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Ottawa Office Market Report Q4 2021

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research article

Ottawa’s office market continues to adapt to the new realities of the hybrid work environment, especially with the emergence of the Omicron variant delaying return-to-office plans. 

  • The overall vacancy rate increased by 42 basis points (bps) to 9.7%, while the overall availability rate increased by 87 bps to 12.3% in Q4 2021. 
  • Overall available sublet space decreased by 11,078 square feet in Q4 2021 and now makes up only 14% of all available space compared to 15% one year ago.
  • Overall net asking rates decreased by 1.7%, down to $16.67 per square foot this quarter, due to more available space in Class B and C buildings. Class A asking rates are stable, due to landlords preferring to negotiate instead on terms.
  • Downtown office tenants continue to right-size their office premises and, in some cases, are taking the opportunity to move from Class B to Class A buildings.
  • As more companies shift to a hybrid work model, allowing employees to split their workweek between the office and home, the demand for suburban offices is rising.
 
 


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Ottawa Office Market Report Q4 2021

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Warren Wilkinson

Managing Director, Ottawa

Ottawa

Company Experience

Warren joined Colliers International in January of 2005.  After ten years as a leasing expert in the greater Ottawa area, Warren started the transition from Sale Representative to Managing Director.  Backed by a strong clientele basis and a working knowledge of the brokerage business, Warren has grown the Colliers Ottawa thought experience and mentorship. 

Prior Experience

After an extensive working experience in Sydney, Australia with the Attorney Generals office in the Compensation Courts of New South Wales, Warren returned to Canada to begin his career in Commercial Real Estate.

Professional Accomplishments

Described by his peers as an eager, passionate worker, Warren is concentrating his efforts on continuing to be a purposeful, strong leader in the Ottawa Commercial Real Estate marketplace.  Warren is always looking for new and positive ways to help grow the Ottawa office’s brand and reputation as the city’s leading, fully integrated commercial real estate firm. 

Education

Warren is an Ottawa native who obtained his Bachelor of Arts degree in Law from Carleton University in the year 2000.

Affiliations

Warren is actively involved in several sports leagues, a volunteer with Kanata Minor Hockey Association (KMHA), Kanata Little League Baseball Association (KLLBA) and is a member of BOMA Ottawa and the Ottawa Board of Trade.  In addition Warren is a proud alumni of Fight for the Cure – participant.

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Leo Lee

Director, National Research Operations | Canada

Toronto West

Leo Lee is the Director of National Research Operations | Canada and oversees the strategic direction and operations of Colliers Canada Research. He focuses on developing the capabilities of the national research team that leverages Colliers' best-in-class market intelligence and platforms to provide clients with valuable market insights.

Leo joined Colliers International in 2008 and was most recently the Regional Director of Research for Eastern Canada.

He has over 10 years of experience in the real estate market across Canada and New Zealand and draws on his professional experience as a commercial appraiser and real estate consultant.

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