Calgary Commercial Cap Rates

Live Market Data for Office, Industrial, Retail and Multifamily Investors

Calgary commercial cap rates move differently depending on which sector you're looking at, and treating the market as one number is how investors overpay. This page tracks Calgary commercial cap rates across the four core asset classes: office, industrial, retail and multifamily using current capital markets data, so you can see where yields are compressing, where they're expanding, and what that means for your next offer. Whether you're comparing Calgary commercial properties, evaluating an apartment building, or sizing up an industrial property for sale, this is the data to check before you write an offer.

Calgary Commercial Cap Rates: 2026 Market Snapshot

Sector Current Market Cap Rate 5-Year Change (2021–2026 YTD)
Office 12.1% +2.6 pts
Industrial 6.9% +1.2 pts
Retail 6.7% +1.0 pts
Multifamily 5.2% +0.8 pts
Total Calgary commercial transaction volume sits at $3.0 billion year-to-date in 2026, up 12.0% from the prior year, across 121 sales and a tracked asset value of $116 billion metro-wide. That volume isn't spread evenly; industrial sales are up 55.4% YTD and office is up 55.9% YTD, while retail is down 25.5% YTD and multifamily is down 19.5% YTD. Reading Calgary commercial cap rates alongside that volume data tells you a lot: capital is actively repricing office and industrial right now, while multifamily and retail buyers are being more selective even though pricing in those sectors remains comparatively tight.

Cap Rates & ROI in Alberta

Alberta Cap Rates & ROI Investments For Sale

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1-12/94

  • 450163 82 Street E in Rural Foothills County: Abilds Industrial Park Industrial for sale : MLS®# A1020082

    450163 82 Street E Abilds Industrial Park Rural Foothills County T0L 0A0
    Main Photo: 450163 82 Street E in Rural Foothills County: Abilds Industrial Park Industrial for sale : MLS®# A1020082

    450163 82 Street E Rural Foothills County T0L 0A0 Abilds Industrial Park

    $2,100,000
    Commercial
    Status:
    Active
    MLS® Num:
    A1020082
    INVESTMENT OPPORTUNITY ..........FULLY LEASED 12,000 SQ FT STEEL FRAME SHOP on 2.16 ACRES AVAILABLE FOR SALE . Property features CLEAR SPAN STEEL STRUCTURE BUILDING of 150' X 80' with 20 FT + CEILING / 3PH w/800 AMP /6 @ 14' X 14 ' OVERHEAD DOORS/ 4 @ 2pc washrooms / YARD is fully gravelled with SECURITY Chain link FENCE and YARD LIGHT /MAIN floor office of 760 sq ft PLUS MEZZANINE office of 830 sq ft with kitchenette with BIG WEST MOUNTAIN VIEWS /NO BUSINESS TAXES and LOW PROPERTY TAXES / LOCATED north of Cargill Foods with good access onto #2 HWY via Aldersyde or 498 th Ave OVERPASSES . More details
    Listed by Royal LePage Solutions
    LISTING DETAILS
    Mohit Dhilon

  • 594058 125B range Road in Whitecourt: Industrial for sale : MLS®# A1145019

    594058 125B range Road Whitecourt T7S 0A1
    Main Photo: 594058 125B range Road in Whitecourt: Industrial for sale : MLS®# A1145019

    594058 125B range Road Whitecourt T7S 0A1

    $3,300,000
    Commercial
    Status:
    Active
    MLS® Num:
    A1145019
    Build. Type:
    Mixed Use
    Thinking about investing in commercial Real Estate, this is the one to look at! This shop is fully leased to a AAA renter for 5 years. Premium shop, metal construction with a total of 13 front offices plus reception, kitchen / lunch room, filing and a board room. Some furnishings available. Two end drive through wash bays and four more pull through bays and two middle bays. Fenced parking at the rear with power. Yard is gravel packed. Located in Woodlands Business Park, beside the Whitecourt Airport. This property is a great investment. More details
    Listed by RE/MAX ADVANTAGE (WHITECOURT)
    LISTING DETAILS
    Mohit Dhilon

  • 6108 Bowness Road NW in Calgary: Bowness Office for sale : MLS®# A2086117

    6108 Bowness Road NW Bowness Calgary T3B 0E1
    Main Photo: 6108 Bowness Road NW in Calgary: Bowness Office for sale : MLS®# A2086117

