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Ontario  + Alberta & Prairies + Canada  + Office  | 
Ottawa office rental rates fell $1.20 per square foot year-over-year in the fourth quarter of 2023, says a new report from Avison Young.

Office Conversions Gain Momentum in Ottawa

Office-to-residential conversions are gaining momentum in Ottawa, says a new Avison Young report.

Two downtown office buildings, 130 Slater Street and 360 Laurier Avenue West are slated to be converted as the Ottawa marketplace grapples with increasing vacancy and availability in the sector. So far this year, office absorption is down 745,000 square feet.

“Vacancy consistently continues to increase across all asset classes and submarkets of the Ottawa office market,” said Avison Young.

Inventory will decrease slightly as more core office properties are converted to residential buildings, the report states. An older office building at 473 Albert Street was converted into “nicely appointed” purpose-built apartments.

Avison Young’s findings come after the Ottawa Business Journal reported that two federal office buildings are sitting vacant in the nation’s capital.

Jean-Yves Duclos, the public services and procurement minister, has stated that the federal government plans to repurpose more of its Ottawa office buildings into residential properties.

Photo: Tolmachova /


Inside The Story

Avison YoungMichael Church

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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