Ottawa’s commercial real estate sector generated roughly $2.6 billion in economic activity in 2011, according to a new study prepared for a local industry association.
The study, prepared by accounting firm Deloitte Canada for the Ottawa chapter of the Building Owners and Managers Association, found that resulted in just over $600 million going to city government through mechanisms such as property taxes and development charges.
“The study’s results operate as a starting point for discussions between property developers and government on how to best ensure government decisions continue to support this important revenue-generating sector,” said Pierre Azzi, president of BOMA Ottawa.
(Sponsored)
OBJ launches the 2026 Executive Report on Cornwall
Cornwall has emerged as one of Eastern Ontario’s most compelling locations for business investment, thanks to a combination of affordability, strategic positioning, and a steadily growing economic base.
OCOBIA eyes Ottawa BIA expansion as it gears up for election year
Michelle Groulx says it’s not difficult to spot the Ottawa neighbourhoods with their own business improvement area (BIA). That’s because, she says, BIAs are a visual and experiential representation of
The vast majority of the economic output came from office buildings, according to a BOMA news release. Creating space for federal government employees and the high-tech sector helped generate $1.6 billion.
The next biggest sector was retail, which was responsible for $664 million. Industrial properties for areas such as transport, construction and manufacturing came next, bringing in $549 million.
Deloitte said the Ottawa study was one of the firsts of its kind, and as such did not have any comparable figures for other cities or local economic sectors.
