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Leasing activity in the industrial market was moderate in Q3, a trend that is not uncommon given the reduced activity normally experienced in July and August. This quarter recorded 140 transactions (10 less than the previous quarter), accounting for 1.06 million square feet total, which was less than Q2 by 700,000 square feet. A portion of this activity was due to some tenants in the market downsizing their operations and space requirements, specifically those who are directly tied to oil and gas sectors with manufacturing facilities. Despite the current economic downturn, Calgary’s industrial market did register four positive quarters of absorption leading into Q3. This trend lends to a continued optimistic, yet slightly cautious, outlook that activity will again see positive results in the coming months.
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