Calgary Downtown Office Market Report Q2 2020

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research article

Calgary’s Downtown Office Market began to feel the fallout of the global pandemic in the second quarter. However, this fallout has been slightly more moderate than initially expected to date, with a quarter over quarter contraction in occupancy of only ~150,000 SF (26.95%).

  • Despite negative absorption overall this quarter, there have been no COVID-related discounts to posted rates as of the end of June. 
  • Both landlords and occupiers continue to evolve their businesses to adhere to provincial and federal health guidelines to ensure the health and safety of both employees and tenants. 
  • Downtown office has begun to show signs of a return to some kind of new normal as tenants begin to execute their return to work strategies.

Office Market Report

Calgary Downtown Office Market Report Q2 2020

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Matt Rachiele

Managing Director | Calgary Brokerage

Calgary

Matt oversees the Southern Alberta Commercial Brokerage operations for Colliers, including Office, Workplace Strategy & Innovation, Industrial, Retail and Investment Sales transactions. He assumed this role in April 2019 upon leaving TD Securities, the capital markets division of the Toronto Dominion Bank Group.  Matt was an investment banker for twelve years in total, during which time he provided financial and strategic advisory services to a broad range of corporate and institutional clients, including two years as a Mergers & Acquisitions specialist in Toronto and the past eight years with TD’s Global Energy Group based here in Calgary.  

Matt has closed on ~$40Bn of lead transactions through the course of his career, including several of the largest IPOs and M&A transactions in Canadian history.  These included mandates spanning domestic and international Oil & Gas, Energy Infrastructure, Power & Utilities, Mining, Financial and Diversified companies.

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