Q4 2025 Calgary Downtown Office Occupier

Downtown Calgary’s office market showed modest leasing momentum in Q4, though overall conditions remain tenant-favourable with vacancy at 26.58%. Demand continues to favor high-quality Class AA and upgraded Class A buildings, while older, less competitive properties face ongoing softness. Landlords of premium assets maintain resilient asking rates, supported by capital improvements and amenity investments, whereas commodity space sees more flexible deal terms. Looking ahead to 2026, leasing activity is expected to gradually build as occupiers finalize workplace strategies, with high-quality, turnkey space remaining in strong demand.