The attached seven page report provides aggregate data for all markets in Canada over 1M in population, as well as city specific summaries for each metropolitan area.
- National absorption of 6,877,000 SF, this is an increase in absorption of 4,168,000 SF over that seen in 2018 Q2, more than doubling the previous quarter.
- Based on annualized year to date absorption, current vacancy represents only 1.75 years of supply of industrial premises. Vancouver has approximately 7 months of supply of existing vacancy and the GTA has 14 months of supply.
- Ottawa and Vancouver only have 18 and 20 months of supply of vacant and under construction industrial space. Overall, Canada's largest six cities have 2.6 years of supply based on combined vacancy and under construction industrial space.
- Strong absorption in all markets, with annualized occupancy growth year to date of 1.77% overall.
- Between 2.9M and 3.8MSF of year to date absorption in Toronto, Edmonton and Vancouver and absorption of 2.0M and 2.4M in Montreal and Calgary.
- National average vacancy rate for markets over 1M in population has dropped to 2.0%, setting a new recent record.
- Annual YTD absorption exceeds new space constructed by almost 6.4M SF, showing potential for industrial space shortages in most markets.