Year-End 2024 Calgary Suburban Office Occupier Report

As Q4 2024 came to an end, there were a number of overarching factors impacting Calgary’s Suburban Office Markets. These factors, while somewhat positive, failed to materially move or energize the market, as suburban office vacancies continue to sit at just over 16%. Suburban office vacancy, while declining “ever so slightly” on a year over year basis for a number of years, has remained essentially flat for the last 16 quarters. Larger pockets remain slower moving even when attractively built out. This speaks to an overarching and persistent lack of demand for larger options, which are remaining on the market for a longer period of time than might otherwise be expected.