Edmonton Office Market Report 2022 Q2

For the past year, the Edmonton office market has held a confident trend towards recovery post-pandemic.

Q2 2022 reported positive absorption of 132,787 square feet, becoming the first quarter of positive absorption since Q4 2019. In turn, the overall vacancy rate decreased from 19.6% in Q1 to 19.2% this quarter. The positive absorption can almost entirely be credited to recognizing The Catholic School Board’s purchase of 160,000 square feet at 50th Street Atria with the actual purchase of this building occurring in 2021.
While the mandatory work-from-home orders were lifted last quarter, there has been a slower full return to the office than previously anticipated. Despite this, there has been a gradual growth within the downtown core, as evidenced by multiple transactions completed over Q2 in the range of 15,000 – 20,000 square feet.
With the recent Oilers Stanley Cup Playoff run and the return of Edmonton’s festivals and events, activity and excitement are slowly returning to the downtown core and provide an encouraging outlook for the market.

Edmonton Office Market Report Q2 2022

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For More Information, Please Contact:

Richard Darling

Managing Director, Edmonton

Edmonton

+1 780 969 3030

As Managing Director of Colliers, my primary focus is to lead and grow our Edmonton and Northern Alberta brokerage. In doing so, I focus on key talent both retention and attraction of diverse and innovative professionals leading through motivational leadership. 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 facets of real estate that can help contribute to this culture.

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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Adam Jacobs

Head of 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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