Another decline in the local industrial market vacancy rate is pushing some tenants to consider repurposing retail space or constructing new buildings on Ottawa’s outskirts, Colliers International says in a new report.
The real estate services firm said Monday that Ottawa’s industrial vacancy rate declined to 3.7 per cent at the close of 2017, down from 3.9 per cent in the third quarter.
That was driven in part by several large leases in southeast Ottawa, including 57,044 square feet at 2400 Sheffield Rd.
OBJ360 (Sponsored)

Is your biz or IT consultant your employee? Time to check the fine print, says government of Ontario
The ESA has a new exemption, and the OHSA is addressing the risk of opioid overdoses for workers on the job.

The Ottawa Hospital’s future neuroscience institute ‘a game changer’ for ground-breaking treatment
The new neuroscience institute will provide a hub for brain-related researchers and clinicians – one of the strongest of its kind in the world.
In its quarterly market report, Colliers said some space users who are having trouble finding appropriate buildings are looking for creative solutions.
“With limited supply in several sub-markets, these large users may open up their options and look at abandoned big box retail locations to set up shop in,” the firm said.
Colliers added that another alternative is new construction in suburban areas outside the core, such as Vars and Kanata.