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Market Report

SW Ontario Industrial Market Report

3Q 2024

Investment in Manufacturing Sector Supports
Long-Term Demand as Market Tightness Persists

Rising vacancy indicating areas of oversupply. The industrial vacancy rate in Southwestern Ontario has increased for six consecutive quarters, rising from 0.7 per cent at the end of 2022 to 3.3 per cent in the second quarter of 2024. Hamilton, Cambridge and London saw the fastest increases, with the combined share of unoccupied spaces jumping by 480 basis points. Hamilton and London, in particular, both saw vacancy rates increase above 8.0 per cent in the second quarter, indicating a tenant-friendly market. In other submarkets, however, vacancy remained below 5.0 per cent. Still impacted by tight market conditions, cities like Brantford, Guelph, St. Catharines and Waterloo saw vacancy rates hover well below 2.0 per cent.

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