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Calgary Suburban Office Market Report Q1 2023

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research article

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.

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Calgary Suburban Office Market Report Q1 2023

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Pour plus d’informations, veuillez contacter:

Ian Huston

Managing Director, Calgary | Brokerage

Calgary

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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