Real estate brokerage predicts shift toward hybrid work model will lead to more space coming on the market as 2021 rolls on.
All told, tenants shed nearly 800,000 square feet of office space last year – the highest net negative absorption of real estate in Ottawa since 2002.
It's the fourth year in a row the capital has finished second to Toronto in the survey.
Economic slump prompted more tenants to shed space or take a wait-and-see approach to jumping into the market in the third quarter, real estate firm CBRE says.
"Floodgates will open" once a vaccine is found, owner of two local facilities predicts despite news that one of the industry's biggest companies has filed for creditor protection.
E-commerce giant plans to sublease its signature space at Performance Court and consolidate its downtown Ottawa office footprint at a building on nearby Laurier Avenue.
Available sublease space jumps 11%, but still remains well below levels recorded in previous downturns.
New study suggests Ottawa suffered a net loss of tech jobs created vs. degrees granted over a recent five-year period.
Citywide office vacancy rate increases to 7.2%, according to report providing one of the first looks at the performance of the local commercial real estate market during the pandemic.
With teleworking trends expected to persist, Ottawa brokers urge tenants to keep traditional office space
COVID-19 may not be the end of office space, but survey of Ottawa tenants suggests many employees will continue working from home even after the pandemic subsides