Office leasing activity rises to highest level seen in 2024

Office-using employment growth in Alberta slowed to 2.5% year over year as of August 2024. Calgary's office market continues to follow the global trend of bifurcation, with availability in prime spaces falling while overall market availability rises, driven by lower-class buildings and less desirable submarkets. Calgary has seen its overall availability drop 170 basis points (bps) from last year to 20.7%. The East End Downtown and Beltline submarkets have joined the South and West End Downtown submarkets in having higher availability than the city average. Other submarkets have experienced strong tightening, with Kensington seeing a 250 bps drop in availability, the Northeast lowering by 340 bps, and North Downtown by 210 bps. Available sublease space now sits at 2.2 million square feet (msf), down 0 .5 msf from last year but up 0 .2 msf from last quarter.

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