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Positive absorption alongside slowdown in deliveries maintains low vacancy levels
Calgary’s industrial market has remained remarkably well-balanced throughout 2024, with fundamentals and trends remaining consistent. Eight consecutive quarters of positive absorption have limited the impact of mostly speculative developments in the Balzac region. Despite adding 4.8 million square feet (msf) of industrial space since last year, vacancy has remained unchanged at 3.2% from Q3 2023. With construction and deliveries at their lowest point in years, any continued positive absorption will lead to an outsized downward impact on vacancy rates in the short term.