Overall availability – and particularly the vacant component – of Calgary’s suburban office market decreased slightly through the final quarter of 2023, posting a 1% drop due to approximately 288,000 square feet of positive absorption. We saw tenants making leasing decisions based on two primary considerations: finding locations that make the to-and-from-work commutes easier for staff and acting on necessity to secure spaces in the size ranges they wanted while still available, especially in A-Class properties.
