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Edmonton Industrial Report Q4 2022

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research article

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.

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Edmonton Industrial Report Q4 2022

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Richard Darling

Managing Director, Edmonton

Edmonton

As Managing Director of Colliers International, my primary focus is attracting and retaining top, diverse, and innovative commercial real estate professionals for the Edmonton and surrounding markets. I have a proven track record in architecting strategic business plans, negotiating complex contracts, strengthening partnerships with key accounts and driving operational and financial excellence in highly competitive markets. 

As a strategic leader with experience spanning operations, sales management and process improvement, I pride myself on building an office culture that is collaborative, high-performing, and inclusive. I act as a coach to ensure you have what you need to build and grow your commercial real estate practice. I am always looking to network with talent specialized in all asset classes that can help contribute to this culture. Please feel free to send me a connection request!

Prior to Colliers, I've gained invaluable experience working cross functionally with all facets of an organization. This has included shared services across multiple markets including the US. Building relationships with key internal stakeholders in order to improve team performance and overall customer experience. I have presided over the expansion of National sales activities across major sectors that included oil & gas, forestry, mining, transportation, construction, manufacturing & property management to drive revenue and profitability improvements for long term financial stability.

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Adam Jacobs

Senior National Director, Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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