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Calgary Downtown Office Market Report Q4 2023

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research article

The leasing landscape for Calgary’s Downtown office market remained robust through Q4 2023, sustaining a positive trend in leasing activity. This translated into approximately 261,000 square feet of positive absorption for the year.

  • Most noteworthy was Class A market activity, which contributed significantly with around 444,000 square feet of positive absorption in 2023.
  • The City of Calgary’s Downtown Development Incentive Program, aiming to reduce Downtown Calgary’s office space inventory by six million square feet by 2031, has achieved 38% of its target including currently approved conversions.
  • While property taxes for Class B and C office properties are expected to remain relatively steady from 2023, we have observed some increases in property taxes for Class AA and A buildings. We also expect to see an increase in operating costs in 2024, primarily due to rising energy/utility costs, insurance costs, higher interest rates on debt, and inflation.  

Calgary Downtown Office Market Report Q4 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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