Year-End 2020 Calgary Suburban Office Market Report

Calgary suburban office markets entered 2020 hoping for a fresh start to brighten the leasing malaise that has been resoundingly negative since 2015.  The approval of the Trans Mountain Pipeline, followed by the announcement of a massive investment by the Alberta government in Keystone XL and a roughly 4% decrease in suburban office property taxes, would in a “normal” year, fuel that optimism and perhaps emerge as catalysts to a mild recovery.  However, as we have all experienced and now understand only too well, 2020 was no “normal” year and there was “no” recovery.