"The vacancy rate held steady at 16.1% for the second consecutive quarter, marking the first pause in vacancy growth since 2023. However, the market remains tenant-favorable."

"Construction activity is picking back up, with about 1.3 million square feet (msf) underway, up from 0.8 msf in Q1 2026 and the highest total in four quarters."

"Vacancy continued to decline through the first half of 2026, ending Q2 at 6.6%, a 260 bps decline year over year, as strong big-box demand and net absorption drove the market's recovery."

"The Denver vacancy rate decreased to 9.6% in Q2 2026, down 20 basis points year over year. However, negative net absorption of nearly 600,000 square feet (sf) in Q2 unwound the vacancy decline observed in Q1."

"Although asking rents held steady at $1.30 per square foot year over year, landlords continued to offer concessions and flexible lease terms to remain competitive."

"A robust construction pipeline remains in place for the Edmonton market. Approximately 1.0 million square feet (msf) is underway in the Nisku/Leduc submarket alone, accounting for more than half of the current pipeline."

"Construction increased to 8.3 million square feet (msf), up 1.9 msf year over year, with Wilson County and the Southeast submarket accounting for much of the market's development activity."

"Average asking rents increased to $10.52 per square foot (psf) in Q2 2026 from $9.62 psf one year earlier, supported by 2.4 million square feet (msf) of positive absorption over the past four quarters."

"The market’s vacancy rate ended Q2 2026 at 8.6%, declining year over year. Although vacancy remained elevated, slowed construction and positive net absorption are beginning to stabilize market fundamentals."