    6108 Bowness Road NW Calgary T3B 0E1 Bowness

    $2,850,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2086117
    Build. Type:
    Free-Standing
    The stand-alone medical building was completed in 2015. It Is currently primarily used as a medical building, with 7893 sq ft on two floors, well maintained, and is in excellent condition. Great location bordering a busy road and surrounded by a lot of residential complexes. It is secured, and air-conditioned, has an elevator, handicap access, and free parking surrounding the building. It is currently completely leased to many medical practitioners. Showing a decent cap rate. More details
    Listed by CIR Realty
    LISTING DETAILS
    Mohit Dhilon

  • 1111 Kingsway Avenue SE in Medicine Hat: Office for sale : MLS®# A2168638

    1111 Kingsway Avenue SE Medicine Hat T1A 2Y1
    Main Photo: 1111 Kingsway Avenue SE in Medicine Hat: Office for sale : MLS®# A2168638

    1111 Kingsway Avenue SE Medicine Hat T1A 2Y1

    $1,700,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2168638
    Build. Type:
    Commercial Mix
    Quality investment opportunity in a high traffic commercial location. This 16,146 +/- SF professional complex offers premium visibility along Kingsway Avenue SE, one of Medicine Hat’s busiest corridors, with proximity to the downtown core and key retail districts. Anchored by established businesses such as Stantec, Dynamic Dance & Acrobatics, Encounter Chiropractic, and Sage & Willow Massage & Wellness, this investment includes a diversified tenant mix, ensuring stability and reduced vacancy risk. Almost fully leased, with the exception of two office suites and two co-work spaces, all tenants operate under a triple-net lease (excepting the co-work space), maximizing investor returns and minimizing landlord risk. Recent capital improvements include a modernized common area, washrooms, and kitchenette. Ample on-site parking provides significant value-add for tenants and their clientele, increasing the property’s competitive edge in the local market. This property is a well-positioned asset for investors seeking stable income with growth potential, backed by solid tenants and professional upgrades in a sought-after commercial location. More details
    Listed by AVISON YOUNG
    LISTING DETAILS
    Mohit Dhilon

  • 186007 Priddis Valley Road W in Rural Foothills County: Mixed Use for sale : MLS®# A2215153

    186007 Priddis Valley Road W Rural Foothills County T0L 1W1
    Main Photo: 186007 Priddis Valley Road W in Rural Foothills County: Mixed Use for sale : MLS®# A2215153

    186007 Priddis Valley Road W Rural Foothills County T0L 1W1

    $2,295,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2215153
    OWNER RETIRING after 35 years, presenting a great opportunity for an Investor or Owner Operator to acquire this unique property, serving the growing area in and around Priddis. In excess of $200,000 worth of IMPROVEMENTS have been made to the property in recent years! EXCELLENT RETURN : 9% CAP RATE on Net Income, before management fee (2024 & 2025 P & L)......... The General Store building was constructed in 1986 and comprises a GAS STATION, CONVENIENCE STORE, and LIQUOR STORE. A one storey frame structure on a full concrete basement, Energy efficient construction, 2x6 frame, clad with vertical cedar siding. A three-quarter verandah with wood rails wraps around the east and northerly elevations, giving the appearance of a rambling ranch style building..... The FUEL TANK was REPLACED in August 2011. The tank is double walled, composed of steel and fiberglass. CAPACITY is 65,000 litres, split into 3 compartments for regular, premium and diesel fuel. The mid-grade fuel is blended at the pumps during pumping. The GAS PUMPS were installed NEW at the same time as the tanks. GROUND WATER MONITORING WELLS are on site for testing. Monitoring sensors are located in pumps and in tanks to warn of any leaks, INCOM MONITORING SYSTEM is set up in the office.The ROOF was REPLACED with new asphalt shingles in November of 2018. The siding was stained in November 2021 and the eavestroughs and soffits were replaced at the same time. The HOT WATER TANK & FURNACE were REPLACED in 2023.......... The Plaza was constructed in 1992. The construction is on slab concrete with wood framing. There are 5 RETAIL BAYS ranging from 700 sq. ft to 2,000 sq. ft. for a total of approximately 6,839 sq. ft. Bay 5 and 4 (3,274 sq. ft) are leased out to a Restaurant and Pub. Bay 1 (717 sq. ft) leased out to a florist....... The second floor consists of 3 APARTMENTS measuring 1200 – 1378 sq. ft are all leased out. There are 2, 3-bedroom apartments and 1, 2-bedroom apartment. Each apartment has a fireplace with gas log lighter, one and half bathrooms, kitchen, a combination of a living room and dining room. Major appliances included in each apartment are washer, dryer, dishwasher, refrigerator, and stove........ The roof is asphalt shingle and was replaced 13 years ago. The flat side of the ROOF was REPLACED with MEMBRANE in June of 2024. The balcony DECKS were REPLACED with MEMBRANE in July 2016. NEWER HWT and FURNACES installed in residential apartments in September of 2020. HARDIE BOARD siding on Plaza installed in 2018. The ROOF TOP UNITS for commercial bays were REPLACED in November of 2024. The floors in the apartments were replaced in 2018. Permanent Xmas lights are installed on the edge of both the general store and plaza.....Property shows a FANTASTIC RETURN with even more UPSIDE to the right operator! More details
    Listed by MaxWell Canyon Creek
    LISTING DETAILS
    Mohit Dhilon

