Lethbridge industrial market report
Three key trends:
01 - Low vacancy and high demand in LethbridgeThe sustained demand for industrial real estate since 2020, especially from owner-users, has left the market inventory extremely tight. Nationally industrial vacancy is below 1%. In Lethbridge, the industrial vacancy rate may seem high, at 3.9%, but that number represents a very small amount of useable square footage with most of it being aged or obsolete.
02 - Rental rates vs. construction costsDue to a cost deficit between inflated construction costs and low rents, new development coming to market has been slow. Lethbridge has been below the market average for industrial rents in similar communities. While tenants may be challenged initially, higher rents will stimulate development and rebalance the local market.
03 - Labour and employmentLethbridge population grew by almost 3,000 new residents in 2022. New development and large format industrial projects will continue to support the growth of Lethbridge and area in 2023.
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