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Leasing activity cools as market uncertainty sets in
After the large surge of transactions that occurred across Calgary last quarter, a more “normal” quarter was reported with leasing activity decreasing from 1.7 million square feet last quarter to 0.8 msf this quarter. Many tenants with near-term expiries opted to wait out the pandemic and renew following the end of COVID protocols. However, with economic uncertainty returning and increased interest rates, expect leasing activity in the Calgary office market to remain more modest over the short-term.