Canada Industrial Figures Q3 2022

October 3, 2022

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  • National net absorption rose to 9.6 million sq. ft. in Q3 2022, boosted in large part by the 4.0 million sq. ft. delivery of three fully pre-leased design build facilities in Calgary.
  • Occupier opportunities for existing industrial space remains at all-time lows with the national availability rate holding at 1.5% in Q3 2022.
  • Continued tight market conditions further propelled net rental rate growth to a new record high of $12.89 per sq. ft., for a 29.4% year-over-year increase.
  • Industrial projects currently under construction declined slightly to 42.8 million sq. ft. but remains well above last year’s pipeline quarterly average of 30.0 million sq. ft.
  • New supply jumped to 9.1 million sq. ft. in Q3 2022, but 88.8% of the new builds were delivered pre-leased, providing limited relief to tight market conditions.