  • 1801 3 Avenue S in Lethbridge: Upper Eastside Retail for sale : MLS®# A2224601

    1801 3 Avenue S Upper Eastside Lethbridge T1J 0L3
    Main Photo: 1801 3 Avenue S in Lethbridge: Upper Eastside Retail for sale : MLS®# A2224601

    1801 3 Avenue S Lethbridge T1J 0L3 Upper Eastside

    $1,850,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2224601
    Build. Type:
    Free-Standing
    Fully leased investment property for sale in an ideal central location: - Desirable central location with high traffic counts - 3rd Avenue frontage (19,700 VPD+) - Private parking lot with overflow street parking - Stand-alone building - Fully leased to a quality tenant Located along 3rd Avenue South (19,700 VPD+) the property receives excellent exposure. The site offers an easily accessible location, in close proximity to Highway 3 and Mayor Magrath Drive. Quality neighbouring businesses include Auto Value Lethbridge, Lethbridge Denture Clinic, Via Cibo, Moxies, Coulee Climbing, Freddie's Paint & Detail Boutique, and Gas King, and True North Axe Throwing. More details
    Listed by AVISON YOUNG
    LISTING DETAILS
    Mohit Dhilon

  • 500 650 South Railway Avenue in Drumheller: Retail for sale : MLS®# A2234301

    500 650 South Railway Avenue Drumheller T0J 0Y6
    Main Photo: 500 650 South Railway Avenue in Drumheller: Retail for sale : MLS®# A2234301

    500 650 South Railway Avenue Drumheller T0J 0Y6

    $2,500,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2234301
    We are pleased to present the opportunity for an investor to acquire a Commercial Retail Building located at 500, 650 South Railway Avenue in Drumheller, Alberta. Offered at an attractive 6.00% CAP rate. The offering consists of one freestanding building that is operating as a Mark’s Work Wearhouse. The tenant is operating on a long-term, carefree NNN lease providing a stable cash-flow investment. Commercial Retail Building located in a busy shopping area with other national businesses such as Canadian Tire, A&W, ATB, Boston Pizza, McDonalds, Edo Japan, and Quesada. Drumheller is nestled in the heart of Alberta’s Canadian Badlands, about 110km northeast of Calgary. It’s famously known as the Dinosaur Capital of the World - and it wears that title proudly, supporting a trade area of approximately 40,000 residents. The local economy features diverse industries including oilfield and agribusiness, enhanced by the surrounding hoodoos, canyons, and fossil-rich terrain that drive tourism and reinforce the area’s retail sector. PLEASE RESPECT TENANTS PRIVACY More details
    Listed by Heartland Real Estate
    LISTING DETAILS
    Mohit Dhilon

  • 206 11 Avenue SE in Calgary: Beltline Mixed Use for sale : MLS®# A2253836

    206 11 Avenue SE Beltline Calgary T2G 0X8
    Main Photo: 206 11 Avenue SE in Calgary: Beltline Mixed Use for sale : MLS®# A2253836

