Q3 2025 Calgary Downtown Office Occupier

In the third quarter, vacancy increased as the summer came to a close. Despite elevated vacancy levels, landlords remain bullish on asking rates— particularly in the Class AA market. Overall vacancy rose slightly to 25.23%, increasing across all classes except Class B. The decline in Class B vacancy is mostly due to over half a million square feet of inventory being removed as buildings undergo residential conversion. 

Download our Q3 2025 report to read more about our perspective on the downtown office market.