The industrial market remains strong throughout the Greater Saskatoon Region, as demand for industrial space exceeds available inventory.
- The industrial vacancy rate is currently sitting at 2.2%, marking a slight improvement over the all-time low of 2.1% experienced in the second quarter of 2022.
- Saskatoon continues to be short on supply of General Light Industrial land, a trend that has continued from the first quarter of 2022.
- Despite the continued demand for industrial space, rents have remained relatively stable, with average weighted asking net rent sitting at approximately $11.36 per square foot this quarter. This stands in contrast to industrial sales prices, which experienced a year-over-year increase of 12.3% in Q3 2022.