Office space vacancy continues to recover for Calgary, Edmonton markets

Calgary and Edmonton experienced improvements in office space vacancy in 2023. Calgary had its strongest performance since 2014, with 677,000 sq ft of positive net absorption. The vacancy rate in Calgary was 27.9%. Edmonton had a cumulative 171,173 sq ft of positive net absorption and a vacancy rate of 21.4%. Both cities saw landlords improving their properties to attract tenants. Office space repurposing has been increasing in Canada, with 2.5 million sq ft converted in 2023. The City of Calgary has plans to convert vacant office space into residential properties.

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