Q2 2023 Edmonton Market Report

Edmonton’s downtown market witnessed the largest increase in vacancy since the first quarter of 2022. The Financial District in particular, had an overall vacancy rate of 20.1 percent, with higher rates for different Financial classes ranging from 14.1 percent for Financial AA to 21.6 percent for Financial C. Despite the availability of newer supply, projects like the CWB Tower have not seen high demand due to construction costs. However, Stantec’s sublease in their respective tower is experiencing lease-up progress, which is expected to positively impact premier buildings such as Manulife Place, and other Class AA towers on both a head lease and sublease basis, including large blocks of sublease space with Enbridge. In the Government District, the vacancy rate increased to 21.4 percent from approximately 20.0 percent.

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