Investment in Ottawa's commercial property segment surges

by Ephraim Vecina20 Sep 2018

New data from CBRE indicated that Ottawa’s commercial market enjoyed its best first-half-of-the-year in a decade, with overall investment from January to June 2018 increasing by 10.2% year-over-year to reach $718.5 million.

In Q2 2018 alone, the market saw $339.5 million worth of transactions, up 10.5% compared to the same time last year.

These performance levels placed the market on track to a very strong 2018 finish, approaching or even exceeding $2 billion.

A number of significant transactions during the period propelled this volume. Most notable was the the Mierins Auto Group’s portfolio sale of eight dealership and service centres, along with a pair of land parcels. The deal, which was valued at $80.2 million, was completed with the Alpha Auto Group.

Read more: Ontario suffers worst employment cut nationwide in August

Another large exchange was Investors Group’s sale of a $68.15-million industrial portfolio to Desjardins. The transaction – involving approximately 550,000 square feet within properties on Leeds Avenue, Walkley Road, Hawthorne Road, St. Laurent Boulevard, and Parisien Street – was Desjardins’ first significant move into Ottawa’s industrial property market.

“Investment demand for all asset types [in Ottawa] remains high and tempered only by the availability of product,” CBRE stated in its report, as quoted by the Ottawa Business Journal.

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