    206 11 Avenue SE Calgary T2G 0X8 Beltline

    $1,100,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2253836
    Build. Type:
    Commercial Mix
    An investment opportunity! Fully leased with excellent tenants ! Located in 206 - 11th Avenue SE a building constructed in 1909 originally as a warehouse and in 1996 renovated to accommodate its current configuration of commercial and residential space the units are part of the condominium development known as Imperial Lofts. The listing contains two commercial condominium units of 2500 square feet each so 5000 square feet of usable space. There are three tenants operating in the premises, Bud Bar, Velet Bike Ski Cafe and Anime-Shuns. The space is fully sprinklered and heated by a natural gas boiler system shared with the adjacent building. Positioned in one of Calgary’s most vibrant inner city districts the commercial units present a rare opportunity to acquire condominium units in a landmark character property. Originally constructed in 1909, this iconic brick building underwent a comprehensive renovation and condominium conversion in 1996, thoughtfully blending its historic architectural charm with its modern functionality. Located in the 4-storey brick and beam building with concrete foundation, exposed post and beam construction, exterior brick facade, and a flat membrane roof. The space is fully sprinklered and serviced by natural gas boiler heating system shared with the adjacent buildings. The main and lower levels are dedicated to the commercial retail uses, while the upper three floors contain 6 residential apartment units. The property benefits from exceptional connectivity, and strong pedestrian activity, proximity to downtown Calgary, and the new entertainment district, the new Scotia Bank Arena and including the imminent Green-Line C-Train. More details
    Listed by CIR Realty
    LISTING DETAILS
    Mohit Dhilon

  • in Rural Red Deer County: Hotel/Motel for sale : MLS®# A2264380

    Rural Red Deer County
    Main Photo: in Rural Red Deer County: Hotel/Motel for sale : MLS®# A2264380

    Contact for address details

    $1,879,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2264380
    Build. Type:
    Free-Standing
    Rare opportunity to own a lakeside income property on 1.37 acres at Pine Lake, just 25 mins from Red Deer. This turnkey resort-style package includes a private 25-slip marina with boat launches, 20 leased RV lots, and a 2,600 sq ft walk-out home with two covered decks overlooking the lake. The upper level offers 2 bedrooms plus den, master suite, kitchen, and fenced yard with hot tub. A fully developed side suite provides rental income, while the partially finished walk-out level offers potential for another full suite. The attached garage and separate workshop (with bathroom and laundry for RV guests) add convenience and functionality. All RV lots are leased under low-maintenance agreements providing steady, hands-off income. Private sandy beach, next to Whispering Pines Golf Course—live on the lake, earn income year-round, and enjoy resort living at its best. - Trades Welcome. More details
    Listed by Century 21 Bravo Realty
    LISTING DETAILS
    Mohit Dhilon

  • 417 5 Street S in Lethbridge: Downtown Mixed Use for sale : MLS®# A2263674

    417 5 Street S Downtown Lethbridge T1J 2B6
    Main Photo: 417 5 Street S in Lethbridge: Downtown Mixed Use for sale : MLS®# A2263674

    417 5 Street S Lethbridge T1J 2B6 Downtown

    $1,275,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2263674
    A rare chance to own a fully leased commercial investment property in the heart of downtown Lethbridge. This well-kept multi-tenant building is home to three established long-term tenants, each on triple net leases with renewal options in place — offering strong income stability and minimal landlord responsibility. The property features private off-street parking, excellent visibility, and convenient access to nearby restaurants, shops, and professional services. With consistent cash flow and an attractive downtown location, this property is a low maintenance turnkey investment. More details
    Listed by Bankers Commercial Real Estate
    LISTING DETAILS
    Mohit Dhilon

  • On Railway Ave in Brant: Business for sale : MLS®# A2263660

    On Railway Ave Brant T0L 0L0
    Main Photo: On Railway Ave in Brant: Business for sale : MLS®# A2263660

    On Railway Ave Brant T0L 0L0

    $2,250,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2263660
    Build. Type:
    See Remarks
    Rail Siding Opportunity – This unique investment opportunity includes a high-performing CP Rail siding and adjacent feedlot support, offering strong cash flow potential and room for expansion. • Current Lease: $12,000/year. • Land Base: 5 acres total – a combination of owned land and leased land from CP Rail. • Siding Capacity: • CP Rail classifies it as a 30-car siding. • The site has space to unload 15 cars at a time. • CP typically provides 2 to 3 unload spots per week • Railcars are dropped off in two shifts (15 cars each), as they are unloaded. • Cash Flow Stream: Excellent revenue from soymeal deliveries to colonies. • Power: Equipped with 3-phase power on site. Expansion Potential: • Engineered plans may be available for siding expansion to either 50-car or 150-car capacity. Additional Notes: • Site includes an old elevator with minimal remaining value. While this site is currently being used for grain and commodity offloading, as well as different feed supplements, there are many possible uses for this site, being converted to transloading of many different products. With its close proximity to Calgary and major markets as well as major transportation corridors, this facility would be suitable for a wide variety of uses. More details
    Listed by Real Estate Centre - Fort Macleod
    LISTING DETAILS
    Mohit Dhilon

