Figures

Calgary Downtown Office Figures Q2 2025

Energy sector consolidation continues to soften office market

July 4, 2025 4 Minute Read

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       Mergers and acquisitions in the energy sector continue to lower occupancy, with Vermillion Energy’s acquisition of Westbrick Energy being the latest example in Q2 2025.

       Whitecap Resources’ merger with Veren Inc. is expected to add a notable amount of sublease space to the market next quarter, with several other energy industry transactions to add additional space over the next year.

       The technology sector in Calgary continues to see a decline in office demand, with multiple new subleases coming to market in Q2 2025.

       The Canadian Centre’s conversion into the Element Hotel by Westin is now complete. This project is the second of seven conversions expected to be completed downtown in 2025.

       The City of Calgary announced ten new office-to-residential conversions, totalling 1.1 million sq. ft., will receive funding through the Downtown Calgary Development Incentive Program.

       Global tariff threats, OPEC+’s oil supply increases, and geopolitical tensions in the Middle East have caused very high price volatility for oil prices in Q2 2025, which could impact Calgary’s energy tenants in the short-to-medium term.