MARKET TRENDS
- Edmonton continues its lengthy streak of positive absorption dating back to 2020. The Nisku/Leduc submarket remains very active and has driven most of the positive absorption this quarter.
- Asking rental rates continue their climb that began in Q2 2023, rising 12.1% year over year. Vacancy decreased by 20 basis points (bps) in the same period.
- Construction activity has declined, with the pipeline halving from 4.0 to 1.9 million square feet (msf) since Q3 2023. Consistently low vacancy and strong absorption will likely encourage development, subject to financing conditions