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

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13-24/91

  • 10620 117 Avenue in Grande Prairie: Royal Oaks Industrial for sale : MLS®# A2274000

    10620 117 Avenue Royal Oaks Grande Prairie T8V 7N7
    Main Photo: 10620 117 Avenue in Grande Prairie: Royal Oaks Industrial for sale : MLS®# A2274000

    10620 117 Avenue Grande Prairie T8V 7N7 Royal Oaks

    $1,475,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2274000
    This investment opportunity offers strong, reliable cash flow in the carwash industry and has recently undergone equipment and mechanical upgrades, allowing new ownership to step directly into a turnkey operation. Ideally positioned just off the high-traffic By-Pass and backing onto high-density residential, the location is second to none and situated on a generous 1-acre lot. The facility features six well-appointed wash bays with coin and credit card controls, high-pressure wands, and brushes, and the building has been well maintained with excellent entry and exit access, along with a secured office inside. Call your Commercial Realtor© today for further information. More details
    Listed by RE/MAX Grande Prairie
    LISTING DETAILS
    Mohit Dhillon

  • 9326 81 Avenue in Clairmont: Industrial for sale : MLS®# A2273356

    9326 81 Avenue Clairmont T8X 0M9
    Main Photo: 9326 81 Avenue in Clairmont: Industrial for sale : MLS®# A2273356

    9326 81 Avenue Clairmont T8X 0M9

    $1,799,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2273356
    Situated on 1.2 acres with excellent access to Highways 43 and 2 North, this separately metered duplex shop presents a strong investment opportunity with long-term tenants in place, including a federal government agency, and a current NOI of $129,000 set to escalate to $135,000 in April 2027. Unit A offers 3,000 sq. ft. with a welcoming reception area, main bathroom, kitchen, laminate flooring, ample storage, and an upper level featuring a large private office with a mini-kitchen and space for additional offices or storage, plus a clean rear shop with 14' x 18' overhead door, mezzanine, and fenced yard. Unit B totals 4,500 sq. ft. and includes a similar front office layout with reception, bathroom, kitchen area, storage, and three upper-level offices, along with a bright rear shop featuring a 14' x 18' overhead door, mezzanine, and fenced, graveled yard. Fully leased and well maintained, this is a rare chance to acquire a stable income-producing asset in a strong commercial corridor. Contact your Commercial Realtor© today to arrange a viewing. More details
    Listed by RE/MAX Grande Prairie
    LISTING DETAILS
    Mohit Dhillon

  • 5505, 5509, 5513, 5517 46 Street in Olds: Mixed Use for sale : MLS®# A2281010

    5505, 5509, 5513, 5517 46 Street Olds T4H 1H5
    Main Photo: 5505, 5509, 5513, 5517 46 Street in Olds: Mixed Use for sale : MLS®# A2281010

    5505, 5509, 5513, 5517 46 Street Olds T4H 1H5

    $2,665,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2281010
    Build. Type:
    Commercial Mix
    A rare and compelling Highway 27 opportunity in the Town of Olds. This offering comprises four civic addresses across two titles, with three properties consolidated on a single title, creating a unique and flexible commercial assemblage with both immediate income and long-term redevelopment upside. Prominently fronting Olds’ primary east–west commercial corridor, the property benefits from excellent visibility, strong traffic exposure, rear lane access, and a mix of established uses. The commercial components are leased on a triple-net basis, providing stable income with minimal management, while the residential component contributes additional holding revenue. The commercial space includes a Mr. Mike’s Steakhouse location, a nationally recognized Canadian casual-dining. The majority of the site is zoned Commercial General District (CGD), supporting a wide range of highway-oriented commercial, retail, service, and mixed-use opportunities. A portion of the property is zoned Traditional Neighborhood District (RTD) and is directly adjacent to CGD lands, presenting a logical future rezoning opportunity subject to Town approval. This mixed zoning configuration is typical of evolving commercial corridors and offers meaningful flexibility for phased redevelopment. Whether held as an income-producing investment, repositioned over time, or assembled for future redevelopment, this property offers a rare combination of scale, frontage, zoning diversity, and title consolidation in a growing regional market. Opportunities of this nature along Highway 27 are increasingly scarce. An ideal acquisition for investors and developers seeking exposure to Olds’ main commercial corridor with both cash flow today and upside tomorrow. More details
    Listed by D.C. & Associates Realty
    LISTING DETAILS
    Mohit Dhillon

