With all restrictions lifted on Canada Day in Alberta, and vaccination rates continuing to ramp up, there is a general sense of optimism the industrial market will experience further improvement for the remainder of 2021.
- The Greater Edmonton industrial market saw more than 1 million square feet of absorption, which resulted in an overall decline in vacancy to 6.6%, 40 basis points (bps) less than March 2021, and total of 80 bps year-to-date.
- With continued and increasing demand for warehouse space, additional speculative building announcements were made this quarter. Most notably, Panattoni began construction on the 548,000 square foot Building 3 at Apex Business Park (Northwest Edmonton).
- Alternate energy sources are also top of mind these days and there are currently two Hydrogen plant announcements that were made in the Edmonton area this quarter.