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Market Report

Calgary Office Market Report

2Q 2023

Green Shoots Start to Emerge Amid
Still-Elevated Vacancy Rates

Office availability reached a historic high in 2022. Preceding the global health crisis, Calgary’s office market had already experienced a long period of oversupply. This was then exacerbated by three consecutive years of negative net absorption from 2020 to 2022, which pushed the metro’s office vacancy rate above 23 per cent last summer, the highest among major Canadian metros. While Alberta’s economy registered strong growth in 2022 as international oil prices rose substantially, Calgary’s office sector continued to face low levels of demand as the metro’s oil and gas companies consolidated operations and downsized their headquarters.
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