Canada Industrial Figures Q3 2022

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.