Q1 2023 Calgary Office Occupier

The first quarter of 2023 began a slight increase in vacancy to 29.33% from 28.40% at the end of 2022. With the exception of the Class A market, vacancy fell for all other classes. We open the year with negative absorption of 376,614 square feet. The slight increase in overall vacancy is due mainly to the addition of just over 500,000 square feet coming available this summer in Shell Centre due to Shell Canada relocating to The Bow. Market activity is mainly in the form of companies planning their future real estate needs. The challenge they face now is finding quality space to improve their current situation.