Once regarded as the tightest commercial market in the country, things in downtown Calgary are beginning to change for prospective tenants.

According to a report from CBRE Limited, the first quarter of 2013 saw absorption in Calgary drop substantially, with 260,281 sq. ft. of sublet space returning to the office market. As a result, sublet space now accounts for 43.3 per cent of downtown vacant space, up from 8.7 per cent at this time last year.

Backed by continued expansion in the energy sector and lack of available space, rents in Calgary's downtown office market saw a massive surge in 2012.

According to commercial real estate firm Cushman & Wakefield's Office Space Across the World 2013 report, rents in the city's central core rose by nearly a third last year, and trailed only Bogata, Rio de Janeiro and Sao Paulo for rental growth in the Americas.

From its borders to its centre, Calgary's inner city is home to some of the city's most storied historical sites and bustling neighbourhoods; and is continually sought out by an eclectic group of homeowners and renters alike.

Bankview resident Vanessa Vegter loves the fact her community is both affordable and conveniently located near 17th Avenue and several city bus routes.

With no new supply forecasted for 2013, Calgary's currently continually thriving commercial market might have to look beyond downtown for real estate.

According to a 2013 market outlook by CB Richard Ellis (CBRE), Calgary's sq. ft. absorption for the end of the year is a forecasted 2.13 million sq. ft. with an expectation of decreasing to 0.04 million sq. ft. in 2013 because of the lack of new product.