Declining Office Vacancy Rates Across Canada Drive New Development
The Canadian economy performed solidly throughout 2011, despite the difficulties experienced elsewhere in the world. According to Statistics Canada, the country's economy grew by 2.5%, down from 3.2% in 2010, but surpassing economists' earlier estimates. Over the course of the year all major sectors posted gains, with mining, oil and gas extraction, construction, public sector spending and manufacturing leading the way.
- Development activity high throughout Greater Ottawa area
- Dynamic of downtown Ottawa office market set to shift
- Tenant opportunities should soon increase downtown
- Tech sector challenges continue to impact Kanata market
Downtown Ottawa Vacancy Rates Climbing
Ottawa has the fifth largest downtown office space market in Canada. Newmark Knight Frank Devencore tracks 95 Class "A" and "B" buildings in the downtown core, which represent a total office inventory of just under 18.5 million square feet.
NKF Devencore, Real Estate National Office Market Report - Ottawa, Spring/Summer 2012