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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  • 1717 10A Street SW in Calgary: Lower Mount Royal Multi Family for sale : MLS®# A2347829

    1717 10A Street SW Lower Mount Royal Calgary T2T 3J9
    Main Photo: 1717 10A Street SW in Calgary: Lower Mount Royal Multi Family for sale : MLS®# A2347829

    1717 10A Street SW Calgary T2T 3J9 Lower Mount Royal

    $2,200,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2347829
    Rare inner-city income property in the heart of Lower Mount Royal. This 10-unit, 3-storey walk-up sits on a 6,500 SF M-C2 zoned lot in one of Calgary's most established and desirable SW neighbourhoods, steps from 17th Avenue, restaurants, transit, and amenities. Built in 1963 and solidly constructed, the building offers a suite mix of 4 one-bedroom and 6 two-bedroom units, with current rents running meaningfully below the immediate neighbourhood market, representing a clear value-add opportunity. The right buyer is one who can acquire without conventional financing constraints, optimize the rent roll over the near term, and hold a well-located inner-city asset in a submarket with genuine long-term demand fundamentals. Financials and rent roll available upon request. More details
    Listed by CDN Global Advisors Ltd.
    LISTING DETAILS
    Mohit Dhillon

  • 233 25 Avenue NE in Calgary: Tuxedo Park Multi Family for sale : MLS®# A2348704

    233 25 Avenue NE Tuxedo Park Calgary T2E 1Y2
    Main Photo: 233 25 Avenue NE in Calgary: Tuxedo Park Multi Family for sale : MLS®# A2348704

    233 25 Avenue NE Calgary T2E 1Y2 Tuxedo Park

    $3,699,999
    Commercial
    Status:
    Active
    MLS® Num:
    A2348704
    Tuxedo Place – Boutique Multi-Unit Investment Opportunity in Central Calgary Introducing Tuxedo Place — a rare, purpose-built 8-unit investment property ideally located in the heart of Tuxedo Park, one of Calgary’s most accessible and evolving inner-city neighbourhoods. This turnkey rental property sits on a 75 ft x 120 ft (9,000 sq ft) lot and offers a functional unit mix that appeals to a wide range of tenants. The property is comprised of 4 well-designed townhomes and 4 legal basement suites, with one suite per townhome. Each townhome offers bright, spacious layouts with modern finishes, while the basement suites are fully self-contained with private entrances, providing strong additional rental income. The design and configuration support both owner-occupancy and full investment use. Fully leased and generating positive cash flow, Tuxedo Place offers investors immediate, stabilized income in a highly desirable inner-city rental market. Strong location fundamentals support consistent occupancy and long-term appreciation, with residents enjoying convenient access to downtown Calgary, major transit corridors, Confederation Park, schools, shopping, restaurants, and recreational amenities. A significant investment advantage is the existing assumable CMHC-insured mortgage at 3.729%, maturing December 1, 2030, subject to lender and CMHC approval. This below-market financing presents a rare opportunity for qualified purchasers to secure favourable debt, potentially enhancing cash flow and reducing financing costs while acquiring a stabilized, income-producing asset. Rarely do stabilized, purpose-built multifamily assets with assumable CMHC financing become available in Calgary’s premier inner-city market. Tuxedo Place represents an exceptional opportunity for private investors, family offices, and institutional buyers seeking immediate cash flow, long-term appreciation, and attractive in-place financing. With its 8-unit configuration, strong tenant appeal, desirable central location, and future redevelopment potential, Tuxedo Place offers a compelling combination of current income and long-term upside. An exceptional opportunity to acquire a stabilized, income-producing multifamily asset with favourable assumable financing in one of Calgary’s established inner-city communities More details
    Listed by Royal LePage Solutions
    LISTING DETAILS
    Mohit Dhillon

  • 1212 9 Avenue SE in Calgary: Inglewood Retail for sale : MLS®# A2348719

    1212 9 Avenue SE Inglewood Calgary T2G 0T1
    Main Photo: 1212 9 Avenue SE in Calgary: Inglewood Retail for sale : MLS®# A2348719

    1212 9 Avenue SE Calgary T2G 0T1 Inglewood

    $2,100,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2348719
    Build. Type:
    Commercial Mix
    GREAT fully leased investment opportunity or an opportunity to owner-occupy the second floor, with a fully leased main floor. Offered at an attractive 6.00% CAP rate. Excellent location in the heart of Inglewood, one of Calgary's premiere retail communities. 2 tenant building fronting 9th avenue. Full service restaurant on main, tap room on second (tap room will relocate, if required). South facing 47 seat patio. See brochure for additional details. PLEASE RESPECT TENANTS PRIVACY. More details
    Listed by RE/MAX First
    LISTING DETAILS
    Mohit Dhillon

  • 402 Centre Street SE in High River: Central High River Business for sale : MLS®# A2348029

    402 Centre Street SE Central High River High River T1V 2C2
    Main Photo: 402 Centre Street SE in High River: Central High River Business for sale : MLS®# A2348029

