Ottawa office market report

Q4 2023

Reduced rental costs and supplementary incentives in Ottawa’s Office market

Net average rental rates across all property classes in Ottawa have declined by $1.20 psf compared to the same quarter last year. This downward pressure is particularly evident in class B and C properties, where average net asking rates have fallen by more than 10% year-over-year. Though the market remains in flux, tenants should be keeping a close eye on pricing and incentives to see if this emerging pattern continues, and how far landlords are prepared to go.


total availability rate

3.9% increase from Q4 2022

5.8M sf

total available lease area

Went up 0.8M sf since Q4 2022


sublet as a percentage of all available space

3% increase from Q4 2022

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Your source for the latest Ottawa office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Greater Ottawa area. Avison Young advisors look at Ottawa commercial real estate activities and the latest Ottawa statistics to provide you expert market research on Ottawa's office properties.

Explore different topics like the latest office market pricing trends and analysis of Ottawa's current office real estate market conditions. Gain a better understanding of Ottawa’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Ottawa's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Ottawa.

The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.

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