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Canada  + Cross Border News + Ontario  | 

Avison Young: Downtown Ottawa Office Market May Shrink

Downtown Ottawa’s office market could get smaller as more availabilities spur utilization changes, says Avison Young.

The firm’s second-quarter Ottawa office market shows that direct availabilities in Canada’s capital are at their highest point in a decade. Total availabilities, including sublease space, were only exceeded in the second quarter of 2021 – the peak of the COVID-19 pandemic.

The office sector’s total available lease area increased by one million square feet year-over-year, while the overall availability rate climbed 230 basis points to 13.6 per cent.

Avison Young said it is helping tenants adjust to a hybrid model as employees work in the office and remotely.

“These plans involve lowering the overall footprint but upping in-office amenities for a ‘sticky’ work environment that employees are eager to be productive in when they visit the office,” said Avison Young.

Ottawa’s downtown core will never disappear, said the company.

“It will just become a more attractive and vibrant place in which to live.”


Inside The Story

Michael ChurchMonte Stewart

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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