Real Strategy Market Outlook: Q1 2019
Unprecedented leasing activity concentrated in downtown Ottawa and Kanata started greater Ottawa’s 2019 office market off with a bang! Greater Ottawa’s availability rate fell to 8.9% at the end of Q1 2019 compared to 11.3% from a similar time last year. This change was driven by the explosive growth of the cannabis sector following legalization as well as an exceptionally strong technology sector lead by companies such as Ford and Mitel. Additionally, the federal public service continued to increase its footprint in new modern space.
Real Strategy is predicting that demand for office space may slow as we move closer to the Federal Election, for it is unclear whether public policies supporting growth in the NCR will continue should there be significant change in political direction.
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