Ottawa’s availability rate has been declining and is now 10.1% overall, with the CBD availability rate at 7.0%.
The suburbs saw particularly strong absorption in the past quarter with almost 279,000 square feet of increased occupancy; this equals almost 6.1% annualized office occupancy growth.
Several large government tenders were secured this quarter, most notably in the Downtown Core.
Government activity shows no signs of slowing after an announcement that federal space is required in Ottawa’s east end.
The Downtown Core has seen the largest decrease in availability, dropping 270 basis points year over year, making it increasingly more difficult for tenants to find new space. Being the largest office sub-market, it has impacted the overall market with a -110 bps change YoY.