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Calgary Industrial Market Report Q3 2023

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research article

The Greater Calgary Area (GCA) industrial market once again experienced a small increase in vacancy rate in Q3 2023, once again being driven by buildings finishing construction with a portion remaining to be absorbed. However, there was still strong leasing activity, with a number of significant new leases and renewals being completed over the end of the summer.

  • Despite asking rental rate increases, the GCA industrial market still has a significant discount compared to the Greater Vancouver and Greater Toronto areas.
  • Record-breaking population growth in Alberta will continue to fuel the industrial market and businesses servicing a growing pool of customers.


Calgary Industrial Market Report Q3 2023

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Ian Huston

Managing Director, Calgary | Brokerage


Ian is Managing Director in the Calgary office. Ian focuses on attracting  and retaining top performers in commercial real estate, as well as supporting Colliers' growth strategies and maintaining the company's top industry standing.

Ian is a seasoned leader with over 15 years of progressive experience in investment banking, corporate and capital markets, financing, and strategic advisory at a leading Canadian financial institution. He has led over $40 billion of successful M&A transactions, and numerous equity and debt financings.

Throughout his career, Ian has been a trusted advisor to executive management and board of directors of over 20 companies in the North American energy sector, including: upstream (conventional, oil sands, royalties), midstream, downstream, and energy services.

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Adam Jacobs

Head of 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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