Ottawa industrial market report
Q3 2024
Increased interest in outlying markets
Ottawa's industrial market remains stable, with strong interest in small-bay warehouses, particularly in established areas where older buildings have high base rents due to limited supply. Newer construction projects are also successful, commanding high rental rates and offering modern features like higher clear heights and charging stations. There is rising demand for space from non-traditional users, such as sports facilities and churches, who seek accessible locations with ample parking. As interest rates decline, there’s renewed interest in land acquisition, especially smaller plots under 10 acres, with prices within the Greenbelt being higher due to better amenities and city services.
Total vacancy rate
up by 0.7% since Q3 2023
Net sf absorption
year to date
Average gross asking rent per square foot (psf)
includes $8.25 psf of average additional rent
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