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Calgary Downtown Office Market Report Q2 2023

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research article

The second quarter of 2023 showed a positive trend and continued confidence in the Downtown office market, evidenced by positive absorption of approximately 109,000 square feet.

  • The strongest demand continues to be in the Class A and AA markets; however, the Class B market has experienced two consecutive quarters of positive absorption totaling ~43,500 square feet as tenants from Class C buildings and from outside of the Downtown Core relocate to Class B buildings.
  • The City of Calgary's Downtown Development Incentive Program is a prominent topic of conversation, as it continues to have a positive effect on decreasing the vacancy rate.
  • Despite many companies shifting to a hybrid work schedule, there is still strong demand for newer, well-appointed office space that persuades employees to work in the office.

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Calgary Downtown Office Market Report Q2 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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