Q1 2025 Calgary Downtown Office Occupier

The first quarter of 2025 saw vacancy drop to 23.88% down slightly from 24.65% at the end of 2024. Apart from Class A, which remained unchanged for the most part, vacancy across all other classes fell, most notably in Class B and C submarkets. Lease transactions of note this quarter included the University of Calgary leasing approximately 170,000 square feet in 801 – 7 Avenue SW, plus 16,000 square feet in the annex, Steelhaus Technologies Inc.’s relocation into Calgary City Centre and Norton Rose Fulbright’s relocation into Bankers Hall – West. On the investment side, we understand that 500 Fifth Avenue SW (formerly Chevron Plaza) is under contract and may be converted for residential use by Strategic Group. 

Download our Q1 2025 report to read more about our perspective on the downtown office market.