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Calgary Downtown Office Market Report Q3 2023

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research article

The third quarter of 2023 continued to show signs of tenant confidence and strong office leasing momentum in downtown Calgary, with overall vacancy dropping 70 basis points to 29.61% and positive net absorption of 304,662 square feet.

  • This is the first quarter since Q4 2020 that overall vacancy fell below 30% and is the fifth consecutive quarter of positive absorption.
  • Based on the high overall vacancy, it is often assumed that all of downtown consists of abundant available blocks of space and a wide range of opportunities for tenants, however there is more to the story.
  • Despite the momentum in the Class AA and A markets, landlords continue to invest large amounts of capital into tenant amenities such as food service areas, fitness facilities, conference facilities, and tenant lounges in order to attract tenants.



Calgary Downtown Office Market Report Q3 2023

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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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