Ottawa office market report

Q3 2023

Fewer posted asking net rental rates

As the office market continues to struggle, savvy office tenants may have noticed fewer asking rental rates are publicly posted, while the phrase "speak to the agent" has become the norm. Along with added incentives, tenants are looking for more favourable lease clauses as the industry standards are being challenged. Generous rental incentive packages aimed at maintaining posted net rents are no longer enough. The pressure to lease is causing net rent declines in all classes.


Total availability rate

3.5% increase from Q3 2022

6.1M sf

Total available lease area

Went up 0.3M sf since Q2 2023

$32.59 psf

Average gross rent

Additional rent averaging to $16.84 per square feet (psf)

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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.

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