•The overall industrial market continues to tighten, decreasing by 100 bps year-over-year to an availability rate of 2.3%.

•Asking rental rates continue to climb as landlords realize the potential premium industrial space has in the market during this time of high demand and low supply.

•Following multiple consecutive quarters without new supply, the completion of 903 Ages Drive and the Amazon development on Boundary Road has added just over 1.0 million sq. ft. to the industrial inventory.

•The Ottawa industrial market saw the highest positive net absorption on record this quarter of 1,058,858 sq. ft., yet market conditions remain unaffected as this is mainly due to one tenant.