  • 414 21 Street SE in High River: Highway Industrial Park High River Industrial for sale : MLS®# A2279558

    414 21 Street SE Highway Industrial Park High River High River T1V 2A7
    Main Photo: 414 21 Street SE in High River: Highway Industrial Park High River Industrial for sale : MLS®# A2279558

    414 21 Street SE High River T1V 2A7 Highway Industrial Park High River

    $1,277,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2279558
    FOR SALE : 1.4 ACRES with a 4200 SQ FT Steel Structure building.... Fully Leased. Property FEATURES 6 - 14 ft Overhead doors allows trucks to drive through ; 3 bays each 60 ft deep ; originally the building was used as a truck and car wash ; ideal site for a potential second building, subdivision of a second lot [subject to town of High River approval ];fenced yard ; gravel packed rear yard ,security fenced and good highway access. New Air Exchange system installed in 2025. More details
    Listed by Royal LePage Solutions
    LISTING DETAILS
    Mohit Dhillon

  • 5023 3rd Avenue in Edson: Mixed Use for sale : MLS®# A2283616

    5023 3rd Avenue Edson T7E 1X7
    Main Photo: 5023 3rd Avenue in Edson: Mixed Use for sale : MLS®# A2283616

    5023 3rd Avenue Edson T7E 1X7

    $995,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2283616
    Build. Type:
    Commercial Mix
    This highly visible commercial property offers over 24,000 sq. ft. of flexible space and is currently generating $10,900 per month in rental revenue. The building is configured into multiple rentable units, providing diversified income, with the option to reconfigure into a single large operation if desired. Situated on 12 titled lots, the property offers ample on-site parking for staff and customers, excellent access, and a loading/unloading dock ideal for retail, service, or light commercial users. With strong exposure from Highway 16 in both eastbound and westbound directions, the location supports long-term tenant demand. The building has benefited from several upgrades over the years, including capital improvements completed in 2024, such as a new rooftop A/C and heating unit, fire panel upgrade, and new flooring in select areas, helping reduce near-term capital expenditure for a new owner. Zoned C-2 Service Commercial, this well-maintained asset presents a compelling opportunity for investors seeking stable cash flow, future upside, and flexibility in use within one of Edson’s most accessible commercial corridors. More details
    Listed by CENTURY 21 TWIN REALTY
    LISTING DETAILS
    Mohit Dhillon

  • 6409 51 Avenue in Whitecourt: Industrial for sale : MLS®# A2290781

    6409 51 Avenue Whitecourt T7S 1N9
    Main Photo: 6409 51 Avenue in Whitecourt: Industrial for sale : MLS®# A2290781

    6409 51 Avenue Whitecourt T7S 1N9

    $999,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2290781
    INVESTOR ALERT!! This 8 bay shop is fully rented, with 5 long term tenants. This profitable investment will be great for a new investor with as little as $50k down, with a cap rate of almost 10% and a ROI of over 25% !! Located in the Whitecourt West Industrial Park, it is on the edge of the Duvernay Formation, one of North America's largest new gas reserves. More details
    Listed by RE/MAX ADVANTAGE (WHITECOURT)
    LISTING DETAILS
    Mohit Dhillon

  • 102 6 Avenue SE in Medicine Hat: SE Hill Mixed Use for sale : MLS®# A2293355

    102 6 Avenue SE SE Hill Medicine Hat T1A 2S2
    Main Photo: 102 6 Avenue SE in Medicine Hat: SE Hill Mixed Use for sale : MLS®# A2293355

