The Suburban office market experienced a significant contraction in the first quarter of 2023, with the largest quarter-over-quarter decline in occupied space in nearly three years.
- While compression of footprints has impacted firms across most sectors, some industries appear to be poised to contribute to the rebound of the Suburban office market in the medium term.
- Calgary’s significant growth in the industrial sector as a distribution hub, growth in supporting industries, and corporate offices of some of the major logistics providers that have moved to the region are forecasted to expand.
- Year-over-year changes to Quarry Park were some of the most significant changes to a specific region in all of the Calgary office market. Within one year, overall vacancy in Quarry Park increased by 75% to just under 1 million square feet of available space.