  • 39505 Highway 2 in Blackfalds: Mixed Use for sale : MLS®# A2270635

    39505 Highway 2 Blackfalds T0M 0J0
    Main Photo: 39505 Highway 2 in Blackfalds: Mixed Use for sale : MLS®# A2270635

    39505 Highway 2 Blackfalds T0M 0J0

    $1,720,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2270635
    73.19 ACRES of development land located east of Highway 2 in the Town of Blackfalds. Presently has Industrial Development to the south boundary and residential development to the east side. Town is open to either Industrial or residential development. Excellent exposure to Highway #2. Excellent Investment Property in one of the fastest growing communities in Alberta. More details
    Listed by RE/MAX real estate central alberta
    LISTING DETAILS
    Mohit Dhilon
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Data was last updated September 22, 2026 at 04:05 PM (UTC)
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

Why Calgary Commercial Cap Rates Are Moving the Way They Are in 2026

Industrial · Multifamily · Office · Retail Trends

Industrial Momentum

Two consecutive years of transaction growth and a stabilizing cap rate around 6.9% make industrial the strongest-performing segment of Calgary's commercial market right now. Logistics operators, contractors and owner-users continue to drive demand for industrial property for sale in Calgary, particularly in the NE and SE submarkets.

No Rent Control Keeps Multifamily Cap Rates Tight

Alberta's lack of rent control legislation continues to make Calgary apartment-building commercial real estate attractive to private investors seeking predictable income growth alongside the city's population growth, even with 2026 YTD multifamily transaction volume down 19.5%. Population growth of 13.1% over the past three years and a median household income of $114,200, the highest of any major Canadian metro, continue to support the underlying rental demand behind that pricing.

Office Is Repricing, Not Stalling

A 12.1% market cap rate looks alarming next to industrial or multifamily, but the 55.9% YTD jump in office sales volume shows buyers are actively transacting at these levels; this is a market finding its floor, not one that's frozen.

Retail Stays the Boring, Reliable Middle

Calgary commercial cap rates in retail have moved the least of any sector over the past five years, which is exactly what you'd expect from a segment anchored by grocery and service tenants with long-term leases.

📍 Market Overview: Calgary commercial real estate highlights key divergence across asset classes, with strong fundamentals in industrial and retail contrasting against ongoing office repricing.

How to Calculate and Use a Cap Rate

Cap Rate = Net Operating Income (NOI) ÷ Purchase Price.

Before comparing any listing to the Calgary commercial cap rates above, calculate NOI from verified financials: gross income minus vacancy allowance and operating expenses, excluding debt service, then divide by the asking price. If your number sits meaningfully below the current range for that asset type, you're likely paying a premium for location, tenant quality, or building condition. If it sits above the range, dig into why: deferred maintenance, a short remaining lease term, or elevated vacancy risk are the usual culprits.

Sunridge Mall Retail

Frequently Asked Questions

What are the current Calgary commercial cap rates by property type?

As of 2026, Calgary commercial cap rates sit at approximately 12.1% for office, 6.9% for industrial, 6.7% for retail, and 5.2% for multifamily, based on current capital markets data. These are market-wide averages; individual asset pricing varies by location, building quality, and tenant covenant.

Why are Calgary commercial cap rates so much higher for office than other sectors?

Office cap rates have expanded from 9.5% in 2021 to 12.1% today because buyers are pricing in real leasing risk from elevated downtown vacancy, not just current income. Even so, office sales volume is up 55.9% year-to-date, showing active repricing rather than a frozen market.

Are Calgary commercial cap rates higher than Toronto or Vancouver?

Yes, particularly in multifamily. Calgary multifamily investment yields typically run 4.75% to 5.25%, which is 50 to 100 basis points above comparable assets in Vancouver and Toronto, offering more income per dollar invested at a lower entry price.

Which Calgary commercial sector has the most stable cap rates?

Retail and multifamily have shown the least year-over-year movement over the past five years. Multifamily in particular has held close to 5.2% to 5.3% since 2023, supported by Alberta's lack of rent control and continued population growth.

How is a market cap rate different from a transaction cap rate?

A market cap rate is a broader, model-based estimate reflecting overall pricing trends across an asset class, while a transaction cap rate reflects the actual yield on a specific closed sale. Always verify a specific deal's cap rate against recent comparable transactions, not just the market average.

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.