Market dynamics steady at close of year despite weakened hiring environment

Monthly office employment growth in Alberta stabilized at the close of 2023 but remained well below levels witnessed throughout 2022. Despite weakened hiring activity, occupier demand for space remained solid, particularly among Class A properties where availability declined by 70 basis points (bps) from a year ago. Rightsizing occupiers continued to gravitate to the market's best in class options, while taking advantage of still-tenant favorable market conditions. Available sublease space notably fell to 2.8 million square feet (msf), and has been on the decline from mid-2021, when sublease availabilities exceeded more than 4.0 msf.

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