Calgary Industrial Figures Q4 2023

January 26, 2024 5 Minute Read

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       Availability increased by 170 basis points (bps) in Q4 2023, ending the year at a two-year high of 5.5%. This increase was largely driven by a slowdown in organic demand, several large-format subleases coming to market, and 3.1 million sq. ft. of new supply being delivered, 42.5% of which was pre-leased.

       A total of 6.0 million sq. ft. of new supply was delivered in 2023, representing the second largest amount of annual new supply for the Calgary market and only trailing 2022. The remaining 4.6 million sq. ft. of product under construction is slated for completion in 2024.

       Although net asking rates continue to push historic records, the pace of increase has slowed significantly over the quarter as the market adjusts to new supply and demand dynamics.