Ottawa Office Figures Q1 2024

April 3, 2024 5 Minute Read

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    Ottawa started off 2024 with a decrease in vacancy rate by 30 basis points (bps) from 13.3% to 13.0%. This quarter saw a positive net absorption of 91,000 sq. ft.

    The Central Business District (CBD) saw a slight uptick in vacancy this quarter by 20 bps to 12.9%. 200 Elgin Street has been removed from the office inventory as there are plans to convert the vacancies into multiresidential units later in the year.

    Kanata observed a decrease in vacancy rate by 50 bps to 14.6%, corresponding to a positive net absorption of 33,000 sq. ft. This was primarily due to Solace subleasing 57,000 sq. ft. of space in Mitel’s building at 4000 Innovation Drive.

    In the East, 100,000 sq. ft. of office space was pulled from the Canada Mortgage and Housing Corporation (CMHC) campus at 700 Montreal Road as they have indefinitely suspended their listing for Building A.

    Movement has been seen in the federal government’s portfolio, most notably the acquisition of 181 Queen Street as well as their plans to start the Block 2 rehabilitation project.