Tenants trading up to smaller, more modern and well-equipped spaces are fuelling a widening gulf between the haves and have-nots in the National Capital Region’s office market, the new managing director of CBRE’s Ottawa office says.
According to CBRE’s 2025 real estate market outlook released Tuesday, there was no new inventory added to Ottawa’s retail footprint in 2024 and just 90,000 square feet of new construction the previous year.
The six-storey building on Sparks Street is fully leased to Scotiabank, which purchased it in 1983 and sold it to a private ownership group a few years ago.
Montreal-based Broccolini recently filed a proposal to construct a five-storey, 3.1-million-square-foot distribution facility about a kilometre southeast of the intersection of Woodroffe Avenue and Fallowfield Road.