Canada industrial insights

Canada's largest markets witness negative absorption in Q1.

April 24, 2024
  • Chad Piche
  • Deborah Saunders
  • Marga Chan
  • Tristan Scott
  • William Schneider

Canada's industrial real estate market registered negative absorption on the quarter for the first time in almost a decade. The largest markets in the country led the trend with Toronto, Montreal and Vancouver all witnessing negative absorption. National vacancy increased 60 basis points hitting 3.3% in Q1 while rental rates have largely been flat. However, vacancy remains below the long term average and rental rates have doubled over the last 6 years.

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Toronto industrial insight

Sublet market came to prominence as existing tenants maneuvered a stagnant economy.     
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Calgary industrial insight

New development continues to be absorbed as user demand remains strong.     
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Montreal industrial insight

Mounting large-bay availabilities increasingly contributing to softening market dynamics. 
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Vancouver industrial insight

Absorption is negative for the first time since Q1 2020 as low pre-committed deliveries fail to compensate for vacated spaces.     
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Winnipeg industrial insight

Market registers second straight quarter of negative absorption. 
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Southwest Ontario industrial insight

New completions drive vacancy rates and direct asking rents up in Q1.     
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Ottawa industrial insight

Market rents ease as Ottawa returns to a balanced market.     
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Edmonton industrial insight

Vacancy declines as the Edmonton market remains resilient amid economic uncertainty.     
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