Healthy tenant demand, combined with limited availabilities in desirable locations, kept Ottawa’s industrial vacancy rate at four per cent for the second straight quarter, a recent report says.
Collier’s midyear research report says that many properties that were on the market at the start of the year are still sitting empty even as tenant demand rises.
“While the space is there, much of it may not be in a location that is right for the tenant,” Colliers says.
For example, the limited amount of highly sought-after industrial space in the central-west submarket, with its reasonable proximity to Highway 417 and downtown, cannot always meet demand, the real estate services firm says.
The central-west vacancy rate declined to 2.6 per cent in the second quarter, down from three per cent in the first quarter, according to Colliers’ figures.