The industrial real estate market in the Greater Calgary Area (GCA) experienced a slight increase in vacancy in Q4 2022, rising 13 basis points to 2.34% overall, but still had the strongest year of all the markets in Canada in terms of absorption at 11.7 million square feet.
- Pre-leasing activity remains strong, and even with approximately 5.0 million square feet of inventory still under construction, Colliers expects vacancy to decrease over the course of 2023.
- Although investment sale activity in the GCA slowed in 2022, it is expected that the current offerings and new listings anticipated in the new year will bring much needed price discovery.