Edmonton Office Figures Q1 2025

–       The Edmonton office market began 2025 with 65,000 sq. ft. of negative net absorption, ending a six-quarter run of positive net absorption.

–       The downtown vacancy rate decreased by 20 basis points (bps) this quarter to 21.4% due to a change in inventory, yet downtown experienced 43,000 sq. ft. of negative net absorption due to small spaces becoming available across both the Financial and Government submarkets.

–       The suburban vacancy rate increased 50 bps to 16.3% due to 22,000 sq. ft. of negative net absorption. However, there was strong leasing activity across multiple submarkets with the 118 Kingsway, 124th Street, Eastgate, and West End submarkets all reporting vacancy decreases.

–       There has been renewed interest in office investment sale activity across the city as private investors look to take advantage of attractive pricing.