Ottawa office market report
Q2 2024
Continued decreased in class B and C vacancy rates expected to end
The vacancy rate has decreased due to the conversion of several class B and C office buildings to residential uses. We expect this trend will taper off as there are limited buildings left that meet the rigorous requirements for residential conversion.
Total availability rate
0.3% increase from Q1 2024
Average gross asking rent per square foot (psf)
Includes $15.82 psf of average additional rent
Sublet as a percentage of all available space
Decreased from 13.3% from Q1 2024. 0.9% decrease from Q1 2023.
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