Michael Pyman, Colliers’ Ottawa-based vice-president of national investment services, says there could be a significant uptick in local commercial transactions in 2025, especially if the Bank of Canada continues to reduce interest rates and it becomes cheaper for investors to borrow capital.
In an application filed last month, St. Brigid’s Centre for the Arts says it needs to raise more revenue to fund work that would address what it calls the building’s “growing heritage infrastructure deficit.”
The owners of the newly renovated World Exchange Plaza are bringing in a “well-known” coffee retailer and seeking a restaurant to fill space formerly occupied by the LCBO as they try to keep pace with other downtown landlords that have modernized their properties in a bid to entice workers back to the office.
The capital’s return-to-office rate still lags other major Canadian cities, Colliers said in its third-quarter office market report released Tuesday, in which it noted the city’s downtown office vacancy rate jumped more than a full percentage point from the previous quarter.
Inside Edge Properties purchased the 94,500-square-foot building at 2 Gurdwara Rd. from Montreal-based real estate investment trust Proreit for $15.3 million in a deal that closed on Sept. 13.