Ottawa Industrial Figures Q1 2024

April 3, 2024 5 Minute Read

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    Availability remained unchanged quarter-over-quarter at 2.6%. On a year-over-year basis, however, it has increased by 30 basis points (bps). Overall leasing activity in the market remained steady in Q1 2024, resulting in a negative net absorption of just 1,900 sq. ft.

    Average asking rents continued their upward trajectory, rising for a tenth consecutive quarter, pushing the all-time high to $15.58 per sq. ft. Rates have increased 0.8% quarter-over-quarter and 11.1% year-over-year.

    New supply of just 7,000 sq. ft. was delivered in the Deep West this quarter, with another 679,000 sq. ft. currently in various stages of construction.

    Over the next 12 months, 1.1 million sq. ft. of planned projects are anticipated to begin construction. Representing 3.0% of the current industrial inventory, these projects consist of six large (>100,000 sq. ft.) and two smaller developments.