CBRE is projecting Ottawa’s average hotel occupancy rate to rise to 48 per cent next year, up from 30 per cent in 2020 and a forecasted 34 per cent in 2021.
Vancouver firm is far from the only real estate company looking to grow its portfolio in a red-hot market where a shortage of supply has pushed rents near record highs.
The city's overall office vacancy rate fell to 9.7 per cent, marking the first net absorption of office space in the capital since the fourth quarter of 2019.
Investors spent a total of $767-million on Ottawa commercial properties from April to June, the real estate firm said in its latest report.
From real estate deals to Italian markets, it's been a busy business season
The citywide office vacancy rate rose to 9.8% at the end of June, up from 9.6% in the first quarter.
High concentration of tech workers puts Ottawa in 'position of strength coming out of the pandemic'
Ottawa's overall office vacancy rate stood at 9.8 per cent at the end of June, up two-tenths of a percentage point, but amount of empty space in the core declined.
The University of Montreal graduate has spent nearly a decade with the firm in various project management roles.
City's downtown vacancy rate jumped from 9.5 per cent in the fourth quarter of 2020 to 10.7 per cent in the first three months of 2021.