Industrial demand while remaining strong by historical standards did show some signs of stabilizing in the third quarter of 2022. Absorption totals reached just over 2.5 million square feet (msf), a notable drop from last quarter. This can be attributed to the majority of the major markets posting lower amounts of absorption compared to last quarter, and in Montreal’s case negative absorption of close to 587k square feet (sf), the first time absorption has been negative in that market since the second quarter of 2016.