A blossoming Ottawa-based property management firm has chosen one of Canada’s fastest-growing cities for its first acquisition outside the National Capital Region.
One prominent retail analyst says the move could pave the way for a new wave of residential development at the site, which includes about 170,000 square feet of commercial space.
While Ottawa’s pipeline of new industrial real estate construction is growing, many of those projects won’t be finished until at least next year, according to a pair of new reports.
The city’s office vacancy rate edged up slightly to 9.8 per cent in the first quarter from 9.7 per cent at the close of 2021, brokerage said in its Q1 National Market Snapshot.
Real estate investment trust is shopping for more warehouse and other commercial space in the National Capital Region as it looks to shift its portfolio away from retail holdings.
Coming off a record year in 2021, local sector will continue to benefit from attractive cap rates, solid market fundamentals and a backlog of capital, firm says in its latest outlook.
Deal comes just a few months after company purchased a 50 per cent stake in the downtown Place de Ville office complex.
New site joins a 29,000-square-foot Spaces location that opened last year on the Gatineau side of the Zibi development in former industrial buildings east of Eddy Street.
Company is a partner of one of the city’s biggest industrial acquisitions in years – the $155-million purchase of 18 small-bay properties totalling nearly 700,000 square feet.
The transaction marks the first foray into the Ottawa market for Colorado-based Woodbourne, which will hold the majority stake in the 700,000-square-foot portfolio.