industrial Market throughout Q4 2021 remained strong, as heightened demand for industrial product continued and renewed confidence from owners and occupiers across all segments has helped drive lease and sales momentum throughout the market. Q4 2021 was also characterized by an increase in mid-to-large-bay leasing activity and there was ±1.3M square feet of positive net absorption, a large part of which was leased to logistics and distribution users.

  • Vacancy decreased 65 basis points from 4.78% in Q3 2021 to 4.13% in Q4, translating to a yearly decrease of 204 basis points in 2021.
  • Continuing the current development cycle, under construction inventory grew once again to a total of ±7.1M square feet, still being driven by the southeast market. This comes despite the continued increase in development costs due largely to global supply chain delays and higher construction material costs.
  • We continue to see insatiable demand for quality industrial investment opportunities in the Greater Calgary Area, with continued cap rate compression for income-producing properties and heightened competition for serviced development land in key nodes.



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Calgary Industrial Market Report Q4 2021

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Paul Marsden

Executive Vice President | Partner | Industrial Sales & Leasing

Calgary - Southeast Industrial Office

Paul Marsden is an Executive Vice President & Partner of the Colliers Calgary operations.  In his day-to-day efforts he focuses on the Calgary industrial real estate market, specializing in tenant and user representation.  Throughout his career Paul has established a strong reputation for evaluating the current market conditions and in-turn strategizing to best serve his client’s requirements.  In conjunction with his team, they have completed 18.1m sf of transaction and nearly 1,000 acres of land sales over the past 5 years, representing approximately $1.45b in transaction value. 

Beyond brokerage Paul has an active role on the Board of Director for the Colliers Calgary operations, and he takes pride in seeing both the development of the people within Colliers, and the overall growth of the company.  

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Leo Lee

Director, National Research Operations | Canada

Toronto West

Leo Lee is the Director of National Research Operations | Canada and oversees the strategic direction and operations of Colliers Canada Research. He focuses on developing the capabilities of the national research team that leverages Colliers' best-in-class market intelligence and platforms to provide clients with valuable market insights.

Leo joined Colliers International in 2008 and was most recently the Regional Director of Research for Eastern Canada.

He has over 10 years of experience in the real estate market across Canada and New Zealand and draws on his professional experience as a commercial appraiser and real estate consultant.

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