Calgary Industrial Figures Q1 2025

–       For the first quarter since Q1 2020, Calgary’s industrial market added no new supply. This follows three years of record-breaking new development. Looking ahead, 1.9 million sq. ft. of inventory is under construction, significantly lower than the five-year average of 4.1 million sq. ft.

–       Q1 2025 saw a considerable decline in net absorption, marking the first quarter of negative net absorption since Q2 2020. This was due to a lack of new deals in existing large bay product and the emergence of several new large vacancies to the market.

–       Industrial properties within the City of Calgary experienced an average 5.0% increase in assessed value, leading to a notable increase in property taxes payable by owners and occupiers.

–       Few large-format speculative developments remain under construction. Notable projects like Interlink Logistics Park and Eastlake Industrial Business Park already have full building commitments from Amazon and MTE Logistix. Most of the remaining inventory under construction is tailored towards smaller speculative and design-build projects.

–       The volatile political environment, exacerbated by tariff threats, poses significant risk to future expansion as uncertainty influences landlord and tenant strategies.