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The Calgary industrial market experienced renewed optimism in the first quarter of 2017. The recent approval of the Keystone XL pipeline project, increased activity in the Alberta oil sector and forecasted growth in oil prices, have all contributed to more activity in the land and manufacturing sectors. There has been an overall increase in tour activity, offers and completed deals this quarter as compared to Q1 of 2016. Primarily, this has been seen within the Southeast submarket, as both manufacturing and oil based companies have a renewed presence in the area. Companies that had been forced to downsize throughout the recent recession, along with new start-ups, are actively absorbing vacancy in order to get ahead of a strengthening market. As a result, the Southeast experienced 355,000 square feet of net absorption this quarter and the vacancy rate decreased 40 basis points from 6.5 percent to 6.1 percent quarter-over-quarter.
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