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Edmonton Office Market Report Q1 2022

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research article

Beginning 2022 with the two-year anniversary since the onset of the COVID-19 pandemic, we are finally starting to see the Edmonton office market stabilize. Q1 2022 witnessed a slight increase in the overall vacancy rate from 19.5% in Q4 to 19.6% this quarter. While the overall market did continue to report negative absorption of -28,013 square feet, it is far less drastic when compared to the first quarter of 2021, which reported a significant negative absorption of -204,000 square feet. This can be largely attributed to less downsizing occurring, and less sublease space being added to the market, as the Province of Alberta dropped most of its pandemic response measures.

Although it will not be recognized until 2025, it is worth noting the Canadian Western Bank announcement of a brand-new tower in the ICE District. CWB will be the anchor tenant of the tenant-named building, where it is estimated they will be occupying 200,000 square feet. Upon completion, they will be vacating approximately 150,000 square feet from the currently named Canadian Western Bank Place.


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Edmonton Office Market Report Q1 2022

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Richard Darling

Managing Director, Edmonton

Edmonton

As Managing Director of Colliers International, my primary focus is attracting and retaining top, diverse, and innovative commercial real estate professionals for the Edmonton and surrounding markets. I have a proven track record in architecting strategic business plans, negotiating complex contracts, strengthening partnerships with key accounts and driving operational and financial excellence in highly competitive markets. 

As a strategic leader with experience spanning operations, sales management and process improvement, I pride myself on building an office culture that is collaborative, high-performing, and inclusive. I act as a coach to ensure you have what you need to build and grow your commercial real estate practice. I am always looking to network with talent specialized in all asset classes that can help contribute to this culture. Please feel free to send me a connection request!

Prior to Colliers, I've gained invaluable experience working cross functionally with all facets of an organization. This has included shared services across multiple markets including the US. Building relationships with key internal stakeholders in order to improve team performance and overall customer experience. I have presided over the expansion of National sales activities across major sectors that included oil & gas, forestry, mining, transportation, construction, manufacturing & property management to drive revenue and profitability improvements for long term financial stability.

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Leo Lee

Director, National Research Operations | Canada

Toronto West

Leo Lee is the Director of National Research Operations | Canada and oversees the strategic direction and operations of Colliers Canada Research. He focuses on developing the capabilities of the national research team that leverages Colliers' best-in-class market intelligence and platforms to provide clients with valuable market insights.

Leo joined Colliers International in 2008 and was most recently the Regional Director of Research for Eastern Canada.

He has over 10 years of experience in the real estate market across Canada and New Zealand and draws on his professional experience as a commercial appraiser and real estate consultant.

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