Overall Office Vacancy Rates Across Canada Rise to 6.6%
Some of the underpinnings of Canada's economy experienced significant changes in 2014, with the precipitous decline of oil prices and the decline of the currency exchange rate chief among them.
The effects of these changes began to have an impact on corporate real estate markets across the country. Over the past twelve months, the combined Class "A" and Class "B" office vacancy rate in the downtown areas of Canada's major cities increased from 6.0% to 6.6%.
- Downtown combined Class "A" and "B" vacancy rates at 6.6%
- Many landlords offering significant tenant inducements
- Kanata market increasingly busy
Abundant Tenant Opportunities in Ottawa's Downtown Core
Downtown Ottawa's office vacancy rates continued to rise through 2014 and into the first quarter of 2015. In mid-2011, the combined vacancy rate for Class "A" and Class "B" office space in the city's downtown district was the lowest in the country, at 3.0%, and less than 545,000 square feet of space was available for lease or sublet. Since then, the combined Class "A" and Class "B" vacancy rate has more than doubled, and will likely continue to rise. However, there has been increased tenant activity in recent months and some landlords have begun to market their Class "A" properties more aggressively.
NKF Devencore, Real Estate National Office Market Report - Ottawa - Spring/Summer 2015