Calgary Industrial Market Report

Q2 2022

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.

3.0%

Total vacancy rate

down 2% since Q2 2021

3.5%

Availability rate

down 2.9% since Q2 2021

0.37%

Sublease vacancy rate

down 0.79% since Q2 2021
$792M

Investment sales

year to date, up 32% from the first half of 2021
606,161

Square feet absorbed

3.4 million square feet year to date
8.7M

Square feet proposed and under construction

2 million square feet delivered year to date
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