Q2 2022 Edmonton Office Occupier

The office vacancy rate in Edmonton increased slightly from Q4 2021 to 19.46%, representing just under 5.5 million vacant square feet in a market totaling roughly 30 million square feet. 3,280,713 square feet are available downtown and 2,205,615 square feet in the suburbs. As a result, leasing activity in the downtown core has been muted, whereas activity in the suburbs has increased, where a greater concentration of regional office users reside. Most firms surveyed expect a near-total return to the office in the future but are not ready to force the issue yet. Many hope to introduce a more flexible, primarily office-based, arrangement - citing challenges with work-from-home models.