Ottawa’s commercial market showing recovery

The commercial real estate market in Ottawa is improving, according to a new report from Colliers International.

Its latest transactional report, covering Q1 2015, shows that there was a 12 per cent increase in sales volume year-over-year.

Industrial assets achieved a 120 per cent rise in the number of sales and overall transactional volume was up 134 per cent. However, the total dollar value of all transactions was lower.

“The Ottawa commercial real estate market continues to be an attractive investment location for local and international investors,” says Collier’s Oliver Tighe. “There continues to be concern regarding large-scale retail assets, which in turn tempers demand for assets with these vacancies.

"The most challenging sites will be those in which Target was the sole anchor and where major competitors, such as Walmart and Loblaws, are already operating nearby.”

Colliers also noted that the condo market continues to struggle, although some developers have turned their attention to purpose-built rental units that are showing some success.

Overall, the firm’s outlook for Ottawa in 2015 is that it will improve on 2014 figures. 

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