Calgary boasts a strong office, industrial and retail market. In fact, according to CBRE Limited data, Calgary had the fastest growing total office market in Canada, over the past ten years (2005-2014).
Calgary's strong economy has fueled real estate growth for the region. Calgary has 40.6 million square feet of downtown office space and 24.4 million square feet of suburban office space across all classes.
The average age of Calgary's office buildings is the youngest of any major Canadian city, which offers benefits such as efficient building systems, high environmental standards and state of the art design with high efficiency leasing.
For downtown office space, an additional advantage lies with the Plus 15 skywalk system, which has over 16 kilometres of above-grade retail infrastructure and creates a vibrant retail experience in the downtown core.
|Total Inventory (SF)||New Supply for Quarter (SF)||YTD New Supply (SF)||Absorption for Quarter (SF)||YTD Absorption (SF)||Vacancy Rate (%)||Under Construction (SF)|
|Downtown Office Class AA||14,744,867||615,320||615,320||101,089||-382,587||16.0%||2,394,000|
|Downtown Office Class A||11,876,549||0||0||-99,408||-289,380||21.9%||0|
|Downtown Office Class B||9,905,236||0||0||-63,647||-311,905||28.2%||0|
|Downtown Office Class C||4,047,226||0||0||-250,182||-366,421||31.1%||0|
|Downtown Office Class D||55,000||0||0||0||(4,566)||16.6%||0|
|Total Downtown Office||40,628,878||615,320||615,320||(312,149)||(1,354,860)||22.2%||2,394,000|
|Suburban Office Class A||14,665,879||431,498||454,498||80,930||52,972||22.4%||922,870|
|Suburban Office Class B||8,083,164||0||34,000||-44,217||-43,397||16.8%||0|
|Suburban Office Class C||1,650,995||0||0||-42,007||-29,373||22.2%||0|
|Total Office Market Class AA||14,744,867||615,320||615,320||101,089||-382,587||16.0%||2,394,000|
|Total Office Market Class A||26,542,428||431,498||454,498||-18,478||-236,409||22.2%||922,870|
|Total Office Market Class B||17,988,400||0||34,000||-107,864||-355,302||23.1%||0|
|Total Office Market Class C&D||5,753,221||0||0||-292,190||-400,361||28.4%||0|
|Total Office Market Total||65,028,916||1,046,818||1,103,818||-317,444||-1,374,659||21.6%||3,316,870|
Source: CB Richard Ellis
Calgary offers 131 million square feet of industrial space, generally located in the South East and North East quadrants of the city. This inventory is composed mainly of transportation, logistics and manufacturing facilities. Approximately 35 per cent of our inventory has been built in the past 10 years; therefore, there are significant energy efficiencies, building design and site amenities to accommodate current warehousing standards and transportation equipment needs.
|Total inventory (SF)||New Supply for Quarter (SF)||YTD New Supply (SF)||Absorption for Quarter (SF)||YTD Absorption (SF)||Vacancy Rate (SF)||Under Construction (SF)|
Source: CB Richard Ellis
Calgary offers a wide variety of retail space options; comprised primarily of enclosed shopping centres, power centres, strip malls and podium retail. The Calgary Region is also the home of one of the only two new enclosed shopping centres to have been built in Canada in over 20 years.
Most major national and international retailers are located in Calgary and boast some of the highest productivity levels in the nation for a variety of reasons - including highest personal income per capita in 2014 at $56,680 (Conference Board of Canada) and highest number of millionaires in Canada on a per capita basis in 2013 (157.63 per 100,000) (Statistics Canada) - which contribute to high sales volumes. Calgary also had the highest retail sales per capita in 2014 at $19,571 (Conference Board of Canada).
There is significant new inventory in the planning or early development stages for Calgary. These projects range from stand-alone developments to mixed-use and street front projects.
Calgary has a major brokerage presence that can provide much needed services to individuals and organizations looking to purchase land and infrastructure. There are many benefits to using a broker: they are aware of current market conditions; they know and have established relationships with the key industry players; and finally, brokers are well-versed in the process of purchasing land and infrastructure, including legal requirements, making offers and writing/reviewing documents related to purchase. Representation from a broker is critical to ensuring a successful purchase and avoiding legal difficulties by choosing to purchase without the assistance of a broker. Calgary Economic Development’s Business Development Managers have strong relationships with brokers in the city, and can assist organizations and individuals in matching them with the appropriate broker. For more information, contact the Sector Specialist below.
The City of Calgary and Calgary Economic Development understand the importance of a streamlined and efficient permit approval process, and have established cutting edge tools to facilitate projects and their approvals through The City of Calgary – Development and Building Approvals Business Unit. Unlike most jurisdictions with competing regions and towns in the metropolitan area, the city of Calgary (covering an area of approximately 14 miles by 20 miles) is under a single governing authority with common land use and building permitting regulations and procedures. This is a major advantage as businesses can easily compare location options throughout the city.
Companies can compare available space by office class, total space and leasing district. The tool also provides information for the leasing contact so companies can inquire further about space they are interested in.
The City of Calgary also provides information on available land for sale as well as future land available, and provides information and resource links for industrial land sales, commercial land sales and residential land sales.
Visit The City of Calgary for more information and to use their interactive map.
The BOMA Building Inventory also provides users with a comprehensive and searchable database of all industrial, retail and office towers. The list details individual building information, covering everything from square footage to parking, building owners and lease agents.
View the current (or historical) BOMA Building Guide
Calgary Economic Development has also developed two maps that show the city of Calgary as well as Calgary's downtown core. These maps also show transportation links and Calgary's +15 system.
Commercial mortgage lenders can offer a variety of options for small and medium businesses at both fixed and/or variable interest rates. It's wise to ensure you are getting a competitive rate by seeking advice from a commercial mortgage broker, ask our Sector Specialist for a recommendation.
Factors that affect interest rates for commercial loans:
Bank of Canada - Lending Rates
While Calgary Economic Development’s focus is on the non-residential real estate market, the Calgary Real Estate Board (CREB) is ranked as one of the largest real estate boards in Canada and offers a variety of services and resources. One of the main functions of CREB is the operation of the Multiple Listing Service (MLS). Through MLS, members and their clients have immediate access to the latest information on properties listed for sale.
Learn more about the Calgary Real Estate Board.
Search for residential properties through the Multiple Listing Service.
Visit the Canada Mortgage and Housing Corporation for information on mortgages, renovating and government funding programs.
Read the 2011 Buss Report, identifying all condo developments in Calgary, as well as market information and development profiles.
If you are a site selector and looking for more information about Calgary as a location for business, please choose from the following list to view more content.
BizPal is an online tool that helps to simplify the processes for permit applications, business licenses and other compliance regulations. To learn more, visit BizPal.
The Altus Insite tool allows users to search for available industrial and office facilities based on a variety of criteria.
Search for available facilities using Altus Insite.
In 2011, the Investment Property Databank ranked Calgary as the location that produced the highest returns for commercial real estate out of 60 international cities.
|Calgary Regional Partnership||AltusInSite|
|Explore Calgary Region||RealNet|
|Alberta Major Projects||MSCI|
|NAIOP Commercial Real Estate Development Association||Canadian Real Estate Forums|
|Calgary Real Estate Board||LoopNet|
|Calgary Home Builder Association||Real Estate News Exchange|
|Commercial Real Estate Women||The Square Foot|
|BOMA Calgary||Western Investor|
|The International Council of Shopping Centers||Realtor|
|Air Canada||The City of Calgary - Real Estate|
|Canadian Mortgage and Housing Corporation|