Despite negative absorption of 466,505 square feet, overall leasing activity remained high throughout Q2 with several large blocks of space becoming available being a significant contribution to this quarter’s market contraction.
- Within Downtown’s submarkets, the central core remains the most active and subsequently has the least overall availability at 26%.
- Downtown Calgary office market net rates for quality space are trending upward as landlords look to capitalize on the attractiveness of move-in ready, small to medium-sized blocks, in the Class AA and A market.
- Activity in the market for the sale of Class B and C office assets has increased over the last several quarters, with investors intending to convert certain under-utilized buildings to residential uses by taking advantage of the municipal government’s Downtown Revitalization Plan.
- Within Downtown’s submarkets, the central core remains the most active and subsequently has the least overall availability at 26%.
- Downtown Calgary office market net rates for quality space are trending upward as landlords look to capitalize on the attractiveness of move-in ready, small to medium-sized blocks, in the Class AA and A market.
- Activity in the market for the sale of Class B and C office assets has increased over the last several quarters, with investors intending to convert certain under-utilized buildings to residential uses by taking advantage of the municipal government’s Downtown Revitalization Plan.
