The Greater Calgary & Area (GCA) industrial market showed continued signs of easing overall vacancy in the first quarter of 2024. The GCA availability rate moved up slightly from the end of last year, reaching 5.5% and vacancy – space without a headlease in place – rose to 4%. Q1 ’24 marked the third consecutive quarter of increasing vacancy and availability and while both metrics remained well below the low-7% recorded just before the COVID-19 pandemic, we view both as likely to continue ticking upwards in the near future and bringing the greater Calgary area industrial market into a balanced market.
