Q1 2025 Calgary Suburban Office Occupier

Calgary’s suburban office market saw a strong start in Q1 2025, with vacancy dropping 84 basis points to 15.18%. This positive momentum was driven by major leasing transactions in the Airstate portfolio, Quarry Park, and Connect First Place, ending a prolonged 16-quarter period of flat performance. While larger transactions were largely completed early in the quarter, leasing activity slowed significantly in the latter half of Q1. Uncertainty surrounding the new U.S. administration’s tariff policies created market hesitation and is expected to influence leasing trends for the rest of the year.