Calgary 2023 Q3 Market Report

Market metrics begin to waver in the face of economic uncertainty

Office employment growth in Alberta has declined to almost negative year-on-year growth after a strong 2022 and first half of 2023. With this slowdown in hiring, there has been an increase in both total and Class A office availabilities as fewer businesses have a strong appetite to take on new space regardless of quality. Despite these metrics, there has been a continual rise in asking rents across the city with downtown Class A buildings seeing considerable increases from last year.

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