Figures
Ottawa Office Figures Q3 2026
Leasing momentum drives first quarter of positive net absorption since Q2 2025
October 8, 2026 5 Minute Read
Looking for a PDF of this content?
- Market fundamentals continued to improve as Ottawa recorded its first quarter of positive net absorption since Q2 2025. Increased clarity surrounding the federal government's office portfolio and workplace strategy has helped bolster market confidence, supporting a more optimistic outlook for leasing activity in the short to medium term.
- Ottawa's office market recorded 28,000 sq. ft. of positive net absorption during the quarter, resulting in a 10 basis points (bps) decline in the overall vacancy rate to 14.9%. Flight-to-quality remained a key leasing driver, with Class A assets accounting for 112,000 sq. ft. of positive net absorption. Occupiers have continued to prioritize amenitized, higher-quality buildings.
- Select federal departments have reported insufficient space to accommodate current occupancy levels as part of the latest return-to-office mandate. Accordingly, PSPC issued an Expression of Interest in July to identify potential office vacancies capable of meeting future accommodation needs. While no commitments have been announced, these ongoing discussions have generated optimism among landlords regarding potential leasing demand.