Q1 2023 Calgary Industrial Occupier
For the past three years we have seen continued tightening of Calgary’s industrial market. Vacancy rates have dropped from over 7.4% in 2020 to 2.52% today. Although Calgary’s rates have seen upward pressure through this period we continue to see increased interest from larger users looking to Calgary as a less expensive option when compared to Vancouver, Toronto and Montreal. We anticipate this demand to continue as rents can be up to 20-40% cheaper in the Calgary area vs these other markets.