Market Report
Calgary Office Investment Forecast
2026 Investment Forecast
Calgary’s Office Sector Transitioning
Towards A More Stable Foundation
Market steadies after years of recovery. Calgary’s office market lost some momentum in 2025 after two years of outsize vacancy declines, with the rate increasing over the second half of the year to just below 18 per cent. Trade risks and continued consolidation within the energy sector contributed to this slowdown, trends likely to linger into 2026. Even so, underlying demand stayed positive. Office-using employment posted strong gains through 2025, pointing to potential future expansions if hiring persists. Population gains and corporate migration have also diversified Calgary’s tenant base. The city’s growing technology ecosystem — anchored by active venture-capital and emerging AI and data-centre activity — is beginning to provide a meaningful counterweight to traditional sectors. Combined with limited construction, ongoing conversions and an Alberta economy expected to lead the country this year, office fundamentals are improving. With the federal government’s new Major Projects Office also anchoring additional institutional presence, and clean-energy and tech-driven industries gaining traction, Calgary’s office market is positioned for gradual and sustainable improvement beyond 2026.
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