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The USA industrial real estate market posted an exceptionally weak quarter. Demand for industrial space has declined significantly and new construction continues to wane. Space for sublet is on the rise, which is actually quite rare in the industrial sector of real estate. The USA first quarter results are the worst since early 2002, with the national industrial vacancy rate at 9.6%. Canadian warehouse vacancies also increased this quarter. With fewer manufacturing plants closing in Canada than the USA, it stands to reason that our results are not as negative. The Canadian industrial vacancy rate has risen over 50 basis points from last quarter, but is a respectable 5.7%. However, what is more interesting is that warehouse rents in Canada increased 0.7% this quarter, keeping the national rental rate at just over $7.00 per square foot. For a complete copy of this valuable reference document, please click the link below.
Contact Pam Macfarlane at 902.423.1825 for more information.
  industrialnahighlights1Q2009.pdf
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