Scarcity of available industrial space and limited delivery of new buildings have resulted in net asking rental rates increasing to reach historically high levels, and they continue to rise in Ottawa.
- Ottawa's overall industrial vacancy rate dropped 40 basis points (bps) to 1.0% due to 186,134 square feet of positive net absorption.
- This quarter net asking rates saw a $0.78 increase in average net rents to $12.27 per square foot, representing an increase of 6.8% from Q3 2021 and a growth rate of 12.9% year-over-year (YoY).
- Due to the strong market fundamentals, the Ottawa industrial market is also in high demand from an investment perspective, resulting in new benchmark sales figures for existing buildings and vacant industrial land sites.
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