Calgary Office Market Report

Suburbs are outperforming. Calgary’s suburban office market is benefiting from stronger population-driven demand, with construction, education, healthcare, childcare, and social service tenants expanding to serve a larger resident base. This has supported broad-based leasing across suburban nodes, while downtown demand remains more concentrated among energy, finance, law, and other corporate users. Although energy firms continue to anchor the core, recent M&A activity and rightsizing have added sublease space, weighing on downtown fundamentals. Still, Calgary’s economic outlook is relatively strong, with the Major Projects Office and potential for a new oil pipeline as tailwinds for office-using employment. Infrastructure investment and potential energy-related projects could help improve downtown demand over the longer term.