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Calgary Office Leasing Activity Skyrockets Amid Strong Demand

Monte Stewart May 06, 2025 2 min read
Connect CRE
Calgary Office Leasing Activity Skyrockets Amid Strong Demand
AI Article Summary

Calgary's office leasing activity increased significantly, with a 60% year-over-year surge, amounting to 1.6 million square feet in the first quarter. A decrease in sublease space and positive absorption contributed to reduced downtown vacancy rates. Despite the strong start, leasing activity might slow in the second quarter due to political and trade uncertainties. Office space conversions to residential and hotel uses also contributed to vacancy rate reductions in Calgary's downtown.