10405 Jasper Avenue | Office Market Report

Edmonton, AB

Downtown Edmonton will always be a major hub for business.

Downtown Edmonton will continue to be a major hub for business, with high-quality buildings and strong economic incentives, the downtown core is an attractive choice for many tenants. However, the essence of a city’s downtown should go beyond high-rise towers and a strong workforce; it is a place for gathering, entertainment, shopping, celebration, and living. Downtown cores should be everchanging to reflect the image, pride, and prosperity of the people it serves. A healthy downtown that delights and thrills the individuals who occupy it, will draw in new residents, visitors, businesses, and investments.

16.0%

Overall vacancy rate

17.2%

Overall Downtown vacancy rate

18.0%

Financial vacancy rate

Download PDF of the statistics

Building the Attraction to Downtown

CWB Tower

CWB will relocate to a new tower being constructed in Edmonton’s world class mixed-use ICE District. CWB will take occupancy of 205,000 square feet in 2026. Construction will be completed Q1 2025. Five spec floors available.

Read more

Connect Centre

98,000 square feet of retail including Loblaws CityMarket, The Canadian ICEhouse, The Banquet, National Bank, ICE District Authentics

Read more

Station Lands

Qualico Properties has announced the second phase of the Station Lands development – a lively residential and commercial hub, which will include 600+ residential suites in two towers.

Read more

Stantec Tower Food Hall

An energetic, modern food atmosphere that is a destination with subtle nods of local influence for guests to explore the various amenities featuring chefs, live entertainment, and top-tier décor.

Approved Developments in Downtown Edmonton

Avant by Avison Young and Orbital Insights | www.avisonyoung.com

Edmonton continues to lead the 'return to office' in North America

As of the week of May 30th, Edmonton continues to experience the highest return of downtown foot traffic of all 23 cities we track in North America – including six cities in Canada. Since March 8, 2022, when all Provincial and Municipal restrictions were officially lifted, Edmonton’s downtown core has experienced a 25% increase in foot traffic from the weeks prior. The week of April 4th, 2022, Edmonton achieved its highest volume of activity downtown since the week of March 9, 2020 when COVID first started to affect office activity. Over the last 10 weeks, Edmonton offices has experienced an average foot traffic volume of 28,423. Although it is important to clarify that we remain below pre-pandemic levels thus far in 2022, it is promising to see an increase in activity downtown. As numerous private businesses target a return to their offices through spring and summer, the activity in the downtown core will continue to increase.

Cory Wosnack Principal & Managing Director cory.wosnack@avisonyoung.com +1 780.429.7556 Tori Sara Administrative Coordinator tori.sara@avisonyoung.com +1 780.429.7561