    402 Centre Street SE High River T1V 2C2 Central High River

    $2,995,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2348029
    Build. Type:
    Free-Standing
    Here is an opportunity to take over a well established bar and grill in the growing community of High River. Sally’s Bar & Grill has built its business around a comfortable, casual atmosphere, traditional pub style food, cold drinks and regular entertainment that keeps customers coming back. Located on Centre Street SE, the business benefits from a visible and easily accessible location and serves a mix of local regulars, surrounding rural customers and visitors to the High River area. The restaurant and bar offers an established food and beverage operation with a familiar neighbourhood pub atmosphere. Regular entertainment including karaoke, live music and special event nights gives the business additional reasons to bring customers through the doors beyond the traditional lunch and dinner business. A significant feature of this operation is its 14 VLTs, which provide an additional and established revenue stream to the business. The VLT operation generates strong cash flow and complements the food, beverage and entertainment sides of the business, giving a purchaser multiple sources of revenue within one established operation. This is the type of business that gives a new owner several directions to take it. Continue operating Sally’s and build on the existing customer base, local recognition and established revenue streams, or bring your own ideas, marketing and operating style to the location. For an owner/operator looking for an established restaurant and bar outside Calgary, this is a solid opportunity to step into an existing operation in a strong Southern Alberta community. High River recorded a population of more than 14,300 in the 2021 Census and also serves as an important commercial and service centre for the surrounding Foothills region. Foothills County recorded a population of more than 23,000 and includes a large rural trading area made up of nearby communities, acreages, agricultural operations and country residential properties. High River’s location approximately 30 minutes south of Calgary’s southern city limits also gives the community strong regional access, while continued residential, commercial and employment growth throughout the Foothills area supports the long term potential of the local market. A solid opportunity to acquire an established hospitality business with an existing customer base, recognizable local presence, multiple revenue streams and access to a trading area that extends well beyond the Town of High River itself. Contact your agent for additional information and details on the business. More details
    Listed by CIR Realty
    LISTING DETAILS
    Mohit Dhillon

  • 1435 9 Avenue SE in Calgary: Inglewood Retail for sale : MLS®# A2350172

    1435 9 Avenue SE Inglewood Calgary T2G 0T4
    Main Photo: 1435 9 Avenue SE in Calgary: Inglewood Retail for sale : MLS®# A2350172

    1435 9 Avenue SE Calgary T2G 0T4 Inglewood

    $2,795,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2350172
    Build. Type:
    Free-Standing
    Prime Inglewood Commercial Property Rare Retail Opportunity – BUSINESS RELOCATING This exceptional commercial/retail property presents an unparalleled opportunity in the heart of Inglewood. With the tenant planning to relocate, the property offers vacant possession or the possibility of a short-term leaseback. Strategically located just one block west of the proposed Brewery Rail Lands Development—anticipated to add ±1,500 residents and ±800 jobs to the neighborhood—this property is ideally positioned for significant growth and vibrancy. Property Highlights: • Lot Size: 8,137 sq. ft. (66’ x 123’) • Developed Space: 8,524 sq. ft. o Upper Level: 3,910 sq. ft. with soaring 15 ft ceilings o Lower Level: 3,944 sq. ft. with spacious 9 ft ceilings • Cap Rate Expectation: 6.0% Cap Currently home to an established, quality Italian furniture and design studio, this property offers incredible potential for a wide range of uses, including a studio, restaurant, music venue, or diverse retail concepts. Historical and Architectural Significance: Originally constructed in 1950 as St. George's Odd Fellows Lodge Hall, the building holds a rich history as a social hub and contributor to East Calgary's commercial vitality. Its Art Moderne style, featuring smooth stucco exteriors, vertical buttresses, and projecting corner piers, makes it a distinctive and valuable addition to the historical streetscape of 9th Avenue—Calgary's first main street. This well-preserved building continues to reflect its original character while offering modern adaptability. The solid concrete block construction presents the exciting potential for expansion, such as a rooftop patio or an additional floor. Don’t miss this exclusive opportunity to own a property that blends historical charm, architectural significance, and immense future potential in one of Calgary's most sought-after neighborhoods. Contact your realtor today to explore this unique offering! More details
    Listed by D.C. & Associates Realty
    LISTING DETAILS
    Mohit Dhillon

  • 186007 Priddis Valley Road W in Rural Foothills County: Mixed Use for sale : MLS®# A2349348

    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®# A2349348

    186007 Priddis Valley Road W Rural Foothills County T0L 1W1

    $2,290,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2349348
    OWNER RETIRING after 36 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 $250,000 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 with LIQUOR SALES. 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......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 Dhillon

  • 1201 Bow Valley Trail in Canmore: Bow Valley Trail Hotel/Motel for sale : MLS®# A2350925

    1201 Bow Valley Trail Bow Valley Trail Canmore T1W 1P5
    Main Photo: 1201 Bow Valley Trail in Canmore: Bow Valley Trail Hotel/Motel for sale : MLS®# A2350925

    1201 Bow Valley Trail Canmore T1W 1P5 Bow Valley Trail

    $10,395,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2350925
    Established 14-room boutique inn on approx 15,771 sq ft of commercial land in the Bow Valley Trail Central Commercial District (BVT-C). Turnkey operation with experienced management in place, suited to hands-off ownership or an owner-operator model. Substantial recent capital investment in guest areas, wellness amenities and dedicated event space, plus infrastructure upgrades (boiler/heating, electrical, fire protection). The event space creates standalone revenue and drives midweek and shoulder-season room demand. Demonstrated peak-season demand with unused inventory in shoulder season, winter and midweek. 14 dedicated parking stalls plus additional on-site capacity. Development optionality: a 2026 test fit identified approx 23,650 sq ft of allowable FAR and a conceptual 34-room boutique hotel (preliminary, subject to approvals). Financials, occupancy/ADR and NOI available to qualified purchasers under confidentiality More details
    Listed by RE/MAX Alpine Realty
    LISTING DETAILS
    Mohit Dhillon
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Data was last updated October 9, 2026 at 10:05 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.