For the past year, the Edmonton office market has held a confident trend towards recovery post pandemic.
- Q2 2022 reported positive absorption of 132,787 square feet, becoming the first quarter of positive absorption since Q4 2019. In turn, the overall vacancy rate decreased from 19.6% in Q1 to 19.2% this quarter. The positive absorption can almost entirely be credited to recognizing The Catholic School Board’s purchase of 160,000 square feet at 50th Street Atria with the actual purchase of this building occurring in 2021.
- While the mandatory work-from-home orders were lifted last quarter, there has been a slower full return to office than previously anticipated. Despite this, there has been a gradual growth within the downtown core, as evidenced by multiple transactions completed over Q2 in the range of 15,000 – 20,000 square feet.
- With the recent Oilers Stanley Cup Playoff run and the return of Edmonton’s festivals and events, activity and excitement is slowly returning to the downtown core and provides an encouraging outlook for the market.