Q2 2023 Edmonton Industrial Occupier

The Edmonton industrial real estate market is now on a steady trend of slowing demand; leasing activity and has consistently declined since the third quarter of 2022, while net absorption has slowed to sub 500,000 square feet in Q1 of 2023 with a slight uptick in Q2 2023. Deliveries in the opening three months of the year barely broke 100,000 square feet, resulting in the region’s lowest quarterly vacancy on record, 3.5%. The second quarter saw one million square feet added, bringing current vacancy rates to 3.64%, down from a five-year high of 6.4%.