- Alberta’s surge in population growth, beginning in 2022, has brought approximately 500,000 new residents to the province – and counting. The growth rate reached 4.4% at its peak in the second and third quarters of 2024, maintaining Alberta’s status as Canada’s fastest growing province. The overall population has surpassed 5 million residents, including 1.8 million residents in the Calgary metropolitan area, fueling demand for expansion to the industrial market to add more warehousing, distribution & logistics.
- The Calgary industrial market experienced a surge of new industrial development as the population growth rate climbed, with 20 million square feet added since 2022. This surge in new supply was followed by a sharp decline in construction activity as the vacancy rate climbed back into a healthy 4-5% range.
- While national population growth is forecast to moderate, Alberta is poised to remain a provincial leader, stabilizing at a resilient 1.5% 'base rate' over the mid-term. As these demographic trends normalize, new industrial deliveries have retracted sharply over the past year. Should this development hiatus persist, the region faces a distinct risk of structural undersupply.
Tracking the parallel rise of Calgary population and industrial supply
March 25, 2026