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Calgary Downtown Office Market Report Q1 2023

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research article

The beginning of 2023 saw a steady flow of activity in the Downtown office market, and though Q1 2023 resulted in net negative absorption of approximately 100,000 square feet, confidence in the market remains high.

  • Phase 1 of the City of Calgary’s Downtown Development Incentive Program which has focused on office to residential conversions has now allocated the majority of that initial funding and is looking onwards to phase 2 of the program.
  • To date, there have been five downtown office buildings comprising ~788,000 square feet that have been announced and removed from inventory, with another six buildings comprising ~580,000 square feet approved and soon to be announced.
  • With the leasing success that has followed several major building upgrades over the past several years, more landlords have also begun the process of investing in building improvements to increase their allure to prospective tenants.
  • Office occupancy levels remain strong in downtown Calgary sitting around 70% and can be seen through the significant increase in vehicle traffic and +15 pedestrian traffic in the core.

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Calgary Downtown Office Market Report Q1 2023

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Pour plus d’informations, veuillez contacter:

Ian Huston

Managing Director, Calgary | Brokerage

Calgary

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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