Calgary Industrial Insights – Q3 2023
Calgary’s industrial market is on the move, with exciting developments and positive trends characterizing Q3.
Here are the highlights:
Growth Continues: New construction deliveries and positive absorption are driving growth.
Vacancy Update: The GCA overall vacancy rate increased by 40 basis points, reaching 2.0% in Q3.
Positive Absorption: Total YTD net absorption is 1,487,689 square feet.
Rental Rates: Net rental rates are continuing to rise; by 3.7% year-over-year.
Development in Full Swing: Over 1,000,000 square feet of new construction delivered this quarter.
Distribution Hub: Calgary is a key western distribution hub, enabling companies to serve most of Western Canada within a day’s drive.
Outlook: Calgary’s industrial market remains robust, attracting companies from Vancouver and Toronto looking to capitalize on favorable rents and strategic location.
The Calgary industrial market is resilient and poised for further growth.Calgary Industrial Insight - Q3 2023 1