Calgary, the third largest city in Canada. has seen one of the fastest recoveries of downtown foot traffic to pre-pandemic levels in North America.
As things settle into the current new normal, a recent study by commercial real estate firm Avison Young this spring found weekday foot traffic in downtown Calgary was at 49 per cent of pre-pandemic levels. And according to Statistics Canada also reported Calgary had one of the fastest growing downtown populations in the country, adding 8,100 people in the last five years.
Downtown office vacancy rate to stabilize
The downtown office market is nearing an inflection point with the vacancy rate expected to hold
near current levels in 2022. Leasing activity will continue to slowly build, bolstered in part by
Calgary’s burgeoning tech sector and the return of occupiers into the core, both net new tenants and those relocating from the suburbs. Market momentum is expected to continue trending positive, though overall gains will remain muted over the near term.
A growing industrial hub for western Canada
Calgary is established as a major industrial hub as its central location in Western Canada makes it ideal for the cost-efficient distribution of goods throughout the region. Industrial demand in Calgary will continue to grow further as the abundance of land and lower costs relative to other major industrial markets attracts more occupiers. In addition, the global push towards environmental sustainability will foster continued growth of the green and cleantech industries in Calgary.
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