The impact of COVID has begun to take shape, appearing initially more moderate than expected as represented in Calgary’s Suburban Office market by a relatively nominal quarter-over-quarter market contraction.
- Colliers has yet to see any major downtown occupiers confirm plans to relocate to the beltline/suburbs as a reprieve from the population density of the Downtown Core.
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Dedicated control over an entire space as well as access to parking over transit reliance is expected to become increasingly appealing to tenants.
- Though there is an increased desire to work from home, at least occasionally, Colliers has found that the contraction of the physical office space market due to working from home will likely take place slowly across the next 8 years and is expected to be outpaced by overall economic growth.
