Optimism continues to grow

Q2 2021 marks the first quarter since the pandemic began where the optimism we have seen is starting to manifest itself into tangible signs. Office touring activity and general inquiries have increased; each day more cars and bikes can be found in downtown parkades; and overall, people are starting to slowly return to their office spaces. The vacancy rates we analyze in this report are relatively high compared to what was trending in Q4 2019. However, we expect those rates to course-correct over the next several quarters. Additionally, we have seen from our US counterparts what a return to the downtown core looks like and the impact it has on the vibrancy and economy of the city. While it will still take some time for everyone to find their footing in the changing environment, we are confident that Edmonton will see even more substantial recovery in the near term.