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.
Commercial real estate
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.
City’s largest commercial property manager is turning to a veteran of the green building movement to scale up its development pipeline in Ottawa and accelerate its growth in southern Ontario.
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.
In light of new police tactics to manage the ongoing trucker convoy, property managers in Ottawa’s downtown core are preparing for another weekend of protests.
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.
T.O.-based firm acquires 90 per cent stake in 2.8-million-square-foot warehouse, which opened last year and is the largest facility of its kind in Canada.