New leasing life in Calgary’s downtown west office market

Calgary's downtown office market, particularly in the west end, is showing signs of recovery after years of high vacancy rates. In 2023, leasing activity reached its highest level in a decade, driven by conversions to residential spaces, removing 2.8 million square feet from the market. Class-B and -C office rates have increased, with companies prioritizing locations that offer amenities and accessibility. The city aims to eliminate six million square feet of office space, further encouraging conversions. Recent large leases indicate ongoing demand in the downtown core.