Marketbeat – Office

Office Q4 2021

Q1. 2024 Office

Posted: May 2024

The first quarter of 2024 saw 118,644 sf of positive net absorption, with the overall vacancy rate holding steady at 18.4%.

Office Q4 2021

Q4. 2023 Office

Posted: February 2024

The fourth quarter of 2023 saw 396,255 SF of positive net absorption fueled by Canadian Western Bank’s confirmed move to Manulife Place.

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Q3. 2023 Office

Posted: November 2023

The Edmonton office market saw a flurry of newly signed deals and non-renewals in this quarter. However, leasing activity remained steady largely due to vacancy outpacing demand for office space. The city-wide vacancy rate as a result has remained stable at 20.0%.

Q2. 2023 Office

Posted: July 2023

Edmonton leasing steady; fewer major moves in Q2, but positive net absorption. Flight-to-quality persists, with landlords investing in properties and offering amenities. Suburban markets thrive, rents stabilize at $33.11 PSF.

Q1. 2023 Office

Posted: April 2023

In 2022, Alberta finished at the top end of the provincial economic growth charts and is expected to continue to outperform in the coming years. Analysts predict that Alberta will see GDP growth of 2% in 2023.

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Q4. 2022 Office

Posted: January 2023

Despite the vacancy rate being relatively unchanged year-over-year, the Edmonton Office market continues to see strong leasing activity. Many firms have been upgrading their space without increasing…

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Q3. 2022 Office

Posted: November 2022

Edmonton’s office vacancy significantly dropped this quarter. It is down 90 basis points (bps) quarter over quarter, coming down to 19%.

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Q2. 2022 Office

Posted: July 2022

The market overall saw a year-to-date increase in the vacancy rate. It rose 0.5% since the fourth quarter of 2021. This reverses the trend of positive net absorption we saw in back-to-back quarters…

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Office Q4 2021

Q4. 2021 Office

Posted: January 2022

The fourth quarter of 2021 continued the trend of positive absorption within the Edmonton office market.

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Q3. 2021 Office

Posted: October 2021

Edmonton’s overall vacancy dropped marginally by 10 basis points (bps) to 19.4% quarter over quarter ( QoQ with 2,809 square feet (sf) of net positive absorption across the city.

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Office Q2 2021

Q2. 2021 Office

Posted: July 2021

Leasing activity is anticipated to start to accelerate in the next few quarters as the Edmonton economy slowly rebounds.

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Q1. 2021 Office

Posted: April 20, 2021

Office demand remained subdued in Edmonton as many companies continued to face a challenging economic environment. Consequently, the first quarter of 2021 continued the trend of negative absorption, as overall net absorption of office space fell by 251k square feet (sf).

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Q4. 2020 Office

Posted: January 27, 2021

The Edmonton office market recorded the weakest absorption in 5 years, with total negative absorption of 973k square feet (sf) in 2020.

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Q3. 2020 Office

Posted: October 31, 2020

Overall office vacancy in Edmonton increased by 350 basis points (bps) from the same period last year to reach 17.8%; driven by a decline in demand, expiring head leases across the city, and an increase of sublease space in the suburban market.

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Q2. 2020 Office

Posted: July 27, 2020

Office vacancy reached 16.9% in the second quarter of 2020, which is 280 basis points (bps) higher year-over-year, reflecting the softening demand for office space brought on by the global pandemic and by recent economic shutdowns.

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Q1 2020 Office

Q1. 2020 Office

Posted: April 7, 2020

The first quarter of 2020 saw increased office vacancy at 15.7% due to expiring leases and increasing sublet space availability across the city.

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Q4. 2019 Office

Posted: January 28, 2020

After modest strength in 2018, cutbacks in the demand for office space were widely observed in 2019. The fourth quarter of 2019 saw increased office vacancy due to expiring leases and increasing sublet space availability in the downtown core, coupled with the increasing availability of workspace across the city.

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Q3. 2019 Office

Posted: October 28, 2019

Although new office developments are expected to arrive on the market in the fourth quarter of 2019, these projects have a small building footprint, indicating the soft demand for more office space. Office construction is anticipated to remain low; however, more landlords are reinvesting significant resources to improve their products and some developers are looking to repurpose office buildings into residential spaces.

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Q2. 2019 Office

Posted: July 31, 2019

As anticipated, absorption continued to trend in positive territory despite the new availabilities that arrived on the market this quarter. Absorption is expected to continue to strengthen as leasing activity in several Class A buildings remains active due to continued demand from tenants.

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Q1. 2019 Office

Posted: April 29, 2019

Overall vacancy was unchanged from last quarter, remaining at 14.5%, and has declined by 120 basis points year-over-year. Downtown Edmonton vacancy saw an increase of 110 basis points from last quarter; however, it is still lower compared to the first quarter of 2018.

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Q4. 2018 Office

Posted: January 31, 2019

It was a strong finish to 2018 for Edmonton’s office market as vacancy declined to 14.5% and absorption posted strong gains. The vacancy decline was largely driven by significant leasing activity in Edmonton’s downtown financial core where Class AA and Class A spaces continued to be in high demand to accommodate company growth.

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Q3. 2018 Office

Posted: November 13, 2018

Edmonton continues to show strong growth through the third quarter of 2018 as manufacturing climbed across the province, unemployment has dropped 2.0% over the course of the past year, and expectations for GDP growth in the Edmonton area is expected to reach 2.6% by the end of the year. 

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Q1. 2018 Office

Posted: April 19, 2018

This year began on a positive note for Edmonton’s office market as vacancy declined, absorption levels increased, and asking rates remained largely stable over the first quarter of the year.

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Q4. 2017 Office

Posted: January 10, 2018

The fourth quarter continued a trend of positive absorption and dropping vacancy within the Edmonton marketplace, as available space contracted by 22,938 square feet.

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Q3. 2017 Office

Posted: October 16, 2017

Edmonton’s office market continued to show signs of improvement, as both headlease and sublease vacancy decreased through the third quarter of 2017.

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Q2. 2017 Office

Posted: July 13, 2017

Rental rates continue to drop but vacancy shows little change, indicating we are entering a period of stability in the office market.

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Q1. 2017 Office

Posted: April 11, 2017

Q1 2017 is expected to be the last quarter to show high rates of negative absorption for the foreseeable future, although a lower rate is expected for the remaining quarters in 2017.

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