Figures

Moncton Industrial Figures Q4 2023

February 26, 2024 5 Minute Read

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    Availability ended the year recording a slight increase of 20 basis points (bps) quarter-over-quarter to 1.9%. For a second consecutive year, Moncton experienced extremely tight market conditions with availability under 2.0% leaving tenants with limited options.

    Following nine consecutive quarters of accelerating rental growth, the net rental rate softened in Q4 2023, falling by a minor $0.02 per sq. ft. quarter-over-quarter to $5.08 per sq. ft. This change represented a 5.7% increase year-over-year, the lowest rate reported since Q3 2021.

    The construction pipeline observed an uptick in active development in Q4 2023, nearly doubling quarter-over-quarter to 119,397 sq. ft. Building permits remained resilient despite the inflationary development environment with 156 permits being issued in 2023, totaling an impressive $76.0 million in investment.