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Market Report

Calgary Office Market Report

2Q 2024

Vacancy Trending Lower as Demand Recovers;
Conversion Projects Improve Investor Confidence

Market moving in the right direction. After peaking in mid-2022, Calgary’s office vacancy rate has been decreasing for two consecutive years. Elevated oil prices, a diversifying local economy, and firms’ requirements for in-office work have improved office utilization. Positive net absorption in the downtown and north submarkets over the past two years has contributed to this declining vacancy rate. Preliminary data also shows that the average vacancy rate dropped below 21 per cent in the second quarter of 2024, reaching its lowest level since 2020. For the remainder of this year, Calgary’s office vacancy is expected to continue its decline, as office attendance gradually increases. The metro’s employment growth is projected to outperform the national average, supported by Calgary’s growing tech sector and the completion of the Trans Mountain Pipeline.
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