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Altus: Ottawa Investment Drops 44%

Ottawa commercial real estate investment is feeling the effects of a sharp downswing, a new Altus report shows.

Total investment fell 44% year-over-year in the second quarter, with total dollar volume decreasing to $616 million.

But, despite its setbacks, Ottawa is the most preferred investment market across all asset classes after surpassing Toronto in the second quarter, said the Toronto-based analytics company.

โ€œBuyers and sellers continued to navigate through a price-discovery phase as aggressive interest-rate hikes persisted to rein in inflation,โ€ said Altus in the report.

The office sector was the only asset class that achieved investment growth, mainly due to H&R Reit completing its $277-million sale of 160 Elgin Street to Groupe Mach.

The office availability rate increased to 14.4% from 11.2% in the second quarter of 2022. Sublease space continues to climb, with one million square feet now in the market.

Industrial investment declined 25% to $56 million. But the decrease was minimal compared to other sectors due to short supply.

Photo Credit: Wikipedia


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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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