Availability edges higher as market continues return to balance
The Canadian industrial market continues to return to balance, with the national availability rate rising by a modest 30 bps to 1.9% in Q1 2023.
Market conditions remain tight across Canada, with six markets reporting availability rates under 2.0%. However, four of these six markets have seen their availability rates trend upwards year-over-year.
Calgary and Halifax continued to see market conditions notably tighten year-over-year, with their availability rates falling 130 bps and 60 bps, respectively.
London is now the market with lowest availability rate in Canada, which compressed 30 bps year-over-year to a record low of 0.6%.
Vancouver and the Waterloo Region recorded the largest year-over-year increases in their availability rates, rising 100 bps and 80 bps, respectively.