Calgary office space Q3 activity climbs

Calgary's office space market showed positive growth in Q3 2024, with downtown experiencing 204,948 square feet of positive absorption, primarily in class AA spaces, reducing the vacancy rate to 24.5%. The Beltline also performed well, absorbing 90,286 square feet, while the suburban market had a vacancy rate of 16.9% and absorbed 11,313 square feet. The report highlights a decline in sublet space availability at 3.8%, indicating strong demand for top-tier offices. New funding for residential conversions is expected to lead to upcoming projects.