As the first quarter of 2021 came to a close, it has been one year since the beginning of the COVID-19 pandemic with the ripple effect of multi-tiered economic fallout continuing to effect Calgary’s Downtown office market. Total negative absorption for the quarter settled at just over 1.3 million square feet, representing the largest single-quarter contraction on record.
- Transaction velocity in Q1 was relatively slow for the first half of the quarter as many groups continued to work from home following the holiday season.
- M&A activity within the energy sector continued to shape the Downtown office market as more sublease space has come to market.
- Despite further consolidation in the energy sector, Calgary's economy continues to diversify as the result of other industries moving to the city.