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Calgary Industrial Market Report Q4 2023

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research article

The Greater Calgary Area (GCA) industrial market saw a significant influx of newly constructed buildings completed in Q4 2023. These buildings consisted of a combination of pre-leased and vacant space, contributing to an increase in vacancy rate, but also the largest quarterly net positive absorption since Q3 2022.

  • The market-wide weighted average asking net rental rate decreased slightly, due primarily to the quantity of large bay (40,000+ square feet) warehouse space available outweighing higher-rent smaller bay product.
  • The vacancy rate is expected to balance out over the course of 2024 as the newly constructed buildings are leased and current under construction buildings are completed.


Calgary Industrial Market Report Q4 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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