What will the future of office work look like for federal employees in Ottawa/Gâtineau and what might the influence be on the commercial real estate sector?
Commercial real estate
The city's overall office vacancy rate fell to 9.7 per cent, marking the first net absorption of office space in the capital since the fourth quarter of 2019.
Investors spent a total of $767-million on Ottawa commercial properties from April to June, the real estate firm said in its latest report.
With many office towers and traditional mainstreets still quiet, tenants and landlords alike face an uncertain outlook.
John Zinati is one of a growing number of local real estate executives who’ve left comfortable, secure jobs at established big-name companies to start their own brokerages and advisory firms.
A growing number of companies are roadmapping their return-to-the-office strategies and are thinking about their leasing needs.
Company founded in 2018 closed deal for 12-storey office tower at 141 Laurier Ave. W. last week as it looks to expand its portfolio and branch out into multi-residential development.
Ottawa's overall office vacancy rate stood at 9.8 per cent at the end of June, up two-tenths of a percentage point, but amount of empty space in the core declined.
Many believe the hybrid office – one that combines a physical office space with remote working practices – will be the new norm.
City's downtown vacancy rate jumped from 9.5 per cent in the fourth quarter of 2020 to 10.7 per cent in the first three months of 2021.