Q1 2022 Calgary Industrial Occupier
Calgary’s industrial sector, comprised of 156 million square feet, had a record year in 2021. Spurred on by a dramatic increase in online shopping during the pandemic, demand for distribution space spiked leading to the highest level of net absorption per annum, 8.8 million square feet, more than double the previous best year, 2018, which saw 3.8 million square feet absorbed. The market was well positioned heading into 2021, with a vacancy rate of 7% which ensured ample options for tenants looking to expand their industrial presence in Calgary. Vacancy rates currently sit at 3.72%.