Calgary Industrial Market Report
Economic challenges mount
As rising inflation continued to draw concern throughout Q2, the Bank of Canada responded in July with a 100 basis point hike, bringing its overnight rate to 2.5%. While the industrial market has proven itself robust throughout the pandemic, the present situation will force stakeholders of all kinds to adjust their strategies to adapt in a high-cost environment.
Calgary’s industrial demand remains strong
Despite the headwinds in the greater economy, Calgary’s position as a viable alternative to larger and more congested industrial markets continues to solidify. The market’s relative affordability, even in the face of elevated costs, will still play into its favor.
Occupancy timelines stretching
The development pipeline is expected to deliver an unprecedented number of new builds. With 8.7 msf under construction and in the pipeline, the 2022 industrial development frenzy will continue well into 2023.
Total vacancy rate
down 2% since Q2 2021
down 2.9% since Q2 2021
Sublease vacancy rate
Square feet absorbed
Square feet proposed and under construction
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