Calgary Suburban Office Figures Q4 2025

‒    The suburban market showed continued strength in 2025, despite a slightly slower fourth quarter. While all classes finished the year with positive net absorption, Class A space continues to perform the strongest, accounting for 67.8% of all net absorption in 2025.

‒    Calgary's Downtown Development Incentive Program announced nine more office-to-residential conversions receiving funding, including three in the Beltline, which are the first projects outside of the Downtown Core to receive City incentives.

‒    In Q4 2025, the Beltline led with the most net absorption, reducing vacancy to 21.0%. Despite a slower quarter, the South finished as the submarket with the highest annual net absorption, finishing at 263,000 sq. ft.

‒    Total sublease space increased by 58.3% in 2025 to 574,000 sq. ft. Despite this, sublease vacancy currently sits at only 2.2%, which is the second lowest year-end rate in the past decade.