    102 6 Avenue SE Medicine Hat T1A 2S2 SE Hill

    $1,100,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2293355
    Build. Type:
    Commercial Mix
    Fully leased downtown investment opportunity featuring a 4,224 SF retail building on 0.41 acres in the heart of Medicine Hat. The property is anchored by Circle K and Quesada Burritos & Tacos and benefits from great exposure and access along a prominent downtown corridor. As the only convenience store in the downtown core, the property captures consistent daily traffic from surrounding offices, government services, supporting long-term tenant performance. More details
    Listed by AVISON YOUNG
    LISTING DETAILS
    Mohit Dhillon

  • 392 Centre Street in Drumheller: Downtown Drumheller Hotel/Motel for sale : MLS®# A2295532

    392 Centre Street Downtown Drumheller Drumheller T0J 0Y0
    Main Photo: 392 Centre Street in Drumheller: Downtown Drumheller Hotel/Motel for sale : MLS®# A2295532

    392 Centre Street Drumheller T0J 0Y0 Downtown Drumheller

    $2,799,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2295532
    Rare opportunity to become an owner operator of your own established motel/hotel in the heart of Drumheller-the Dinosaur capital of Alberta! This is your chance to own an "Econolodge Inn and Suites", a name synonymous with reliability and value. There are 54 suites offering a variety of sleeping arrangements, and, onsite living quarters for the owner/manager! This is a low overhead business offering a bustling very busy summer season. Located downtown, there is ample parking on the property and the motel offers breakfast dining. For the ultimate in convenience, there is a Shoppers Drug Mart right across the street. Drumheller is famous for its Dinosaurs and is only 110km from Calgary. Also, it is home to the 2nd largest natural gas field in Alberta. Tourism plays the largest part in attracting visitors including the "worlds largest dinosaur", "Canadian Badlands Passion Play" at the amphitheatre, and of course, the "Royal Museum of Paleontology. The museum itself attracts half a million visitors every year! Add the spectacular Hoodos and you can see why Drumheller is a top Alberta destination! The hotel achieves an attractive cap rate and provides a relaxed, yet profitable lifestyle. If you're looking to run a profitable business while enjoying a small town feel, this might be the business you've been looking for! More details
    Listed by RE/MAX House of Real Estate
    LISTING DETAILS
    Mohit Dhillon

  • 6100, 6124, 6128 403 Mackenzie Way SW in Airdrie: Downtown Retail for sale : MLS®# A2293992

    6100, 6124, 6128 403 Mackenzie Way SW Downtown Airdrie T4B 3V7
    Main Photo: 6100, 6124, 6128 403 Mackenzie Way SW in Airdrie: Downtown Retail for sale : MLS®# A2293992

    6100, 6124, 6128 403 Mackenzie Way SW Airdrie T4B 3V7 Downtown

    $4,500,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2293992
    403 MacKenzie Way SW presents a strategically located commercial investment opportunity in the heart of Airdrie. Shadow anchored by Sobeys and supported by more than 800 residential condominium units within a two-block radius, the property benefits from strong built-in traffic and a dense surrounding customer base. Positioned along Railway Avenue SW with convenient access to Calgary and Highway 2, the asset offers excellent connectivity within one of Alberta’s fastest-growing municipalities. Abundant surface parking for customers and 8 underground parking stalls with two adjoining storage lockers (5’W x 8’L x 8’H each) further enhance functionality and tenant appeal. DO NOT DISTURB TENANT OCCUPIED SPACES, - Avg. 10 year NOI $270,000. NDA available to be signed prior to disclosure of financials. More details
    Listed by CDN Global Advisors Ltd.
    LISTING DETAILS
    Mohit Dhillon

