Q1 2021 Edmonton Office Market Report

Q1 2021 was a significant threshold to pass through in the Edmonton office market with March 17th marking the first anniversary of the health emergency declared by the Government of Alberta due to the COVID-19 pandemic. It should come as no surprise that the greater Edmonton overall vacancy rate continued to increase, but this increase cannot be described as significant given the amount of stress that the Edmonton economy has gone through over the last year (especially if you compare the Edmonton market to that of Calgary’s with an overall vacancy rate of almost 30%). Not all was doom and gloom this quarter, with a collective realization by industry professionals that tour activity had increased, and more lease negotiations were occurring.