Canada industrial insight

Most major markets witnessed an increase in vacancy as rental rate increases started to ease

April 17, 2023
  • Chad Piche
  • Deborah Saunders
  • Marga Chan
  • Tristan Scott
  • William Schneider

Canada marked the second consecutive quarter of increasing vacancy in Q1. Meanwhile upward pressure on rental rates has begun to ease. National average asking rents increased 3.7% quarter-over-quarter compared to 7.8% in Q4. Canada largest markets are leading the charge on declining rental rate increases after a record year in 2022.


Request insights by city below -

Toronto industrial insight

Shifting tenant preferences towards smaller product incentivized landlord flexibility.     
Request report >

Calgary industrial insight

While vacancy increased slightly, user demand remains strong.     
Request report >

Montreal industrial insight

Economic uncertainty slowed rental rates, leasing & transactional momentum. 
Request report >

Vancouver industrial insight

Availabilities come to market at a faster pace despite strong tenant demand.     
Request report >

Winnipeg industrial insight

Average net rents reach all-time high as vacancy rates remain suppressed. 
Request report >

Southwest Ontario industrial insight

Vacancy hits 1% for the first time since Q4 2021.     
Request report >

Ottawa industrial insight

Ottawa industrial demand remains strong despite a stormy economic outlook.     
Request report >

Edmonton industrial insight

2022 was a big year for new construction and 2023 is expected to be the same.     
Request report >

Saskatchewan industrial insight

Although the industrial market recorded an increase in vacancy, it remained below 3%.     
Request report >