Ottawa’s commercial real estate sector generated roughly $2.6 billion in economic activity in 2011, according to a new study prepared for a local industry association.
The study, prepared by accounting firm Deloitte Canada for the Ottawa chapter of the Building Owners and Managers Association, found that resulted in just over $600 million going to city government through mechanisms such as property taxes and development charges.
“The study’s results operate as a starting point for discussions between property developers and government on how to best ensure government decisions continue to support this important revenue-generating sector,” said Pierre Azzi, president of BOMA Ottawa.
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The vast majority of the economic output came from office buildings, according to a BOMA news release. Creating space for federal government employees and the high-tech sector helped generate $1.6 billion.
The next biggest sector was retail, which was responsible for $664 million. Industrial properties for areas such as transport, construction and manufacturing came next, bringing in $549 million.
Deloitte said the Ottawa study was one of the firsts of its kind, and as such did not have any comparable figures for other cities or local economic sectors.