Q1 2022 Calgary Downtown Office Occupier

We are seeing an uptick in activity in the downtown core as vacancy slowly continues to fall. Q1 2022 overall downtown office vacancy sits at 29.72% with positive absorption of 325,821 square feet. This is due mostly to transactions being completed in the Class AA and A markets. Vacancy has fallen across all sectors giving us reason to be optimistic heading into 2022. The sublease market for Class AA and A markets are getting tighter and occupiers currently looking for good-quality, furnished sublease space under 10,000 square feet will have few choices and may need to either look at alternative scenarios. Trends occupiers should also consider while planning their real estate needs include hybrid models, health and wellness of employees, right-sizing office space for efficiency and creating a workspace for retaining and recruiting staff.