Calgary’s Booming Tech & Data Centre Industry: A Growing Powerhouse

Calgary is rapidly emerging as a leading hub for technology and data centres, driving economic growth and attracting significant investment. With its strong talent pool, supportive business environment, and increasing infrastructure developments, Calgary is becoming a major player in North America’s tech ecosystem. 

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The Tech Industry: A Fast-Growing Hub

Calgary now employs over 60,000 tech workers, marking an astonishing five-year growth rate of 78%. This expansion has positioned Calgary as “Canada’s fourth-largest tech hub”* and ranked it 17th in North America. Notably, the city stands out in key areas:

• Top 10 for tech talent acquisition.
• Top 25 for startup venture capital runway.
• Top 30 for ecosystem size and performance.

*The Global Startup Ecosystem Report 2024

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Calgary has also become a hotspot for startups, particularly in Cleantech, Fintech, and Agtech. The city’s affordability and access to capital further bolster its reputation as a thriving tech ecosystem. Some of Calgary’s most successful tech firms include Neo Financial, which topped Deloitte’s Fast 50 list with an unprecedented 154,022% growth over four years, and PurposeMed, which reported 16,169% growth.

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From 2018 to 2024, the number of tech companies in Alberta has skyrocketed from 1,200 to over 3,000. This growth has added $8.1 billion to Calgary’s economy between July 2021 and December 2023, with local firms raising $630 million in venture capital in 2024 alone. Since 2020, Alberta’s tech companies have secured nearly $3.3 billion across 430 deals, reflecting a staggering 450% increase over five years.

With Calgary ranked as the fastest-growing tech talent market in North America, generating 26,000 new positions between 2018 and 2023, the city is primed for continued expansion.

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Data Centres: A Key to the Future

Calgary’s data centre industry is also gaining momentum. Currently ranked 6th in Canada, the city is home to 24 colocation data centres, 82 cloud service providers, and 24 network fabrics. DataHive operates Calgary’s top-ranked data centre, further solidifying the city's position in the tech market. Alberta is well-positioned for future data centre expansion due to its available land, reliable electricity supply, and skilled workforce.

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The demand for data infrastructure is growing rapidly. TransAlta Corp, Alberta's largest power generator, has signaled its interest in developing two 400-megawatt data centres at its Keephills power plant. Meanwhile, eStruxture Data Centers (based in Montreal) has announced a $750 million, 90-megawatt facility just north of Calgary. AESO data suggests over 10,000 megawatts of demand for proposed data centre projects in Alberta, with 15 major proposals currently in the pipeline. Alberta's Technology Minister, Nate Glubish,believes Alberta could attract up to $100 billion in data centre investments over the next five years.

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A key player in this growing sector is CoolIT Systems (CoolIT), a Calgary-based company that has become the most trusted direct liquid cooling solution provider in the market. Founded in 2001, CoolIT initially focused on the desktop gaming industry but transitioned into providing liquid cooling solutions for the data centre industry in 2014. Today, it is a global leader in designing cooling solutions for data centres and server OEMs.

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We recently worked with CoolIT to secure its new head office in Calgary, spanning 46,000 SF in Quarry Park. Additionally, we assisted in establishing and expanding CoolIT’s 149,000 SF manufacturing facility and R&D lab at iPort Starfield. This expansion has created hundreds of jobs and further strengthened Calgary’s technology and data centre ecosystem.

Competitive Landscape

Whilst Calgary continues to establish itself as a key player in the tech industry, competition remains fierce. External factors such as international trade policies and tariffs could impact growth. While the extent of this impact is uncertain, rising construction costs due to tariffs on steel, aluminum, and copper could make data centre developments more expensive. A survey conducted by MaRS & Communitech found that 70% of Canadian startups generate revenue from the U.S., and 41% foresee revenue losses in 2025 if tariffs are imposed. Additionally, 58% worry about sourcing materials from across the border, and 26% are reassessing international expansion plans.

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The Road Ahead

Despite potential challenges, Calgary’s tech and data centre industries are on an upward trajectory. With significant investment, rapid job growth, and increasing infrastructure developments, the city is set to become a powerhouse in North America’s tech scene. As more companies recognize the advantages Calgary offers, the city's reputation as a leading tech and data hub will only continue to grow.

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For any further inquiries or support, don’t hesitate to reach out to Justin Mayerchak, Executive Vice President & Partner. You can find his contact information and professional profile here.

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Author: Justin Mayerchak, Executive Vice President & Partner

About Colliers

Colliers (NASDAQ, TSX: CIGI) is a leading global diversified professional services company, specializing in commercial real estate services, engineering consultancy and investment management. With operations in 70 countries, our 22,000 enterprising professionals provide exceptional service and expert advice to clients. For nearly 30 years, our experienced leadership – with substantial inside ownership – has consistently delivered approximately 20% compound annual investment returns for shareholders. With annual revenues exceeding $4.5 billion and $99 billion of assets under management, Colliers maximizes the potential of property, infrastructure and real assets to accelerate the success of our clients, investors and people. Learn more at Colliers, X @Colliers or LinkedIn.

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