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 & SVP, Investment Sales

Calgary

Matt is a Senior Vice President, Investment Sales and currently leads the Southern Alberta Commercial Brokerage operations for Colliers, including 75 professionals focused on Office, Industrial, Retail, Multi-Family and Development Land Sales, Leasing & Development transactions. He is also the acting Canadian Chair on Colliers' Global Capital Markets leadership team, a group of 11 that coordinates that activity across the 68 countries we operate within.

Matt 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.

Matt 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. 

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