Canadian Office Vacancy Rate Begins to Climb
Since 2005, we have been tracking a steady decline in corporate vacancy rates in Canada's major cities. Indeed, in mid-2008, these vacancy rates were at or near record lows. However, in the last six months of 2008 this decline was halted as the global economic crisis began to make its effects felt across the country.
- Office space availability remains limited downtown
- Vacancy rates in Kanata climbing
- Federal government commits to space in Kanata
Opportunities Vary Across Greater Ottawa Area
Through the last six months of 2008, the occupancy trends that established themselves at the beginning of the year in the Greater Ottawa area continued to hold true. In downtown Ottawa and Gatineau, vacancy rates tracked at record lows, while in the Kanata/West Ottawa market, space availability continued to rise sharply. In Q4, the global economic crisis began to make its effects felt across the country and injected a degree of uncertainty into the corporate real estate markets in Ottawa and all our major urban centres.
Devencore NKF Real Estate National Portrait - Spotlight on Downtown Ottawa, Spring/Fall 2009