Overall leasing activity in the Suburban office market this quarter was relatively low over the summer, with momentum gaining towards the end of September. Overall, there was a moderate contraction in office occupancy of ~65,000 square feet, two-thirds derived from the Beltline.
- With the current moderate levels of activity throughout the Suburban office market, overall occupancy is expected to remain relatively flat for the near future. Numerous small to medium-sized occupiers have let their leases expire as they remain remote until they can confidently project their future office needs when they return with a complete in person workforce.
- In Calgary’s burgeoning tech sector, top-tier physical spaces are seen as a differentiation tool to attract the highest talent possible. Accessible locations, nearby or on-site amenities, and attractive office space are being used as tools to stand out from the rest