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Ottawa Office Market Report Q4 2023

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research article

For the second consecutive quarter, Ottawa's office vacancy rate has decreased, marking a positive trend in the local office market. The overall vacancy rate in Ottawa dropped by 48 basis points (bps) this quarter, reaching 12.2%, driven by a positive net absorption of 338,408 square feet.

  • In the Downtown market this quarter, the reduction in vacancy rates amounted to 116 bps, reaching 11.2%, driven by a positive net absorption of 223,157 square feet. Removing two Class B buildings, which will be converted to multi-residential properties, significantly affected this decline.
  • Ottawa's Suburban market saw positive net absorption of 115,251 square feet, maintaining a stable vacancy rate of 12.9%.
  • Average net asking rates rose by $0.06, reaching $17.44 per square foot in Q4 2023, a 2.4% increase year-over-year (YoY).
  • Ottawa continues to lag all major Canadian office markets in its return-to-office rate, operating at 56% of its pre-COVID occupancy levels, compared to Toronto at 62% and Vancouver at 68%.

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Ottawa Office Market Report Q4 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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