Skip to main content Skip to footer

Calgary Downtown Office Market Report Q1 2021

Download Report
research article

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.

alt=""

Calgary Downtown Office Market Report Q1 2021

Download Report
For More Information, Please Contact:

Matt Rachiele

Senior Vice President, Investment Sales

Calgary

Senior Vice President, Investment Sales based in Calgary. Formerly Managing Director, Calgary leading Colliers' Southern Alberta Brokerage business from Q1/19 - Q1/21.  2020 Interim Canadian Chair, Colliers Global Capital Markets Leadership Team.  2020 Co-Chair of the Alberta Real Estate Forum.  Previously, Investment Banker for 12 years, including eight with TD Securities in Calgary covering Global Energy and two years in Toronto as a Mergers & Acquisitions specialist covering all industries for National Bank Financial.

BIO:
Matt is a Senior Vice President, Investment Sales and previously lead the Southern Alberta Commercial Brokerage operations for Colliers as Managing Director in Calgary, including 75 professionals focused on Office, Industrial, Retail, Multi-Family and Development Land Sales, Leasing & Development transactions. He was the 2020 Canadian Chair on Colliers' Global Capital Markets leadership team, a group of 11 executives that coordinate that activity across the 68 countries we operate within. Matt was also Co-Chair of the 2020 Alberta Real Estate Forum.

He assumed his role at Colliers in April 2019 upon leaving TD Securities, the capital markets division of the Toronto Dominion Bank Group. He 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. He has unique, real-time insight into what’s happening in the Western Canadian Oil & Gas sector and is often tapped by our Institutional and Private Clients to brief them on how those dynamics dovetail into CRE.

He is a CFA Charterholder, is licensed under RECA to practice in commercial real estate, is ASC (ARGUS Enterprise) Certified, has a BComm, Finance from the Haskayne School of Business at the University of Calgary and was previously qualified under FINRA as an investment banking representative in the U.S. 

View Expert