Leasing activity rebounds in Q4 with several large downtown relocations
Office-using employment in Alberta increased year over year at an average of 6.0% in Q4 2025, with the largest increases occurring in public administration despite a modest reduction in jobs in November 2025. As anticipated, deal volume in Q4 2025 recovered after a historically slow Q3 2025. Calgary experienced just shy of 1.0 million square feet (msf) of leasing activity in Q4, above the fouryear quarterly average and the second quarter to do so in 2025. Calgary has not experienced a year with two quarters of aboveaverage leasing activity since 2022. Office availability in Calgary dropped 20 basis points (bps) from last year to 20.5%. It is important to understand that while availability has been dropping in the short term, vacancy remains at elevated levels. The significant signed relocations this quarter have taken large chunks of available space off the market but will not have any impact on vacancy until occupancy occurs. Availability will likely rise in the future when significant blocks of space are placed back on the market from relocating tenants.