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Calgary Downtown Office Market Report Q3 2022

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research article

Q3 2022 saw strong leasing activity in Calgary’s downtown office market that resulted in 177,725 square feet of positive absorption. The downtown office market has seen positive absorption in 3 of the past 4 quarters which has created a sense of confidence in the market.

  • There are diminishing opportunities in Calgary’s downtown office market for tenants looking for quality, move-in-ready space.
  • Although we forecast the head lease vacancy rate will decline over the next 12-18 months due to continued leasing activity and office building conversions, there is potential for new large blocks of vacancy to arise in certain buildings as numerous multi-floor legacy leases expire between 2023 and 2025. 
  • Despite certain energy companies exiting Calgary, there are still ample companies in the energy sector that continue to take a conservative but right-sized approach through office expansion.

Calgary Downtown Office Market Report Q3 2022

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Pour plus d’informations, veuillez contacter:

Ian Huston

Managing Director, Calgary | Brokerage


Ian is Managing Director in the Calgary office. Ian focuses on attracting  and retaining top performers in commercial real estate, as well as supporting Colliers' growth strategies and maintaining the company's top industry standing.

Ian is a seasoned leader with over 15 years of progressive experience in investment banking, corporate and capital markets, financing, and strategic advisory at a leading Canadian financial institution. He has led over $40 billion of successful M&A transactions, and numerous equity and debt financings.

Throughout his career, Ian has been a trusted advisor to executive management and board of directors of over 20 companies in the North American energy sector, including: upstream (conventional, oil sands, royalties), midstream, downstream, and energy services.

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Adam Jacobs

Head of Research | Canada

Toronto Downtown

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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