Ottawa office market report
Q4 2024
Shifting Office Demand: Downtown Vacancies Rise as Suburban Markets Strengthen
Ottawa’s office market continues to diverge between downtown and suburban areas. Downtown vacancies are climbing due to ongoing tenant relocations and high fit-out costs, while suburban markets—particularly Kanata—are experiencing strong demand. The Byward Market and Centretown face increasing challenges, with rising vacancy rates pushing tenants toward more vibrant and cost-effective locations. Meanwhile, suburban markets benefit from positive absorption, driven by long-term lease commitments and demand from the tech and defence sectors
Downtown Ottawa availability rate
Up 0.8% from Q3 2024
Sublet as a percentage of all available space
Decreased 4.6% from Q3 2024
Average gross asking rent psf
includes $17.29 psf average additional rent
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Get in-depth office market reports and insights from commercial real estate experts in the Greater Ottawa area. Avison Young advisors look at Ottawa commercial real estate activities and the latest Ottawa statistics to provide you expert market research on Ottawa's office properties.
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