Calgary Industrial Figures Q4 2025

‒    After a relatively slow start to the year, Calgary’s industrial market ended 2025 on a high note, with its strongest quarter of net absorption since Q3 2022. Net absorption was driven by leasing activity in the large-format market, and 628,000 sq. ft. of new supply that came to market fully committed.

‒    Inventory under construction increased and marked a second consecutive quarter of expansion proceeding a sustained decline that began in late 2023. Despite this, inventory under construction remains below the 5-year average of 4.4 million sq. ft.

‒    Despite economic uncertainty, market availability remained relatively stable throughout 2025. Deal velocity in the small and mid-bay segments, coupled with an absence of speculative new supply, lead to stability in the first three quarters of the year, while an uptick in demand for large bays pushed net absorption in Q4 2025.

‒    Availability has fallen to the lowest it has been since Q3 2023. Notably, availability in the Southeast and “Other” submarkets continues to contract, whereas the Northeast and South Central submarkets showcase tight market conditions with limited options available for prospective tenants.