Calgary Downtown Office Figures Q1 2023

April 11, 2023

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‒The Calgary downtown office market recorded 93,000 sq. ft. of positive net absorption in Q1 2023, reducing the overall vacancy rate by 60 basis points (bps) to 32.0%.

‒Technology tenants face uncertainty as the sector experiences a global downturn and companies are slow to return to the office.

‒Engineering tenants continued to drive growth as companies take on new projects as the energy sector increases capital spending.

‒Other primary factors for growth included reclaimed sublease space and the return of suburban tenants into the downtown core.

‒Office-to-residential conversion incentives continued to lead to buildings being sold for the purpose of redevelopment and removed vacant space from the market.