Calgary’s overall retail availability rate increased further during the second quarter of 2024, reaching 4.6%. As stated in our previous edition of this report, the level of available space on the market at June 30th has Calgary approaching what we consider to be a balanced market in which the variety of options for would-be tenants and existing tenants alike and allows for rental rates to stabilize among the various sizes, formats and locations of options on the market. Despite a slight-yet-ongoing increase in available space being marketed, the situation remains remarkably stable given the substantial increase in Calgary’s retail inventory since early 2015; currently 44.8 million square feet (msf) versus 37.2 million msf at mid-year 2015 when multiple store chains began shutting their doors via major closures and consolidations.
