Ottawa Office Figures Q1 2025

–       Ottawa recorded 114,000 sq. ft. of negative net absorption in Q1 as the total office vacancy rate increased by 30 basis points (bps) quarter-over-quarter from 12.4% to 12.7%.

–       The Central Business District submarket saw the vacancy rate increase by 10 bps quarter-over-quarter from 13.9% to 14.0%, corresponding to a negative net absorption of 21,000 sq. ft. Most of the market activity focused on existing renewals and extensions, although new direct and sublease listings did appear at World Exchange Plaza.

–       In the suburbs, Kanata’s office market cooled down, recording a 170 bps increase in the vacancy rate from 11.7% to 13.4%. This equates with negative 105,000 sq. ft. of quarterly net absorption for the submarket. The vacancy increase was due to a combination of direct and sublease listings as well as unabsorbed shadow vacancy that emerged onto the market.