Edmonton industrial market report

Q1 2024

Market overview

01 Vacancy declines across all submarkets

A prominent theme in Q1 2024 was the continued decline in vacancy, which dropped to 4.4% from 4.7 in Q4 2023.

The South and Central submarkets recorded a vacancy decrease for the second consecutive quarter. This trend was mirrored across all submarkets, with significant drops seen in the Northeast, Central, and Sherwood Park markets. 

While vacancy in these submarkets declined by more than 1% in Q1 2024, lower deal activity and limited inventories (ranging between 4 and 6 msf) underscore the reactivity of the vacancy to minor changes in occupied space.

02 Fifteenth consecutive quarter of positive absorption

All submarkets consistently recorded a positive absorption in Q1 2024, except Sherwood Park, contributing to a net gain of 417,000 sf across the Greater Edmonton region.

For the sixth quarter in a row, the South and Nisku markets led in positive absorption. The Northwest closely trailed the South/Southeast markets with a positive absorption of 79,000 sf.

03 Sublease availability holds steady

Sublease vacancies decreased by roughly 70,000 sf in Acheson and Nisku, while increasing by 70,000 sf and 94,000 sf in the South/Southeast and Northwest, respectively. All other submarkets remained stable, with the sublease vacancy rate remaining at 0.6%.

Total vacancy rate

down 0.3% quarter-over-quarter


Edmonton vacancy rate

down 0.2% quarter-over-quarter


Surrounding municipalities vacancy rate

down 0.7% quarter-over-quarter



square feet (sf) of inventory



sf of positive absorption year-to-date


Under construction

sf under construction

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