Calgary Retail Market Report

A resilient local economy supports space demand. Calgary’s retail sector outperformed the national average in 2025, with leasing momentum improving in the second half of the year after a subdued start. Although net absorption moderated, vacancy remained broadly stable as new supply fell sharply. Market resilience was supported by continued population growth and higher oil production following the completion of the Trans Mountain pipeline expansion, which broadened Alberta’s export capacity. These factors are expected to continue supporting space demand in 2026. While federal immigration targets have been reduced, ongoing domestic in-migration should sustain population gains and support retail foot traffic. In addition, the current conflict in the Middle East has lifted oil prices; if sustained, stronger energy-sector employment could materialize, helping to boost consumer spending and mitigate trade-related uncertainties.