With Q1 2021 marking one year since the pandemic began, the Suburban office market continues to endure the effects of the resulting economic turmoil. Calgary’s Suburbs experienced another significant contraction in Q1 with just under 200,000 square feet of office space returning to market.
- Leasing activity was relatively slow through the first half of Q1, with momentum picking up towards the end.
- The majority of transactions completed this quarter were the result of organizations downsizing as an increase in market activity did not foster overall growth.
- Just as the contraction from major oil and gas companies is shaping Calgary’s Downtown office market, so too is this happening in the Suburban market’s engineering sector.