Ottawa's industrial market continues to see strong demand while the supply shortage of industrial properties for both sale and lease persists.
- Ottawa's industrial vacancy rate declined by 30 basis points (bps) to 0.8% in Q3 2022, while the availability rate remained unchanged at 1.3%.
- There were 138,398 square feet of positive net absorption this quarter.
- This quarter's average net asking rents increased by $1.50 per square foot to a new record high of $14.77 per square foot, representing an increase of 11.3% quarter-over-quarter and a growth rate of 28.4% year-over-year (YoY).
- There are currently eleven buildings under construction (four in East Ottawa and seven in Kanata), totaling 677,933 square feet.
- Competitive offers for the purchase of industrial buildings persist despite rising interest rates.