Calgary Suburban Office Figures Q1 2025

–       Q1 2025 continued the momentum from 2024 with another quarter of positive net absorption driven by the activity from construction, engineering, design, education, and childcare sectors.

–       The suburban vacancy rate dropped below 20.0% for the first time since Q1 2016 when it was 19.1%.

–       The gap in the vacancy rate between the downtown and suburban office has reached 1,070 basis points (bps), the largest ever recorded in the Calgary office market.

–       The South submarket experienced the most significant net absorption for the second consecutive quarter, recording positive 133,000 sq. ft.

–       Tightening conditions persist at the top of the market with Class A and higher quality Class B properties capturing the most market demand.