Supply stays tight
The availability rate, which includes space that is vacant or will soon be, dropped to 3.5%. Sublease space is limited at 0.6%, and the report said rents are firming as competition for quality space grows.
Developers have 3.8 million sq. ft. under construction across 16 projects. About 2.0 million sq. ft., or 52%, is already preleased. Only 1.4 million sq. ft. has been delivered so far in 2026, well below the five-year average of roughly 4.3 million sq. ft.
Large-bay space is especially scarce, and the report said large-format users may need to consider design-build solutions. It also cited a shortage of development-ready, serviced industrial land, particularly within city limits.
Vacancy fell in every submarket from a year earlier. Rocky View County/Balzac saw the biggest improvement, dropping from 12.2% to 4.5%. That submarket also holds more than half of the construction pipeline, at 2.1 million sq. ft.
Capital follows demand
Industrial building investment totalled $220 million in the quarter, according to figures from The Network. That brings the year-to-date total to $861 million, about 10% above the $785 million transacted in the same period of 2025.