Ottawa office market report
Q1 2023

What a difference a year makes
Like all markets coming out of the pandemic, the office market was relatively buoyant in the latter half of 2021 and into the first half of 2022. Office vacancy levels were relatively stable and remained that way until near the end of the 3rd quarter of 2022. The last half of 2022 saw a dramatic drop in capital market activity which impacted profitability across many facets of the commercial real estate industry.
Without a doubt, this chill impacted the industry. Rising interest rates and lack of any concrete return-to-office (RTO) strategy from the Government of Canada has had a measurable impact on the office market. Read more about this later in this report.
2022 finished on a sober note coming off the high of 2021. But, like all things cyclical, hopefully 2023 –in which some green shoots are beginning to show –will witness a turnaround.
Availability class A space
Availability rates for class A space are approaching 12% and likely to continue climbing, as many tenants continue to downsize.
Overall Sublet
Gross Asking Rent
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