In the last quarter of 2023, the Edmonton office market continued its gradual recovery from a high vacancy rate. We’re not yet witnessing a dynamic shift, but positive signs are emerging with the total market vacancy rate resting at 18.37%, down from 19.50% in Q3 and down year-over-year from 19.75%. Near future trailing lease obligations may contribute to a slight upward tick in this rate. Vacancy has fallen in all districts across the city. Perhaps the state of the Edmonton market can best be described by the following saying: “It’s a marathon not a sprint”. As 2024 progresses, the office market will continue to recover, albeit at a slow pace.
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