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Ottawa Office Market Report Q3 2023

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research article

Ottawa's office vacancy rate declined this quarter for the first time since Q1 2022, signifying a positive shift in the local office market.

  • Ottawa's overall vacancy rate decreased 24 basis points (bps) this quarter to 12.6% due to 115,845 square feet of positive net absorption.
  • The number of sublet spaces continues to rise in Q3, with approximately 68% of sublease availabilities occurring in the Suburban market.
  • Average net asking rates increased by $0.27, to $17.38 per square foot this quarter.
  • Ottawa’s return-to-office rate continues to trail behind all major Canadian office markets. Ottawa stands at 57% of its pre-COVID occupancy levels, with Toronto at 62%, and Montreal at 81%.


Ottawa Office Market Report Q3 2023

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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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