Figures
Calgary Downtown Office Figures Q3 2026
Downtown market continues to see increased activity
October 14, 2026 5 Minute Read
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- The downtown office market recorded its second strongest quarter of net absorption since Q3 2014 as the market avoided any large negative shocks while seeing an increase in activity from a variety of industries, including energy and education.
- Sublease space fell by 19.2% in Q3 2026 and is now at its lowest level since Q2 2024, driven primarily by a few large lease expiries along with various sublease transactions. Only one new multi-floor sublease was added to the market in Q3 2026, far below typical levels seen since the beginning of 2025.
- Q3 2026 saw no new subleases come to the market from the fallout of mergers and acquisitions (M&A) in the energy sector. However, the announcement of a new merger between Tamarack Valley Energy and Headwater Exploration in Q3 2026 may add additional sublease space in the foreseeable future.
- Calgary is the fastest-growing technology market in North America, with a 56.0% growth in total employment from 2022 to 2025. Despite this, growth in downtown leasing activity from these tenancies remains modest.