The Greater Edmonton industrial market ended the year in the same fashion as the rest of 2022, experiencing high leasing activity and a drop in vacancy.
- The vacancy rate decreased by 130 basis points year-over-year (YoY) and declined for the 9th consecutive quarter to 4.1%, a low not seen since 2015.
- With Greater Edmonton experiencing its 10th consecutive quarter of positive absorption, led by a Colliers team pre-leasing 297,043 SF at Horizon BP, the vacancy rate declined further to 4.1%.
- New construction projects were announced, including Leon’s/The Brick’s construction on a 500,000 square foot distribution centre in Northwest Edmonton. Home Depot also started construction on a 207,000 square foot distribution facility in Acheson.
- Rental rates increased at year-end to $10.33 per square foot. This is an average rental rate increase of 10.2% YoY for the entire Edmonton market.