Ottawa's downtown office vacancy rate at 15 per cent through the spring
CBRE Canada's second-quarter Canada Office Figures report shows Ottawa's vacancy rate dropped from 12.7 per cent in the January-March period to 12.5 per cent in the April-June period.
'Uncertainty regarding the economic landscape continued to obfuscate occupier decision making, although demand still exists for mid to large-sized space, as observed in the core and in Kanata,' the report says.
The vacancy rate in downtown Ottawa was 15 per cent in the second quarter, while the office vacancy rate in the suburbs was 10.5 per cent. Toronto's downtown vacancy rate was 18.5 per cent in the spring, while Montreal's downtown vacancy rate was 18.6 per cent.
CBRE Canada says 'sizeable deals' were reported at 160 Elgin Street in the spring, with the Royal College of Physicians taking 62,000 sq. ft. of space and Telesat occupying 28,000 sq. ft. of space.
According to the report, there was 'notable activity within the submarket' in the spring, including the sale of a full vacant building on Solandt Road to the Manitoba Metis Foundation for potential owner occupancy and Mitel sublisting 33,000 sq. ft. of space on Innovation Drive.
CBRE Canada says industrial construction 'has hit a peak' in Ottawa, with Amazon starting construction on their third distribution facility. That will add a proposed 3.1 million sq. ft. to Ottawa's future industrial inventory.
'While trade negotiations have resulted in some short-term supply and increased uncertainty, many deals are still being completed or remain in the pipeline,' CBRE said.
The industrial vacancy rate in Ottawa was 2.2 per cent in the spring.
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