The first quarter of the year saw a decrease in vacancy for the sixth consecutive quarter, down 300 basis points (bps) since Q4 2020. The market saw a 240 bps decrease year-over-year and a drop of 80 bps since Q4 2021.
- Rental rates are increasing as the supply of existing and speculative developments is being absorbed.
- With limited vacancies, developers have announced more warehousing and distribution construction projects.
- Within the next six months, 762,194 square feet In Northwest Edmonton and 312,197 square feet in Southeast Edmonton are slated to be completed and pressure on these markets will experience some relief.