Calgary Suburban Office Market Report 2022 Q4

The final quarter of 2022 demonstrated a sign of what may be to come in the near-term for the Suburban office market. Despite some tangible leasing activity towards the end of the year as a few companies attempted to finalize deals on new office space before heading into 2023, Q4 2022 represented the most significant quarterly contraction in occupied space in the Suburban office market since 2015.
Activity in the Beltline was slow throughout most of 2022 and it is becoming one of the most difficult submarkets in Calgary for landlords to transact in, as it struggles with identity of where it fits within Calgary’s office market ecosystem.
With the exception of a few specific tenants, a reduction in office footprint remains the trend among occupiers transacting on new space across almost all major industries in the suburbs. Medical users, however, are driving a notable portion of the leasing activity in the suburban market towards the end of 2022 and into 2023.

Calgary Suburban Office Market Report Q4 2022

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Ian Huston

Managing Director, Calgary | Brokerage

Calgary

+1 403 538 2522

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

+1 437 836 0491

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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