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Edmonton Office Market Report Q3 2021

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research article

For the third consecutive quarter this year, the Edmonton office market reported negative absorption and increased vacancy overall, driven by the performance of the downtown market.

  • Despite the increased vacancy rate, there was a significant increase in the number of lease transactions completed quarter over quarter. We reported 71 new lease transactions totaling over 427,000 square feet during Q3, up from 48 transactions totaling 228,000 square feet in Q2, and 43 transactions totaling 170,000 square feet in Q1.
  • As the mandatory work-from-home order has recently been reinstated in Alberta, we will likely see a temporary delay in back to office initiatives; however, tenants who have a clear understanding of their long-term office requirements will continue to be able to take advantage of the current tenant-favorable market conditions.



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Edmonton Office Market Report Q3 2021

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Phil Goh

Senior Vice President, Office | Brokerage

Edmonton

Phil Goh has been involved in the office leasing and sales side of commercial real estate since 2005 and has accumulated wealth of experience and success in negotiating, creative problem solving as well strategic planning on behalf of his clients. Phil is an expert who specializes in the Edmonton office market and has consistently been a top producer for the Colliers Team. Phil's attention to providing only the highest quality service for his clients in order to help ensure the success of their business is what sets him apart from the rest. His extensive experience and market knowledge allow him to offer value with leasing, lease renewals, office sales transactions as well strategic planning or real estate consulting.

 

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Fahad Shaikh

Senior Vice President, Office and Healthcare | Brokerage

Edmonton

Fahad Shaikh specializes in office leasing and sales in the Edmonton market.  Known for his client commitment and superior knowledge of the market place, Fahad has quickly become the trusted advisor to many local and national groups.  His commitment of providing his clients with the highest quality of representation is the core philosophy of his practice and has earned him the respect and loyalty from his peers and clients. 

Fahad has experience dealing with a wide array of services which include: lease negotiations, renewal negotiations, purchase/sale negotiations, subleasing, consolidation/relocation/expansion analysis, and property evaluations.   

Fahad has also emerged as an expert in the healthcare field, representing many large national healthcare tenants and local medical practitioners. His knowledge of the ever evolving developments in the healthcare industry and understanding of the unique complex issues faced by healthcare/medical tenants are why he has been able to successfully consult many tenants and owners in this industry.

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