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Calgary Downtown Office Market Report Q2 2022

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research article
Despite negative absorption of 466,505 square feet, overall leasing activity remained high throughout Q2 with several large blocks of space becoming available being a significant contribution to this quarter’s market contraction.

- Within Downtown’s submarkets, the central core remains the most active and subsequently has the least overall availability at 26%.

- Downtown Calgary office market net rates for quality space are trending upward as landlords look to capitalize on the attractiveness of move-in ready, small to medium-sized blocks, in the Class AA and A market.

- Activity in the market for the sale of Class B and C office assets has increased over the last several quarters, with investors intending to convert certain under-utilized buildings to residential uses by taking advantage of the municipal government’s Downtown Revitalization Plan.

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Calgary Downtown Office Market Report Q2 2022

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Ian Huston

Managing Director, Calgary | Brokerage

Calgary

Ian is Managing Director in the Calgary office. Ian focuses on attracting  and retaining top performers in commercial real estate, as well as supporting Colliers' growth strategies and maintaining the company's top industry standing.

Ian is a seasoned leader with over 15 years of progressive experience in investment banking, corporate and capital markets, financing, and strategic advisory at a leading Canadian financial institution. He has led over $40 billion of successful M&A transactions, and numerous equity and debt financings.

Throughout his career, Ian has been a trusted advisor to executive management and board of directors of over 20 companies in the North American energy sector, including: upstream (conventional, oil sands, royalties), midstream, downstream, and energy services.

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Adam Jacobs

Senior National Director, Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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