  • in Calgary: Business for sale : MLS®# A2295896

    Calgary
    Main Photo: in Calgary: Business for sale : MLS®# A2295896

    Contact for address details

    $3,650,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2295896
    Fully leased stand-alone building in downtown Calgary, offering a 7% return on investment. Net rental income is $255,000. Located in the central part of the city on Centre Street and Fifth Avenue. The property has a 9,100 sq ft footprint on a lot measuring 65 ft front by 140 ft deep, with CR20-C20/R20 zoning. It has high yield potential and neighbour land assembly options. The total frontage can be extended to 115 ft along 5th Avenue. Situated across from the Bow Tower, it is an excellent holding property with current income, potential for appreciation, and development opportunities. More details
    Listed by First Place Realty
    LISTING DETAILS
    Mohit Dhillon

  • 8 Anderson Close in Whitecourt: Multi Family for sale : MLS®# A2297822

    8 Anderson Close Whitecourt T7S 0A6
    Main Photo: 8 Anderson Close in Whitecourt: Multi Family for sale : MLS®# A2297822

    8 Anderson Close Whitecourt T7S 0A6

    $1,750,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2297822
    Build. Type:
    Low Rise (2-4 stories)
    RENTAL INCREASE IN PLACE FOR JAN 1/27 increasing Revenue by $6,000 per year. Two 4 unit 2 storey townhouse 3 bedroom condo units seperate titles owned by one owner with no condo fees in excellent pride of ownership condition and good tenant appeal allowing for little turn over. The only common area is the lane access to back of each unit. Triple M manufactured and still retains 10 year structural warranty. 1346 sf affords comfortable living with a 1/2 bath on Main and two full bathrooms in upstairs . 6 units are basement developed with high windows and another full bath. Fridge stove washer dryer dishwasher microwave and window coverings are included. Excellent revenue property with proforma available. can be condominunized and sold as seperate units. shed hs about $5,000.00 in spare parts.. 6.7% cap rate. More details
    Listed by RE/MAX ADVANTAGE (WHITECOURT)
    LISTING DETAILS
    Mohit Dhillon

  • 6180 Township Road 810 in Rural Saddle Hills County: Business for sale : MLS®# A2297946

    6180 Township Road 810 Rural Saddle Hills County T0H 3G0
    Main Photo: 6180 Township Road 810 in Rural Saddle Hills County: Business for sale : MLS®# A2297946

    6180 Township Road 810 Rural Saddle Hills County T0H 3G0

    $6,200,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2297946
    An exceptional opportunity to acquire a fully operational sand and gravel pit in Saddle Hills County, Alberta, offering both immediate cash flow potential and long-term resource value. Located at 6180 Township Road 810, this rare asset combines income-producing land, proven aggregate reserves, and established infrastructure, making it ideal for investors, construction companies, and resource operators. This offering includes 1,318,124 + cubic meters of high-quality sand and gravel, representing approximately $35 million in saleable product at current market pricing. The deposit has been extensively tested and historically meets Alberta Transportation specifications, making it suitable for road construction, municipal projects, oil and gas applications, and agricultural use. Operating for over 20 years, the business has built a strong client base across municipal, commercial, and industrial sectors, providing a solid foundation for continued revenue generation. The sale includes a quarter section of land, with additional rights to explore and extract from surrounding parcels, creating further upside and expansion potential. The property is fully equipped with key infrastructure, including an 80’ x 12’ electronic weigh scale, scale house, and ticketing system, allowing for efficient day-to-day operations. A 42’ x 56’ industrial shop, built in 2009, offers durable construction with a concrete pad, mezzanine office, and future-ready in-floor heating, supporting equipment storage and maintenance. A water license for diversion and gravel washing is in place, along with a current code of practice, ensuring operational continuity and regulatory compliance. This turnkey setup allows a new owner to step in and scale operations immediately. Offered at $7,200,000, this asset presents a compelling investment case with significant remaining reserves and projected strong returns, supported by ongoing demand for aggregate materials across Northern Alberta infrastructure and development projects. This is a rare chance to secure a high-value natural resource asset with proven performance, expansion potential, and long-term income generation in a strategic Alberta location. More details
    Listed by Real Broker
    LISTING DETAILS
    Mohit Dhillon
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Data was last updated October 7, 2026 at 08:05 AM (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.