The Occupier, Q3 2021 Calgary Office Report
What a difference a year makes. With the incredible change in commodity prices in the last 12 months, the fundamentals of the business environment in downtown Calgary are strong. Traditionally, a run up in energy prices like we have seen recently spurs talk of new investment, growth, hiring and business expansion plans. Things seem different this time and the strong business environment is not translating into strength in the downtown real estate market. The third quarter yet again experienced marginal negative absorption to the tune of -152,582 square feet. This begs the question – what’s new?… well nothing really. Calgary has experienced negative absorption in the downtown office market for eight of the previous nine quarters, and during that we have totaled an increase to available space equal to 3.4 million square feet (a 7.7% increase to overall vacancy).