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Real Estate National Portrait - Ottawa, Winter 2011

Space Absorption Accelerates as Canadian Economy Recovers Strength

Despite months of significant uncertainty in its business and financial communities, Canada's economy fared substantially better than most through the global financial crisis in 2008 and 2009. Even so, the national unemployment rate rose above 8.5%, real gross domestic product (GDP) contracted, and office vacancy rates increased in all of the country's major urban centres.

Highlights

  • Vacancy rate in downtown Ottawa edges up over 3%
  • Federal government announces plans to vacate 1 million square feet of downtown office space
  • Market activity on the rise in Kanata
  • Tenants seeking strategies to use space more efficiently 

 

Dynamic of Greater Ottawa Market Poised for Shift

The economic crisis that swept the globe in the latter part of 2008 and through 2009 affected the corporate real estate markets in the Greater Ottawa area in a fairly predictable way. Vacancy rates in the city itself were not dramatically affected, as was the case in many other urban areas across the country. This is a fundamentally stable market, given that Ottawa is the nation's capital and home to many departments of the federal government as well as numerous ancillary businesses, professional firms, associations and diplomatic missions.

NKF Devencore Real Estate National Portrait - Spotlight on Ottawa, Winter 2011