Ottawa’s industrial property vacancy rate dipped to its lowest level since March 2010 as another tech tenant of the former Nortel campus found a new home, according to recently published data.
Genband’s lease of approximately 70,000 square feet at 500 Palladium Dr. in Kanata helped push the citywide industrial vacancy rate down to 5.7 per cent at the end of the third quarter, says local commercial real estate services firm Cushman & Wakefield Ottawa.
That’s down half a percentage point from the previous quarter and is the lowest level since the first quarter of 2010, according to OBJ records.
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However, there remains a wide spread in vacancy rates between Ottawa’s two primary industrial markets. While the west market – which includes the Colonnade Business Park, Kanata and the areas around Merivale Road, among others – posted a vacancy rate of 8.8 per cent, the larger eastern Ottawa market has a vacancy rate of only 3.7 per cent.
Cushman & Wakefield says absorption rates over the next six months should be bolstered by two new buildings: a 64,000-square-foot build-to-suit facility for the federal government, and a 47,500-square-foot building that’s been partially pre-leased to audio/visual services firm AVW Telav. Both are located within a development at 3020 Hawthorne Rd.