Ottawa’s retail market is set to continue heating up in 2014 as multinational companies look to continue their expansion into the capital, according to a new report from real estate brokerage firm Avison Young.
An artistic rendering of the planned Tanger Outlet Mall in Kanata.
The report, which provides forecasts for Ottawa and other major markets across North America, alludes to expansion and redevelopment plans at shopping malls like the Rideau Centre and Bayshore.
This has resulted in “a battle for positioning (that) has emerged among the city’s major retail centres,” the report reads, an apparent reference to companies such as H&M and Victoria’s Secret that have been expanding into the area.
Avison Young said this will go along with new developments planned for Kanata, such as the Tanger Outlet Mall and Bass Pro Shops store across from the Canadian Tire Centre, to step up the competition for tenants.
“Historically low vacancy rates and ongoing development are expected to continue as Ottawa remains one of the top choices for national retailer expansion programs,” the Avison Young report reads.
The past year saw U.S. retailer Target open several stores in Ottawa as part of its expansion into Canada. Meanwhile the development at Lansdowne Park is set to open new retail spaces on Bank Street in 2014.
The report also points to a large growth in demand from local and national companies that want to open restaurants in the area.