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Monthly Statistics | Industrial , October 2023



Between September 2022 and September 2023, the industrial real estate market at the provincial level has experienced a 12% decrease in transaction volume. Despite a slowdown since March 2023, the industrial real estate sector remains resilient. Significant properties continue to be negotiated, reflecting buyers’ ongoing confidence in this sector.

Here are some noteworthy transactions:

  • In September, a major technology company, IBM, concluded a significant transaction in Bromont. The private investor who purchased the property saw a unique opportunity to acquire a site with IBM as a tenant through a sale-leaseback agreement.
  • Manulife recently sold a property to an individual. The buyer is optimistic about their investment strategy, particularly considering the current state of the market. They have already identified other potential acquisitions to pursue their aggressive acquisition plan.
  • Skyline Commercial Real Estate (REIT) sold an industrial building to a private investor. In recent years, the seller has focused on larger and more modern industrial projects, with an emphasis on storage, distribution, and logistics. This strategy strengthens the REIT’s presence in these sectors while providing liquidity for future acquisitions.

These transactions highlight the continued activity and growth in the industrial real estate market, despite recent challenges.



During the period from September 2022 to September 2023, the price per square foot showed an upward trend, rising from $132/sq.ft. in September 2022 to an average of $159/sq.ft. from June to September 2023. Monthly variations demonstrated a steady progression, with a notable increase in June.

In August, two major real estate transactions had a significant impact on the price per square foot ($/sq.ft.). In Cowansville, a real estate company sold its light industrial building to a private investor. Additionally, in Saint-André-Avellin, a private investor sold their heavy industry property to a company specializing in household cleaning product distribution.



To assess the current state of industrial real estate prices, it is essential to analyze recent trends and fluctuations. In the province of Quebec, from September 2022 to September 2023, we observed the changes for the price per square foot. 

The heavy industry recorded an increase, evolving from $122 per square foot to $143 per square foot, reflecting a 17% growth, while the warehouse space experienced stable growth of 3.5%. The light industry experienced a 28% growth based on price per square foot, despite a decrease in the number of transactions (-42%). This indicates that light industrial properties are being traded at a relatively higher price