Quebec City Industrial Figures Q4 2023

February 9, 2024 5 Minute Read

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    The availability rate in the Greater Quebec City Area (GQA) decreased by 20 basis points (bps) in Q4 2023 reaching 3.1%. The GQA market moved closer to a state of balance as leasing activity and availability rates both remained relatively stable.

    Following two consecutive negative quarters, Q4 2023 concluded the year on a positive note recording 47,182 sq. ft. of net absorption due to a resurgence of leasing activity.

    Net asking rents increased by $0.26 per sq. ft., surpassing the $15.00 per sq. ft. mark first achieved at the start of the year. The asking net rental rate reached $15.17 per sq. ft. in Q4 2023, as additional rent stabilized at $6.70 per sq. ft.

    The construction pipeline remained unchanged at 92,700 sq. ft., with no new supply delivered in Q4 2023. Additional projects are expected to break ground, as well as deliver, on top of the space already under development over the coming months.