Downtown vacancy rate of 9.9 per cent last quarter was the third-lowest in North America behind Vancouver and Toronto, real estate firm CBRE says.
Marquee transactions worth a combined $87 million have Ottawa brokerage predicting the new year will pick up right where a frothy 2021 left off for the city's office market.
Crestpoint Real Estate Investments and Crown Realty Partners purchased the 1.17-million-square-foot downtown property in a transaction that closed last week.
CBRE is projecting Ottawa’s average hotel occupancy rate to rise to 48 per cent next year, up from 30 per cent in 2020 and a forecasted 34 per cent in 2021.
Vancouver firm is far from the only real estate company looking to grow its portfolio in a red-hot market where a shortage of supply has pushed rents near record highs.
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.
From real estate deals to Italian markets, it's been a busy business season
The citywide office vacancy rate rose to 9.8% at the end of June, up from 9.6% in the first quarter.
High concentration of tech workers puts Ottawa in 'position of strength coming out of the pandemic'