Coronavirus has brought the world to a halt with the closure of businesses, disrupted travel, and forced isolation. It is a time of deep introspection and could fundamentally change how enterprise is run moving forward in a post COVID-19 world. Leading up to the COVID-19 disruption, Edmonton’s office market was slowly recovering, as a result of two consecutive years of positive absorption, and the recognition of all major additions to the market's inventory, gradually shifting the market to a more balanced state.
Edmonton’s office market will immediately experience some direct negative impacts following the COVID-19 pandemic, and the subsequent crash in oil prices. While the extent of this impact on Edmonton’s office market is difficult to gauge at this time, some immediate impacts are outlined in this report.