The Red Deer industrial real estate inventory grew by about 3.1 per cent last year to more than 12.5 million square feet, but that growth didn't increase the vacancy rate.
That's because of the net absorption of more than 415,000 square feet, according to a recent industrial market survey done by Soderquist Appraisals Ltd.
The Red Deer-based firm found industrial vacancy in the busy market actually declined from 3.4 per cent in 2012 to 3.1 per cent in 2013. In total, the Red Deer market has gobbled up about 810,000 square feet of industrial space in the past two years.
Don't expect that pace to slow.
The City of Red Deer issued 141 permits in July for $17.9 million in new construction, bringing its seven-month 2013 total to $152.9 million. That's an overall increase of about $10.8 million over last year.
While there's been a 54 per cent decline in commercial permit values in 2012, industrial permits hit $38 million this year, up from just $8 million in the same period in 2012.u
– Compiled by Dave Husdal
from Western Investor October 2013
