Q1 2022 set off with a strong start across all suburban office submarkets. The Beltine and Suburbs experienced a second consecutive quarter of growth in occupied space for the first time since the end of 2019.
- This quarter marked a shift in the type of transactions occurring in the market, moving away from primarily shorter term stop-gap style deals toward groups looking to make long-term decisions on the future of their office space.
- Move-in ready suites remain in high demand in desirable areas as labour and material shortages persist, driving up lead times and construction costs further.
- With major occupiers active in the market, there still could remain some uncertainty for the Suburban office market. For the majority of these large-scale users, their current hunt for office space represents a net reduction in their office footprint in Calgary.