The purchase of the five-storey, 163,000-square-foot property in the Kanata West Business Park enlarges Morguard’s total Ottawa portfolio to 5.5 million square feet.
Commercial real estate
Recently constructed 163,000-square-foot office complex at 3199 Palladium Dr. in Kanata opened to great fanfare in early June.
The capital’s commercial real estate market continues to see a string of deals even as rising interest rates threaten to stall its momentum.
Two downtown office towers totalling more than 300,000 square feet at 400 Cumberland St. and 77 Metcalfe St. have sold for a combined $60 million.
Ottawa-born BeaverTails is among the chains that are looking to expand their national footprints as consumers start shopping and eating out in greater numbers.
A well-known name in Ottawa commercial real estate is rebranding after becoming part of a Canada-wide brokerage network in a bid to tap into new sources of business.
Sector is “gaining momentum” thanks to a booming industrial market and a retail industry that’s roared back to life in recent months as pandemic restrictions have lifted, new report says.
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.
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.