Calgary’s industrial market experienced its first significant increase in vacancy since the third quarter of 2016, where vacancy peaked at 7.44%.
- Despite the escalation in vacancy, absorption remained positive this quarter due to maintained leasing and sale activity.
- The Calgary industrial market has seen a rise in transaction volume as a result of local expansion, and from a surge of new entrants into the Calgary market.
- Many of these new entrants have experienced limited availabilities and increasing costs in markets such as Vancouver, Montreal, and Toronto, which has helped bolster market activity here in Calgary.
- Perhaps most importantly for Calgary, industrial land in Vancouver (an import/export super-hub) is becoming increasingly scarce, with Calgary (a major logistics & distribution hub itself) arguably best positioned to benefit as major owner/occupiers pivot inland instead.
( PDF Document 5.4 MB )