‒Ottawa office market experienced positive net absorption for the first time since Q4 2019

‒Expectation of the return to office following Labour Day has stagnated, building occupancy levels are increasing at a modest pace

‒Occupancy levels are starting to increase within the following user groups; Professional Services, Construction Industry and Fortune 100 “Big Tech”

‒The Federal Government has announced plans to decrease their leased premises footprint throughout the city by 20% in the next 25-30 years

‒PSPC leasing regulations will not allow the Federal Government to terminate leases mid-term, nor will they sublease their space

‒As a result of these regulations, it is hard to predict when the impact of their space reduction will be realized in the market

‒Tenants are signing shorter deals and requesting to add termination clauses