Q1 2026 Calgary Downtown Office Report

Calgary's downtown office vacancy climbed to 27.58% in Q1 2026, with the biggest driver being a surge in sublease space from recent oil & gas consolidations — Shell/ARC Resources, Keyera/Plains Midstream, and Cenovus/MEG Energy. Together, these deals have added roughly 442,000 sq ft of mostly move-in ready space to the market, with more potentially on the way.

For tenants, this is a real opportunity. This sublease space competes directly with headlease options in Class AA and A buildings, creating negotiating leverage even where landlords have held firm on rates.

Download our report to read more about our perspective on the Downtown Office Market.