Warehouse availability is at an all-time low in Canada, sending industrial rents soaring to all-time highs in Q3 2022, according to a new report from CBRE.
An influx of new supply—9.1M SF of industrial space was delivered in Q3, the third highest total for a quarter during the past five years—failed to make a dent in net absorption because nearly 90% of deliveries were pre-leased due to record demand.
Boosted in large part by three fully pre-leased warehouse deliveries in Calgary encompassing 4M SF, net absorption of industrial space in Canada rose to 9.6M SF in Q3.
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