Edmonton Industrial Market Report
Ongoing Expansion Efforts and Provincial Initiatives
Lend Support to Industrial Sector
Emerging drivers aid industrial demand. As of September, Edmonton’s industrial vacancy rate sat 180 basis points below its pre-pandemic level as e-commerce-related spending fueled space demand. While industrial leasing is likely to ease due to rising interest rates, the outlook remains positive for the coming year. Population growth is forecast to reach new highs in 2023, which is helping Alberta’s economy outperform the national average. With Alberta being Canada’s energy capital, heightened oil prices and the province’s new Hydrogen Roadmap — which aims to build a low-emissions hydrogen economy — should support underlying fundamentals. On top of these ongoing energy tailwinds, Edmonton is also set to benefit from its proximity to the Ports of Vancouver and Prince Rupert as both shipping terminals are either planning, or are carrying out, significant expansion efforts. This should further support logistics demand in Edmonton.