Tenant's Guide

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Ottawa - Third Quarter 2017

Tenant's Perspective

  • Tenant's looking to save money on fit up costs have begun to take advantage of the many spaces with built out features already in place.
  • The Fringe Core remains a popular area for Tenant's looking to be in close proximity to the downtown core and major transit hubs.
  • With a rise in rental rates, Tenant's are finding that Kanata is no longer the discounted market it was a few years ago!
Office vacancy rates in the Greater Ottawa area have shown marginal change from Q2 2017 to Q3 2017. In the Central Business District, Kingsett has been very active with the recent acquisition of 66 Slater Street as well as four formerly DREAM owned properties (219 Laurier Avenue W, 360 Laurier Avenue W, 400 Cumberland Street and 130 Slater Street). These buildings will be managed by Colonnade Bridgeport who will now be managing approximately 6.7 million square feet in the Ottawa area.

Rental and Vacancy Rates

$ per SF     Vacancy Rate   Margin from Q2
Basic Rental Rate  
$17.56  
  Greater Ottawa - Overall
5.9% 
  0.3%
$22.21  
  Greater Ottawa - Class A
11.5% 
  0.1%
$16.82  
  Greater Ottawa - Class B
6.2% 
  0.3%
 
 
$19.43  
  Downtown Core - Overall
6.4% 
  0.1%
$24.97  
  Downtown Core - Class A
7.2% 
  0.7%
$18.37  
  Downtown Core - Class B
4.5% 
  1.1%
 
 
$15.94  
  Gatineau - Overall
2.2% 
  0.1%
$25.15  
  Gatineau - Class A
12.1% 
  0.0%
$14.55  
  Gatineau - Class B
2.5% 
  0.1%
 
 
$16.08  
  Suburban East - Overall
7.8% 
  0.2%
$17.45  
  Suburban East - Class A
36.2% 
  3.0%
$16.57  
  Suburban East - Class B
10.6% 
  0.6%
 
 
$15.65  
  Suburban West - Overall
6.4% 
  0.6%
$18.34  
  Suburban West - Class A
12.1% 
  1.2%
$15.11  
  Suburban West - Class B
10.5% 
  1.0%

Market Trends