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Ottawa Industrial Market Report Q1 2023

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research article

Recent growth in e-commerce has been a significant driver of demand for industrial space in Ottawa over the last two years. Given Ottawa's proximity to major industrial markets like Toronto and Montreal, the region is now firmly on the radar of many North American distribution and logistics tenants looking to fulfil their last-mile delivery needs. Ottawa's construction sector has been another significant demand driver, with the strength of the housing market and numerous infrastructure projects underway in the city.

  • Ottawa's industrial market continued to tighten in Q1 2023 as the overall vacancy rate decreased three basis points to 1.1% due to 176,248 square feet of net absorption.
  • One new industrial building was completed in Q1 2023, adding 161,692 square feet to Ottawa's inventory.
  • Nine industrial projects are under construction, totalling 622,912 square feet.
  • Average net asking rents increased by $0.09 to $16.14 per square foot, representing an increase of 0.6% quarter-over-quarter.
  • Despite solid market fundamentals, investment activity cooled this quarter due to uncertainty among investors, given the continued interest rate hikes and concerns stemming from recent events in the banking sector. Nevertheless, demand for Ottawa industrial product remains strong from real estate investors.

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Ottawa Industrial Market Report Q1 2023

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Pour plus d’informations, veuillez contacter:

Warren Wilkinson

Managing Director, Sales Representative

Ottawa

Company Experience

 

Warren joined Colliers International in January of 2005 after three years in the Commercial Real Estate business. Equipped with experience in research and marketing, Warren obtained his Real Estate license in 2003, and has been concentrating his efforts on establishing a strong clientele basis while gaining knowledgeable experience from his fellow employees, past & present listings and Tenant Representation mandates.

Prior Experience

 

After an extensive working experience in Sydney, Australia with 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 in the field of Industrial leasing. Warren is always looking for new and positive ways to help grow his business while maintaining strong relationships with those clients past and present.

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 hockey coach with Kanata Minor Hockey Association (KMHA) and is a member of BOMA Ottawa.

Notable Transactions

 

Clients who have benefited from Warren’s past efforts include the following; Dymon Capital Corporation, Standard Life Investments, Colonnade Developments, Ontario Realty Corporation, PWGSC, Parkin Architects, Merkburn Realty and Baxtec Mechanical, Healthcare of Ontario Pension Plan, G&K Services and Flexmasters.

 

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Adam Jacobs

Head of Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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