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Alberta & Prairies  + Office  |  April 11, 2024
The partners in Calgary's Telus Sky mixed-use tower are working to reorganize their ownership stakes.
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By: Monte Stewart

Prime Downtown Calgary Office Space Nearing Single-Digit Vacancy

Downtown Calgary office vacancy continued to move downward in the first quarter of 2024, says a new Avison Young report.

Prime class AA downtown assets are approaching single-digit vacancy, says Avison Young in the report. Vacancy for prime AA space dropped to 10.9% in the first quarter of 2024.

Large blocks of class AA space had a 6.2% vacancy rate. Total downtown office vacancy declined 1.2%.

On the other hand, overall Calgary office vacancy stood at 25.9%, down 1.7% year-over-year.

The overall office sector experienced positive absorption for the third consecutive quarter.

New office construction volume remains limited and confined to the suburbs..

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.
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