Calgary’s Downtown Office Market began to feel the fallout of the global pandemic in the second quarter. However, this fallout has been slightly more moderate than initially expected to date, with a quarter over quarter contraction in occupancy of only ~150,000 SF (26.95%).
- Despite negative absorption overall this quarter, there have been no COVID-related discounts to posted rates as of the end of June.
- Both landlords and occupiers continue to evolve their businesses to adhere to provincial and federal health guidelines to ensure the health and safety of both employees and tenants.
- Downtown office has begun to show signs of a return to some kind of new normal as tenants begin to execute their return to work strategies.