Canada industrial insight
Most major markets witnessed an increase in vacancy as rental rate increases started to ease
- 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.
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Toronto industrial insight
Shifting tenant preferences towards smaller product incentivized landlord flexibility.
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Calgary industrial insight
While vacancy increased slightly, user demand remains strong.
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Montreal industrial insight
Economic uncertainty slowed rental rates, leasing & transactional momentum.
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Vancouver industrial insight
Availabilities come to market at a faster pace despite strong tenant demand.
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Winnipeg industrial insight
Average net rents reach all-time high as vacancy rates remain suppressed.
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Southwest Ontario industrial insight
Vacancy hits 1% for the first time since Q4 2021.
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Ottawa industrial insight
Ottawa industrial demand remains strong despite a stormy economic outlook.
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Edmonton industrial insight
2022 was a big year for new construction and 2023 is expected to be the same.
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Saskatchewan industrial insight
Although the industrial market recorded an increase in vacancy, it remained below 3%.
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