Real Strategy Market Outlook: Q3 2018
The 3rd Quarter of 2018 saw a significant amount of leasing activity in Ottawa by the Federal Government. Showing clear signs that public purse strings have been loosened, the public service has returned to the market place in force while steady demand from the private sector places Ottawa on a path to a balanced market.
Greater Ottawa’s overall office availability fell from 10.7% in Q2 2018 to 10.1% continuing a downward trend that started this time last year.
Downtown Class C Availability fell sharply by 5.3% due primarily from Nav Canada’s committing to lease all 133,000 sq. ft. of 151 Slater Street last quarter. Class A Availability remained relatively flat at 5.9%, while Class B Availability dropped from 11% to 9.8%; a 4th consecutive quarter of shrinking inventory.
Real Strategy understands that significant additional government demand is still to come and expects the A and B Class downtown office space