Calgary Industrial Market Report

Lower borrowing costs to support space demand. Calgary maintained a stable industrial vacancy rate in the first half of 2025. Despite the drag from trade tensions, the share of unoccupied space rose by only 10 basis points from the end of 2024. This resilience was supported by preferential treatment of Alberta’s energy exports and a significant slowdown in inventory growth. Looking ahead, while trade policy uncertainty remains a major downside risk, lower interest rates are expected to support consumer spending, sustaining activity in the warehousing and transportation sectors. Slowing population growth from reduced immigration could be another headwind, but domestic in-migration should provide a backstop. With completions projected to fall to just over 1 million square feet in 2025, the vacancy rate is projected to remain below 4.0 per cent through year-end.