Ottawa's Industrial leasing activity on a steady increase for the 3rd quarter - Canada
Ottawa's Industrial leasing activity on a steady increase for the 3rd quarter
With the slowdown in the economy and the summer vacation season, leasing activity was quieter in Q3 of 2023. Tenants were also “holding” pending the next Bank of Canada announcement with the impact that might have on business.
Smaller pockets of space under 5,000 sf continued to be high in demand while selection was limited. Rates for space in that size range remained strong.
Larger leasing opportunities above 15,000 sf had greater selection to choose from because of new inventory on the market or coming on line. Q3 saw few larger leasing transactions being completed.