On the economic front, the capital of Canada is a major economic engine, offering jobs and opportunities in high-tech industries, and other sectors. The Ottawa office space rental market puts tenants in a hub with world-class research centers, educational institutions, and HQs of multiple international companies. Ottawa’s office market can be characterized as one of the most suitable for its purposes. Strong demand from a diverse tenant mix is pushing the stock to more landlord-friendly conditions. Yet, due to the lack of workspace in the most sought-after district of the city - its Downtown area, the city is ranked top among the hardest places in the North American region for tenants to find their ideal centrally-located work suite. Forecasts don’t expect any relief in this very neighborhood in the nearest future. According to expectations, the vacancy rate there will slightly exceed 5%. It will also bring the office rental rates up in Ottawa’s Downtown - up to over $25 per sq. ft. A similar story is likely to happen in the suburban parts of the city, like, e.g., Kanata. The availability rates there are shrinking rapidly there. Still, Class A office spaces in Ottawa’s suburbs can be leased out at approximately $16 per sq. ft. The activity in the prime office sector is continuously ramping up. With the arrival of sophisticated Class A office space for lease in Ottawa, the landlords will compete with each other to secure and retain tenants. Experts state that the occupants of the suburban office sectors will likely try to find more central options to move their companies here. Employees retention is not the last issue to consider when leasing office space in Ottawa. Nowadays, entrepreneurs and firms are not only looking at the rental prices for venues but also seek workspaces that appeal to their workers (even if this space is more expensive in terms of rental). Amenities continue to be a major factor in tenant decisions. The renters are more interested in flexible and mix-use developments, so the landlords try to take it into consideration and provide more premises of this type.
