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Calgary Suburban Office Market Report Q3 2023

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research article

The third quarter of 2023 in the Suburban and Beltline market was quite slow in comparison to the activity reported in the previous two quarters, with net absorption totaling only 35,101 square feet.

  • Overall vacancy decreased once again continuing the positive sentiment being experienced this year, with vacancy reducing to 22.55%. The reduction in vacancy can largely be attributed to a handful of sizable leases completed, coupled with movement among numerous smaller tenants.
  • The combined beltline and suburban vacancy rate quarter-over-quarter decreased 12 basis points (bps) from 22.67% to 22.55%, demonstrating that there was a lower amount of deal velocity throughout Q3.
  • The tightening of the availability of move-in ready office space has created a conversation around construction costs and building space out to meet the needs of tenants. 


Calgary Suburban Office Market Report Q3 2023

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Ian Huston

Managing Director, Calgary | Brokerage


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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