Large transactions in downtown submarkets dominate market for second straight quarter

The stabilization of Alberta's monthly office employment growth at the close of 2023 continued in Q1 2024. Meanwhile, Calgary's office availability declined by 90 basis points (bps) year over year, driven both by conversion of under-performing assets, and efforts to consolidate office footprints in what is still a tenant-favorable market. Available sublease space declined dramatically from a year ago, falling more than 36% to 2.2 million square feet (msf). This was due in part to more than 140,000 square feet (sf) of sublease availability at The Bow removed from the market this quarter.

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