Figures

Calgary Downtown Office Figures Q2 2026

Downtown market posts first quarter of positive net absorption since Q4 2024

July 9, 2026 5 Minute Read

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  • The downtown office market recorded positive net absorption for the first time since Q4 2024, as leasing activity increased marginally, the market avoided any large negative shocks, and sublease space declined.
  • Mergers and acquisitions (M&A) in the energy industry continue to be a trend to watch in the downtown Calgary office market. Most notable in Q2 2026 was Shell Canada’s acquisition of ARC Resources, which is likely to return additional space to the sublease market upon the transaction closing.
  • The Calgary Downtown Office Conversion program, which offers up to $75.00 per sq. ft. to convert underutilized office space into alternative uses, is currently accepting new applications until July 27th, 2026. The program remains a vital tool in addressing downtown Calgary’s chronically high vacancy rate.
  • Class AA space continues to be the most in-demand space, experiencing 207,000 sq. ft. of net absorption in the first half of 2026. As return-to-office mandates continue to slowly increase, tenants continue to seek out the quality and amenity offerings of these buildings.