Calgary Industrial & Warehouse Market Report | Q2 2026

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Calgary’s industrial market recovered in Q2 2026 from a soft first quarter. Tenants absorbed nearly 516,000 SF and vacancy fell to 4.7%. That demand more than offset 242,000 SF returned to the market at Canal 108 Building 2 and part of Hub Logistics Centre Building 1. The construction pipeline also grew, to 5.1 million SF.

Figures are from Cushman & Wakefield’s Q2 2026 Calgary Industrial MarketBeat unless noted. Prior-quarter comparisons use the changes stated in C&W’s Q2 reports, or C&W’s Q1 2026 report where Q2 does not restate a figure. Rents are average net asking rents in Canadian dollars per square foot per year (C$/SF/yr); additional rent (operating costs and taxes) is quoted separately.

Market Snapshot: Q2 2026

Source: Cushman & Wakefield, Calgary Industrial MarketBeat Q2 2026; Q1 vacancy from the 50 bps QoQ change in C&W’s Canada Industrial MarketBeat Q2 2026. Q1 absorption is year-to-date less Q2 (WareCRE calculation). C&W’s KPI box shows 134K SF of year-to-date absorption; we use 143,988 SF, the total of its submarket rows. Values marked “as published” are from C&W’s Q1 2026 report.

Rent Trends: Net Rents Edge Up to C$10.68/SF, Small Bays Lead at C$13.55

Calgary’s average net asking rent edged up in Q2 to C$10.68/SF/yr, from C$10.53 in C&W’s Q1 report. Additional rent averages C$4.92, for a gross cost of C$15.60/SF/yr. By submarket, Central asks C$11.98, the Southeast C$11.06 and the Northeast C$10.27.

In C&W’s figures, unit size moves rents more than location does. C&W reports that demand is strongest for smaller bays, which carry the highest asking rates. Spaces under 25,000 SF ask C$13.55/SF/yr, against C$10.46 for spaces over 100,000 SF. Calgary’s average net rent is 33% below the GTA’s C$16.03 (WareCRE calculation from C&W’s Canada table). As a cross-check, Calgary Industrial Group, which uses a different inventory and methodology, reported 2.7% vacancy and a C$10.96 average net asking rent for Q2.

Construction Pipeline: 5.1M SF Underway, Concentrated in the Northeast

C&W counts 5,108,357 SF under construction, up 33% from the 3,827,232 SF in its Q1 report. The Northeast holds 4,301,733 SF, or 84% of the total (WareCRE calculation), and the Southeast 806,624 SF. Nothing is under way in Central Calgary.

Two of the largest Northeast projects are already committed. Stoney North Logistics Centre Building 1 (606,669 SF) is pre-leased to Princess Auto, and Gateway 290 (328,723 SF) to Telus Ryder. Only 60,097 SF has been completed so far this year.

Submarket Breakdown

C&W reports Calgary in three submarkets. The Southeast and Northeast hold most of the inventory and all of the new construction.

Southeast (including Foothills, Shepard and Dufferin)

The Southeast is the largest submarket at 75.0 million SF, with 4.4% vacancy and a net asking rent of C$11.06/SF/yr. It absorbed 378,874 SF in Q2, which brought the year-to-date total to −117,057 SF. 806,624 SF is under construction. BA Robinson leased 157,200 SF here in Q2.

Northeast (including the Calgary International Airport area)

The Northeast has 63.3 million SF, the highest vacancy at 6.2% and the lowest net asking rent at C$10.27/SF/yr. It absorbed 190,859 SF in Q2 and 332,346 SF year to date, the only submarket positive for the year. It holds 4,301,733 SF of the pipeline and all 60,097 SF of this year’s completions. Goodcang Logistics leased 259,958 SF. Telus Ryder signed for 254,902 SF at High Plains Road and Range Road 290, where its Gateway 290 building is under construction.

Central (including Manchester, Highfield and Bonnybrook)

Central, the infill core, has 22.8 million SF and is the tightest submarket at 1.6% vacancy. It carries the highest net asking rent at C$11.98/SF/yr. It gave back 53,942 SF in Q2 and 71,301 SF year to date, and nothing is under construction.

Source: Cushman & Wakefield, Calgary Industrial MarketBeat Q2 2026.

Co-Warehousing & Flexible Warehouse Space in Calgary

C&W reports that demand in Calgary is strongest for smaller bays, and spaces under 25,000 SF carry the market’s highest asking rents. Flexible and shared warehouse space gives small operators an alternative to competing for those units on a long-term lease.

Energy services and oilfield supply companies lead Calgary’s flexible-space demand, mostly for equipment staging and storage. E-commerce businesses serving Alberta, construction trades, food and beverage producers, and clean energy startups testing and distributing equipment also use it.

Browse available co-warehousing and small-bay warehouse listings on WareCRE’s Calgary marketplace.

Key Trends to Watch

1. Absorption Rebounded After a Negative First Quarter

C&W first reported Q1 2026 absorption at −230,901 SF; its Q2 year-to-date total implies Q1 was restated to −371,803 SF (WareCRE calculation). Q2 more than recovered that with 515,791 SF, and new deal volume approached 1.9 million SF. The largest leases included Goodcang Logistics and Telus Ryder in the Northeast.

2. Small Bays Command a Premium

Spaces under 25,000 SF average C$13.55/SF/yr, 30% more than blocks over 100,000 SF at C$10.46 (WareCRE calculation). Most of the quarter’s transactions were for units under 25,000 SF, according to C&W. Central Calgary, the infill core, is 1.6% vacant. For the national picture, see Small-Bay vs. Big-Box: What the Vacancy Gap Means for Tenants and Operators.

3. The Pipeline Has Grown by a Third Since Q1

Construction rose 33% from Q1 to 5,108,357 SF, mostly in the Northeast. Local growth is strong, with Calgary CMA employment at 1.05 million, up 62,000 from a year earlier. C&W also cites a projected 1.2% GDP gain in 2026, which it says outperforms all other major Canadian CMAs. For how trade policy affects warehouse demand, see How Tariffs Are Reshaping Warehouse Demand in 2026.

Outlook: What to Watch in Q4 2026

C&W’s Q3 2026 MarketBeats are due in mid-October, with the year-end release to follow. Three measures will show whether the recovery holds.

Watch whether vacancy keeps falling. At 4.7%, Calgary is at its lowest since Q1 2024. A second quarter of strong absorption would mark Q1 as a temporary setback.

Watch whether the Northeast absorbs its new supply. The submarket already has 6.2% vacancy and 4,301,733 SF under way. How much of it arrives pre-leased will set the effect on vacancy.

Watch whether rents keep edging up. The average rose to C$10.68/SF/yr in Q2. Small-bay rents, at C$13.55, are the likeliest place for further gains.

Data sources: Cushman & Wakefield Calgary Industrial MarketBeat Q2 2026 (headline and submarket figures; rents net asking, C$/SF/yr) and Q1 2026; Cushman & Wakefield Canada Industrial MarketBeat Q2 2026 (quarterly change and Toronto comparison); Calgary Industrial Group, Calgary Industrial Insights Q2 2026 (cross-check only). Each report reflects the most recent vacancy, rental, and construction data available at the time of publication. We refresh our reports as new market data is released, and we’re continually expanding coverage to additional metros.