With strong growth in the Canadian population over the course of the last three years, similar growth has been witnessed in the labour force, which includes people either employed or actively looking for work, which has risen by 7.9%. The increase in the population, coupled with low interest rates during the peak post-pandemic years, led to high consumer demand. This in turn fueled historic levels of industrial activity throughout Canada. New industrial construction, particularly for e-commerce, logistics, and 3PL occupiers, reached all-time highs and vacancy in multiple markets was sub-1.0% for multiple consecutive quarters. As the industrial sector continues to normalize new supply has slowed bringing markets into more balanced market conditions.
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