Ottawa’s office market recorded its smallest vacancy rate increase last quarter since the start of the COVID-19 pandemic, according to data from commercial real estate services firm CBRE.
The citywide vacancy rate rose 20 basis points in the second quarter of the year, climbing to 9.8 per cent from 9.6 per cent in the first quarter.
Downtown, the central business district office market broke a string of five consecutive quarters of rising vacancy rates by dropping to 9.6 per cent at the midyear mark, a decrease of 10 basis points. CBRE attributes the tightening to the National Dental Examining Board of Canada leasing 18,000 square feet inside Constitution Square as well as two subleases in Performance Court at 150 Elgin St. The building is the former headquarters of Shopify, which vacated several floors and put its space on the sublease market roughly a year ago.
OBJ360 (Sponsored)
Kingston manufacturers winning on the global stage with innovative products
Darrell Searles says Anchor Concrete wants to revolutionize the homebuilding industry—and the Kingston-based company has been doing exactly that through its innovative precast concrete building solutions. “We want to do
Give your home a stunning makeover—for 30 to 40 per cent less cost—with NorthCo Services
In the home renovation industry, companies don’t often see repeat clientele—but Ottawa’s NorthCo Services is a rare exception. “We have an upcoming project which will be the third one for
Looking ahead, CBRE says there are “multiple large users” seeking roughly 30,000 square feet of space in Ottawa, with expected move-in dates of between 2023 and 2025.
