Calgary has one of the highest downtown vacancy rates in Canada
If some buildings in downtown Calgary seem a little hushed, you’re not wrong. YYC has one of the largest vacancy rates in Canada.
According to Coldwell Banker Richar Ellis Canada (CBRE), the first quarter of 2025 was a challenging one for Calgary, with downtown vacancy jumping to 30.2 per cent, largely because of Chevron’s exit from the market, according to its Q1 2025 Canada Office Figures.
Calgary’s numbers are well above the national downtown office vacancy rate of 19.9 per cent and is second behind only London, Ontario, at 32 per cent.
CREB added that looking at the future tariff threats being imposed on Alberta’s energy exports could hinder downtown Calgary’s office occupancy growth in the short-to-medium term.
“The downtown tenant base is overwhelmingly made up of energy and energy-
adjacent tenants and uncertainty in the industry could lead to reduced revenues and spending or the possible market exit of some U.S.-based companies,” CREB stated.
CBRE
“The office market was poised for a rebound and while there are pockets of positivity, the office market, like much of the economy, is in wait and see mode,” says CBRE Canada Chairman Paul Morassutti.
“It’s unclear how much renewed momentum there is and to what degree tariff-based uncertainty is affecting decision-making. We should have a better idea in the second quarter of what the tariffs really amount to and how businesses will respond.”
When it comes to our pals up in Edmonton, that city’s downtown vacancy rate sat at 21.4 per cent.