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Continued stronger market fundamentals signal a steady post-pandemic recovery
The Calgary office market continued to experience a post-pandemic recovery across the city with increased average rental rate increases across all office building classes, especially in top-tier class A space. These increases signal that occupier demand for high quality office space remains high. The decrease in class A availability has led to steady rental rate increases at the top end of the market. The Class A average rental rate now sits at $33.30 per square foot (psf) which is near the Q1 2020 pre-pandemic average rent of $33.53 psf. Much like other markets, Calgary is experiencing a continued flight to quality in office space as businesses figure out their post-pandemic office space strategy.